Mexican IMEF survey points to weak growth

Mexico became the latest country to release a disappointing manufacturing survey last night. Weak industrial activity, coupled with sluggish growth in the service sector and the ongoing problems in the US, mean that we are revising down our Mexican growth forecast for this year. We now expect GDP to expand by 3.5% and are sticking to our below consensus forecast for growth of just 3.0% in 2012.

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