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Mexico's economy to grow 3.9 pct in 2014, gov't says

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(Globalpost/GlobalPost)

Mexico City, Sep 9 (EFE).- Mexico's economy will grow 3.9 percent in 2014, picking up steam after the slowdown registered this year, the Finance and Public Credit Secretariat said.

The government revised its 2013 gross domestic product projection downward from 3.5 percent to 1.8 percent at the end of the first half of this year.

Nominal GDP is expected to reach 16.3 trillion pesos ($1.23 trillion) this year and 17.6 trillion pesos ($1.34 trillion) in 2014.

Mexican crude should finish 2013 with an average price of $98 per barrel and it is projected to sell for an average of $81 per barrel next year, the secretariat said.

Mexico is forecast to export 1.18 million barrels per day (bpd) of crude this year and 1.17 million bpd in 2014, the secretariat said in a report.

Oil production is projected to hit 2.53 million bpd this year, dropping to 2.52 million bpd in 2014.

Inflation is expected to finish 2013 at 3.5 percent and ease to 3 percent in 2014, the secretariat said.

Mexico's budget deficit, excluding investment by state-owned oil giant Pemex, will rise to 0.40 percent of GDP this year and 1.5 percent of GDP in 2014, the Finance and Public Credit Secretariat said.

The deficit is projected to rise to 2.4 percent of GDP in 2013 and 3.5 percent of GDP next year, with investment in Pemex factored in, the secretariat said.

http://www.globalpost.com/dispatch/news/agencia-efe/130909/mexicos-economy-grow-39-pct-2014-govt-says