Economy minister Fernando Canales announced last week that the government will amend the legislation governing the sector to make it more attractive to investors and create more jobs.
MINING | July blip in output decline. July figures for metals mining show production running 4.3% higher than a year ago. This was largely the result of an exceptionally low point of comparison, particularly for gold (though another sector showing a substantial annual increase, lead, has seen real output expansion in the main mining company). The sector's output in the first seven months of the year was 2.4% higher than a year earlier.
GROWTH OUTLOOK | Halving of target is official. Finance minister Francisco Gil confirmed to the senate's finance committee that GDP growth this year is now only expected to reach 1.5%, or half of the original target. He expects inflation to reach 3.8%, which is just within the government's projected range of one point either side of 3%.
The good news on the fiscal side is that the average price for Mexico's mix of crudes will be close to US$23.70 per barrel, or US$5 more than the assumption used for this year's budget. Gil warned, though, that the price could weaken next year. He blamed the poor performance of the economy on `the delay in the recovery of the US manufacturing sector' and reiterated that greater future dynamism is closely linked with the approval of proposed economic reforms.
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