Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Mexico's Finance Ministry Says Economy Likely Grew 4% in 2012

01/31/2013 | 12:04am US/Eastern
   By Anthony Harrup 
 

MEXICO CITY--Mexico's economy probably accelerated in the fourth quarter of last year on external and domestic demand, bringing full-year growth to around 4%, the Finance Ministry said Wednesday.

In its fourth-quarter report on public finances, the ministry estimated that gross domestic product grew around 3.6% in the fourth quarter, compared with the year-earlier period.

The estimated 4% growth for all of 2012 is slightly higher than the 3.9% registered in 2011.

Economic activity accelerated from the third quarter, when GDP expanded 3.3% on the year, the ministry said, noting an improvement in the U.S. industrial sector, which is a key driver of demand for Mexican exports, and also robust domestic demand in Mexico.

"The expansion in private consumption and investment was backed by job creation, credit growth and increased consumer and producer confidence," the ministry said.

The National Statistics Institute is scheduled to report official GDP numbers for the fourth quarter on Feb. 18.

Mexico's fiscal deficit last year was equivalent to 0.6% of GDP, excluding financed investment at state oil monopoly Petroleos Mexicanos, or Pemex, which accounted for an additional 2% of GDP. The deficit excluding Pemex was bigger than the 0.4% initially planned.

For 2013, the federal government expects to have a balanced budget excluding Pemex investment, and a deficit equivalent to 2% of GDP including Pemex.

The ministry said revenue grew 3.3% last year, with higher oil and non-oil tax revenue, while spending increased 3.8%.

Spending on economic and social development rose 4.8% and 3.1%, respectively, while state pension payments rose 6.5% and public sector financing costs rose 7%, largely as a result of a weaker average exchange rate for the peso.

Write to Anthony Harrup at anthony.harrup@dowjones.com

React to this article
Latest news
Date Title
08:20a France says debt issuance would be first step for a euro zone budget
08:17a FIAT CHRYSLER AUTOMOBILES NV : Ferrari CEO will not leave post before IPO: Marchionne
08:17a SERGIO MARCHIONNE : Ferrari CEO will not leave post before IPO - Marchionne
08:17a ZTE : Axon Wins User Experience Gold Award at IFA 2015
08:16a Winners of "2015 IFA Product Technical Innovation Award" Released, Showcasing the Power of Technology Innovation
08:16a IDG Unveils “2015 IFA Product Technical Innovation Award” Winners, Showcasing Power of Technology Innovation
08:09a G20 seen warning against overemphasis on monetary policy
08:07a WAL MART STORES : Easier road for Raiders in LA, courtesy of state Supreme Court and Wal-Mart
08:01a FILA : Out Now: Future Sound Of Egypt 400 Mixed by Aly & Fila, Standerwick & Bjorn Akesson
08:01a Canada's Largest Provincial Labour Federation Endorses Thomas Mulcair's NDP
Latest news
Advertisement
Hot News 
DOMINO PRINTING SCIENCES : Partners with Express Packaging
IS SOLUTIONS : To "Significantly Exceed" Market View After Strong Start
BIOVENTIX : Trading Update and Notice of Results
SCISYS : Allays Banking Covenant Breach Fears After Lender Talks
VINCE : Reports Second Quarter and First Half Fiscal 2015 Results; Revises guidance for fiscal 2015
Most Read News
09/04 EQUITY ALERT : Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Abengoa, S.A. to Recover Investor Losses - ABGB
09/04 EQUITY ALERT : Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Whole Foods Market, Inc. to Recover Investor Losses - WFM
09/04 TRADING ALERT : Rosen Law Firm Reminds Constant Contact, Inc. Investors of Important Class Action Deadline - CTCT
09/04 EQUITY ALERT : Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against American Express Company to Recover Investor Losses -- AXP
09/04 COLORADO WYOMING PETROLEUM MARKETERS ASSOCIATION : EPA Sends Ozone Proposed Rule to White House - PMAA Responds
Most recommended articles
08:20a France says debt issuance would be first step for a euro zone budget
08:17a FIAT CHRYSLER AUTOMOBILES NV : Ferrari CEO will not leave post before IPO: Marchionne
08:17a SERGIO MARCHIONNE : Ferrari CEO will not leave post before IPO - Marchionne
08:09a G20 seen warning against overemphasis on monetary policy
07:20aDJChina Confident About Stable Growth -- South Korea