Mexico’s economy accelerated more than analysts expected in the fourth quarter, led by growth in agriculture, pushing annual growth to 3.9 percent in 2012.
Gross domestic product rose 0.8 percent from the third quarter, more than the 0.6 percent median estimate in a Bloomberg survey of seven economists and up from a revised 0.4 percent growth in the previous quarter. The economy grew 3.2 percent from the same quarter the previous year, the same as in the July to September period.
The Mexican peso was little changed at 12.6924 per dollar at 8:57 a.m. in Mexico City. Yields on Mexican government notes due in 2013 rose one basis point, or 0.01 percentage point, to 4.27 percent.
Banco de Mexico reiterated Feb. 13 it may cut its target rate from a record-low 4.5 percent if inflation continues to slow toward its 3 percent target after consumer prices rose 3.25 percent in January from a year earlier, the slowest pace since Oct. 2011. The central bank said it’s more probable that growth will slow than pick up as risks exist of lower U.S. expansion.
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