Member access

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

Latest news
Date Title
<1m ago OOREDOO : marathon offers QR1m prizes
5m ago EASYJET : Workers in street protest
5m ago TATA STEEL : Steel plants face industrial action threat
5m ago KODA : A DOG-LOVING Nebraska trucker has taken a lost seven-stone bull...
5m ago FINISH LINE : Double win for Finish Line
6m ago CISCO SYSTEMS : Hamdan bin Mohammed: Dubai to host "The Internet of Things World Forum" next year
6m ago CISCO SYSTEMS : MoI and Cisco Global Sign MoU to Develop E-services
6m ago HONDA MOTOR : Police hunt for witnesses to fatal bike crash
8m ago SAUDI PHARMACEUTICAL INDUST&MDCL APPLNCS : SPIMACO profit up 7.3% in Q3, 7.5% in 9M
8m ago NATIONAL GAS & INDUSTRIALIZATION : GASCO Q3 profit rises 18.6% to SAR 43.9m
Latest news
Advertisement
Hot News 
DIGITAL RIVER : Announces Agreement to be Acquired by Investor Group Led by Siris Capital Group for $26.00 per Share in Cash
EDREAMS ODIGEO : Statement responding to BA and Iberia statement
4IMPRINT : Full Year Expectations Underpinned By Strong Third Quarter
ATLANTIS RESOURCES : Raises GBP5.0 Million In Discounted Placing (ALLISS)
MERIT MEDICAL SYSTEMS : posts 3Q profit
Most Read News
1d ago MATSON : Shipping company pleads guilty in molasses spill
1d ago HEARTLAND EXPRESS : 2014 Q3 Earnings Release
1d ago APPLE : Time for all Apple products to enter China
10h ago PFIZER : Reports Vaccine Candidate Data
1d ago Fannie Mae settles shareholder lawsuit for $170 million
Most recommended articles
1h agoDJTHYSSENKRUPP : Denies in Talks to Sell Marine Systems to Rheinmetall
6h ago Russian government approves law to clamp down on offshore tax sheltering
6h ago Greybull Capital buys UK's Monarch
6h ago DEUTSCHE BANK LAWYER FOUND DEAD IN APPARENT NY SUICIDE : Wsj
7h ago Areva-Siemens raises claim to $4.4 billion over Finnish reactor delays
Dynamic quotes  
ON
| OFF