Mexico's 2013 budget predicts 3.5 percent growth

AP News
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Posted: Dec 07, 2012 10:17 PM

MEXICO CITY (AP) — Mexican Treasury Secretary Luis Videgaray estimates the country's economy will increase 3.5 percent next year, slightly less than the almost 4 percent growth in 2012. He expects inflation to run at 3 percent.

Videgaray presented Congress on Friday with a balanced budget plan for 2013. Lawmakers are expected to approve the budget by the end of the year.

The treasury secretary projects next year's price for a barrel of oil at $84.90 and pegs output at 2.55 million barrels a day. Oil revenues finance about 30 percent of the federal government's budget.

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Videgaray says the budget includes more social spending, one of new President Enrique Pena Nieto's campaign promises.

Pena Nieto took office a week ago and promised to raise pensions for the elderly and spend more on infrastructure.