INTERVIEW-Mexico finance official sees growth sustainable, oil hedge for 2017

5/3/2016 Reuters 

aportela
DAVOS/SWITZERLAND, 24JAN13 – Fernando Aportela Rodriguez, Undersecretary of Finance and Public Credit of Mexico makes a point during the session ‘G20 Outlook – Building Resilient Institutions’ at the Annual Meeting 2013 of the World Economic Forum in Davos, Switzerland, January 24, 2013.. . Copyright by World Economic Forum. . swiss-image.ch/Photo Remy Steinegger

May 3 Mexico can sustain its current solid level of economic growth over the next few quarters as strengthening internal consumer demand combines with a robust industrial sector and a rebound in U.S. growth, Mexico’s deputy finance minister said on Tuesday.

Fernando Aportela also told Reuters in an interview in Washington that Mexico expects to continue its oil price hedging program next year at a level that is “compatible” with its 2017 budget, which assumes an oil price target of $35 a barrel.

Mexico’s economy grew faster than expected in the first quarter, with preliminary data last week pointing to a 2.9 percent expansion over the year-ago period, compared with analysts’ forecasts of about 2.3 percent.

Speaking on the sidelines of a U.S. State Department conference on growth in the Americas, Aportela said the first-quarter acceleration was largely powered by strong internal consumption, rising employment and wage growth.

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