A Battered Image

MEXICO - Report 05 Nov 2014 by Mauricio González, Guillermo Valdes, Esteban Manteca and Ernesto Cervera
Executive SummaryIndicators published in October continued to offer mixed signals about the direction of the Mexican economy. The monthly GDP proxy (IGAE) for August showed only a 1.3% activity increase y/y, down from 2.3% between May and July. Both industrial and service sector growth slowed. Though the latest results may point to a one-off slowdown, we’ve lowered our GDP growth forecasts for Q3, from 2.9% to 2.2%, and Q4, from 3.3% to 3%. That also implies scaled-back growth projections for the year, from 2.4% to 2.2%.Banco de México likewise recently warned of possible below-expectation ...

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