| | |  Business News | November 2009 
Mexico Slowdown May Have Eased in Third Quarter, Ministry Says
 Andres R. Martinez & Jens Erik Gould - Bloomberg
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November 01, 2009
| | Finance Minister Agustin Carstens | |
Mexico’s Finance Ministry said the country’s economic slump may have eased in the third quarter as the U.S., its largest trading partner, emerged from a recession.
Gross domestic product probably shrank 6.4 percent in the third quarter, the ministry said late yesterday in a statement. The $1.09 trillion economy, the second-largest in Latin America, shrank 10.3 percent in the second quarter.
Mexico sells 80 percent of its exports to the U.S., which expanded at a 3.5 percent annual pace in the July-through- September period. Bank of Mexico economists have said GDP may contract this year at the fastest pace since the 1930s on a slump in industrial production and retail sales.
“In the third quarter of 2009 the Mexican economy began a process of recovery,” the statement said. “The external environment also showed signs of recovery.”
The country had a budget deficit of 122.9 billion pesos ($9.31 billion) in the first nine months of the year, the Finance Ministry statement said.
Government revenue tumbled this year as the recession reduced exports and tax collection, while output of oil, which funds about 38 percent of the budget, slumped. Production at state-owned Petroleos Mexicanos declined 4.5 percent in September from a year earlier to 2.599 million barrels a day.
To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28(at)bloomberg.net
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