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Mexico Posts $2b Deficit

Mexico Posts $2b DeficitMexico Posts $2b Deficit

Mexico’s public sector ran a fiscal deficit of 42.185 billion  pesos ($2.19 billion) in September, as the nation was hit by two deadly quakes during the month, the finance ministry said late on Monday, Reuters reported. The latest figure is an 18% decrease from the deficit of 48.397 billion pesos the public sector posted in September 2016. Though the Sept. 7 and 19 earthquakes killed over 470 people and damaged thousands of homes in central and southern Mexico, the finance ministry said the impact on economic growth was expected to be “limited”. “Even if some of the activities in the affected areas are still recovering, the reconstruction efforts will be an important boost to the these regional economies in the coming months,” it added. The finance ministry said the public sector ran a surplus of 63.215 billion pesos in January through September, which compares to a deficit of 251.270 billion pesos in the corresponding period last year. The Mexican government has forecast economic growth of 2 to 2.6% for this year and 20 to 3% in 2018.

 

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