Mexico's Ministry of Finance and Public Credit (SCHP) released new economic figures this week, which cut the estimated growth of the Mexican economy for this year from 3.5 to 3.1 percent. At a press conference, Deputy Finance Minister, Fernando Aportela, said this could have an impact on government revenues, as spending would be reviewed and analyzed with the possibility of cuts in some areas. However, he was clear that spending cuts "would not affect services or social programs offered by the government."
The Gross Domestic Product (GDP) in Mexico grew by 0.8 percent year-on-year during the first quarter of 2013, showing a slightly lower rate than expected by the Secretary of Finance. The National Institute of Statistics and Geography (INEGI) reported the seasonally-adjusted GDP growth in a range closer to 0.45 percent from January to March 2013 over the previous quarter.
It is noteworthy that the Ministry of Finance estimated that annual GDP growth would have been about 1.0 percent, while the consensus of analysts expected a 1.10 percent annual growth.
