Weekly Report - 3 May 2005

MEXICO | Economic growth slower than anticipated. Economic activity in February, as measured by the Igae index, was up a mere 0.14% on January and 3.4% on February last year. The strongest year-on-year growth was recorded in the services (4.3%), while industry in the broader sense expanded by only 2% - with manufacturing up 2.8% and construction 0.7%, and with declines recorded in electricity, gas and water (-0.8%) and mining (-3.3%). Agriculture outperformed manufacturing, registering 2.9% growth thanks to a good spring/summer harvest and increased autumn/winter sowings.

GDP is expected to grow this year by 3.8%, slightly less than last year's 4.4%. The Igae index, it must be noted, does not tally all the factors included in the calculation of GDP.

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