Signs of an Inefficient Fiscal Policy

MEXICO - Report 25 Jun 2014 by Mauricio González and Ernesto Cervera
Executive Summary Last week’s report on aggregate supply and demand data for the first quarter of 2014 revealed a considerable reduction (-8.5%) in public gross fixed capital formation that stands in sharp contrast to the 33.7% increase registered in public sector budgeted physical investment during the same period, according to the federal government’s report on public finance for the same three-month period. When broken down, the data shows that the contraction of public gross fixed capital formation was largely due to a fall in construction expenditures (-9.5%), which have a considerable...

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