Consumer Confidence in Mexico Falls to Lowest Since 2010 on New Taxes Nacha Cattan - Bloomberg News
go to original February 5, 2014

Mexico’s consumer confidence unexpectedly plunged to its lowest level since April 2010 after new taxes cut into disposable income, potentially damping the outlook for growth, according to Barclays Plc.

The index fell to 84.5 in January from 89.7 in December, the national statistics institute reported today, lower than the 90.1 median estimate of 10 analysts in a Bloomberg survey. Confidence has fallen from 98 in July of last year.

Mexico’s economic growth is expected to rebound to 3.42 percent this year after slowing to 1.28 percent in 2013 as the government boosts spending and the U.S. economy improves, according to a separate Bloomberg poll. New taxes on junk food and higher sales levies in regions bordering the U.S. may hurt the recovery, said Marco Oviedo, Barclays’s chief Mexico economist.

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