MEXICO CITY -(Dow Jones)- Mexico registered a budget surplus of MXN91.6 billion in the first seven months of the year as higher tax and oil income covered a boost in spending, the Finance Ministry said Friday. Budget revenue rose 8.5% from the like 2007 period, with non-oil tax revenue growing 10.9% and oil revenue up 11.4%. Income tax receipts rose 13.5% from the first seven months of 2007, and value-added tax collections were 8.4% higher. Spending rose 14.1%, with focus on health and education spending, housing, pensions and increased investment at state energy firms, the ministry said. The surplus was 31% smaller than the MXN127 billion surplus in the first seven months of 2007. The federal government's net domestic debt rose MXN125.9 billion in the period to MXN1.914 trillion, while its net foreign debt fell $8.8 billion to $32.5 billion. The drop in net foreign debt was largely the result of the government's decision to buy $8 billion in foreign reserves from the central bank in July to address future foreign currency needs. The government bought the dollars when the peso was near a six-year high against the U.S. currency. -By Anthony Harrup, Dow Jones Newswires; (5255) 5001 5727, anthony.harrup@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=zqA%2BjI6lIzdxa%2FbHsvt05w%3D%3D. You can use this link on the day this article is published and the following day.
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