Glimmers of Recovery, Amid Depressing Forecasts

MEXICO - Report 04 Jun 2014 by Mauricio González, Guillermo Valdes and Ernesto Cervera
Executive Summary Economic activity seems to be reviving. In April, external demand continued to firm: exports of non-petroleum exports were up 6.7% y/y, led by an 11.7% expansion of automotive shipments. Auto sector output set a new Q1 record of 1.2 million vehicles, 848,000 of those destined for export. Industrial activity was 3.3% greater in March than in the same month a year ago. That was by far the strongest gain this year. But performance also benefited from the fact that there were more working days in March 2014 than in March 2013, since the Holy Week vacation season took place a m...

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