Grim economic data, but some signs of recovery

The Ministry of Finance said that GDP in the second quarter fell 10.4% year over year, with the H1N1 flu contributing importantly to the contraction. The ministry will wait until the delivery of economic package on September 8th to provide revised forecasts for the year and its outlook for 2010. Separately, Banco de Mexico said that its expectation was for full year decline in 2009 GDP of -6.5% to -7.5%, with growth of 2.5% to 3.5% next year. Both the agencies noted that important signs of economic stabilization emerged in May and June. (SHCP, Banxico)

Comments are closed.