Mexico's Public Debt Level Increases

President Enrique Peña Nieto's administration has added 21% in less than two years

MEXICO.- The panorama of Mexico's economy is getting darker. President Enrique Peña Nieto's second State of the Union address revealed that the nation's public debt level has increased by 21% in the 21 months since his administration began, an increase of over 1.2 trillion pesos, to total over 7 trillion pesos worth of national public debt.

To put this in perspective, if we were to compare this to the total gross domestic value, 42% of it is debt. Comparatively, during Vicente Fox's administration public debt was 29%, and with Felipe Calderon it increased to 36%.

*To read the Second State of the Union Address of President Enrique Peña Nieto here'

Private consultants have lowered growth forecasts for the country.

At the same time, the Bank of Mexico (Banxico) released the results of a survey conducted by private consultants in the private sector in Mexico and abroad, that also indicated a reduced confidence level in economic growth at 2.47%.

Amongst factors used to calculate this confidence level is the increased violence in the country per 22% of those polled, 19% polled cited the weakness of the internal market, and 13% cited new fiscal policies implemented by this administration at the beginning of fiscal year 2014.

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