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Mexico & Nafta - 10 February 2004

Bailed out by oil

The above-budget oil price did little to help the economy grow, but it did a massive amount to stabilise the government's fiscal position. The fiscal deficit last year came in at the lowest since 1996: just 0.64% of GDP. That is equivalent to M$42bn (US$3.7bn). Although the deficit was down from the M$75bn recorded in 2003, it was still above the government's target of 0.5% of GDP.

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