Brexit will have a moderate impact on Mexico: EPN

Mexican President Enrique Peña Nieto said on Monday that Britain's vote to leave the European Union will have a moderate impact on Mexico.

Speaking to reporters in Quebec City ahead of a meeting of leaders from Mexico, the United States and Canada, Peña Nieto said Mexico had already taken measures to help the Mexican economy, referring to budget cuts announced on Friday by Finance Minister Luis Videgaray, who said the government would reduce spending by 31.715 billion pesos (US$1.68 billion) in 2016.

Brokerage Vector said the spending cut represented 0.2 percent of gross domestic product and 0.7 percent of the 2016 budget.