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Latino Daily News

Thursday August 1, 2013

2013 2nd Quarter: Mexico Economy Grows 2.5%

2013 2nd Quarter: Mexico Economy Grows 2.5%

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Mexico’s gross domestic product grew at an annual rate of 2.5 percent in the second quarter of this year, the government said.

“The Mexican economy continued in an expansion trend, albeit with less than expected dynamism,” in the second quarter, according to the main economic indicators, the Finance and Public Credit Secretariat said in reports on the economy, public finances and the public debt submitted to Congress.

“The foreign environment deteriorated given that there was lower than expected global economic growth and greater volatility in the international financial markets in the second half of the quarter,” the secretariat said.

Industrial production in the United States “decelerated, manufacturing activity in the Eurozone remained weak and some emerging economies continued to lose dynamism,” the secretariat said.

Inflation was running at an annualized rate of 4.09 percent in June, marking a drop of 16 basis points from the 4.25 percent rate registered in March, the secretariat said.

The government posted a budget deficit of 75.6 billion pesos ($5.91 billion) in the January-June 2013 period, the Finance and Public Credit Secretariat said.

Excluding investment in state-owned oil giant Petroleos Mexicanos, or Pemex, the figure swings to a surplus of 54.8 billion pesos ($4.28 billion), the secretariat said.