Highlights of the 1st quarter balance of payments statistics...
-- Foreign direct investment (FDI) was US$4.99 billion, higher than any quarter of last year and 9% larger than in the 1st quarter of 2012.
-- Portfolio investment inflows of US$10.09 billion: 29% lower than last year's quarterly average but double 1st quarter FDI.
-- Debt: The US$18.09 billion of net new indebtedness was 25% greater than net new indebtedness in ALL of 2012. Commercial banks took on US$16.46 billion in net new debt in the 1st quarter. Last year, they repaid (net) US$3.21 billion.
--Mexican deposits in foreign bank accounts soared US$14.42 billion in the 1st quarter. The other major component of the "assets held abroad" account, Mexican FDI, was US$3.71 billion.
--Revisions to prior year statistics increased the current account deficit, typically by 0.1 percentage points of GDP. Revisions increased the 2012 current account deficit 23%, from 0.8% of GDP to 1.0% of GDP.
--The revised 2012 figures cut outflows in the errors and omissions account by US$2.05 billion. That is only marginally less than the increase in the current account deficit, suggesting that it is not easy to categorize flows.
-- Foreign direct investment (FDI) was US$4.99 billion, higher than any quarter of last year and 9% larger than in the 1st quarter of 2012.
-- Portfolio investment inflows of US$10.09 billion: 29% lower than last year's quarterly average but double 1st quarter FDI.
-- Debt: The US$18.09 billion of net new indebtedness was 25% greater than net new indebtedness in ALL of 2012. Commercial banks took on US$16.46 billion in net new debt in the 1st quarter. Last year, they repaid (net) US$3.21 billion.
--Mexican deposits in foreign bank accounts soared US$14.42 billion in the 1st quarter. The other major component of the "assets held abroad" account, Mexican FDI, was US$3.71 billion.
--Revisions to prior year statistics increased the current account deficit, typically by 0.1 percentage points of GDP. Revisions increased the 2012 current account deficit 23%, from 0.8% of GDP to 1.0% of GDP.
--The revised 2012 figures cut outflows in the errors and omissions account by US$2.05 billion. That is only marginally less than the increase in the current account deficit, suggesting that it is not easy to categorize flows.
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