Q3 Growth a Bit Limp

MEXICO - Report 02 Dec 2014 by Mauricio González, Guillermo Valdes, Esteban Manteca and Ernesto Cervera
EXECUTIVE SUMMARY Q3 GDP grew 2.2% y/y, just as we estimated. Most analysts were disappointed by that, and lowered their expectations of the economy’s recovery prospects, though such pessimism suggests most were not paying close enough attention to the monthly GDP proxy (IGAE). In the wake of August’s soft patch, activity rallied 2.9% in September, one of strongest showings this year. To the extent that higher government spending is simulative, GDP growth could rise further.Ongoing acceleration is by no means assured, as new risks have emerged. In the Central Bank’s latest monthly survey of...

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