Budgetary Sleight of Hand

MEXICO - Report 12 Nov 2013 by Mauricio Gonzalez and Ernesto Cervera
Executive Summary The most significant economic news out of Mexico last week was the decision by the country’s central bank to adjust its economic growth projections for this year and next. Banco de México (Banxico) said that economic activity indicators for the first half of the year had proven to be even weaker than previously thought. In response, the monetary authority lowered its GDP growth forecast for 2013 from an interval of between 2.0% and 3.0% to a range between 0.9% and 1.4%. Citing an uncertain international environment and the weakness of US industrial activity, the central ba...

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