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Mexico: A Moderate Recovery Continues
[private][private]Mexican GDP has finally recovered back to pre-recession levels, and the economy enters the expansion phase on a solid footing, with some potential elements of an upside surprise in place (particularly as regards consumer spending) but with little of the dynamism that has been present in other emerging markets over the last year or so, and which has helped generate policy-altering inflationary pressures.
In fact, given where inflation actually is in Mexico at the moment, the implication of the figures just released probably extends the horizon for Banco de Mexico’s dovish stance: a rate increase this year appears unlikely.
5-19-2011–EMG INDICATORS AND INSIGHTS _Mexico-GDP q1, 2011_[/private][/private]