Mexico: Deficit Narrows To 10-Year Low

Mexico’s budget deficit narrowest to its lowest level in almost 10 years last year, driven by a record trade surplus in the oil sector thanks to the high price of crude. The deficit stood at $705 million, representing 0.09% of GDP as at the end of 2005, while the oil surplus rose 24% against 2004 to $22.3 billion. Mexico is the world’s ninth largest exporter of crude, with most exports heading to the US.