Mexico Economy May Shrink in 2009, Economists Say
 Hugh Collins - Bloomberg
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Mexican economists expect the country’s economy to shrink by 0.1 percent in 2009 as demand for exports slump, according to a central bank survey.
Inflation in Latin America’s second-largest economy will end 2008 at 6.35 percent, before declining to 4.56 percent in 2009, according to central bank’s survey of 32 economists taken Dec. 10-16 and published today on its Web site. Consumer prices may climb 0.52 percent in December, the survey showed.
Weak consumer spending in the U.S., which buys 80 percent of Mexican goods sold abroad, and the decline in oil prices are hitting the value of Mexican exports. On Dec.17, the government statistics agency said industrial production fell 2.7 percent in October from a year earlier, the sixth straight monthly decline.
The economy will grow 0.1 percent this quarter, and 1.7 percent in 2008, the economists forecast. On Dec. 1, economist predicted growth of 0.37 percent for the fourth quarter, and 1.8 percent for the year as a whole.
Growth will rebound in 2010, with the economy growing 2.4 percent, while inflation will dip to 3.79 percent, the economists forecast today.
To contact the reporter on this story: Hugh Collins in Mexico City at hcollins8(at)bloomberg.net |
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