Macroeconomic Forecast Mexico

BMI View: Mexico's remittances registered significant growth of 21.3% y-o-y in September, marking their largest increase of 2011. In the first 10 months of the year we have seen remittance growth average 6.8% y-o-y, below their pre-crisis double digit highs, but above our own 2.0% y-o-y growth forecast. That said, we highlight that in nominal terms, remittances contracted in September, from US$2.13bn in August to US$2.08bn, and we hold from revising down our full year US$22bn forecast for 2011 until get a clearer picture of whether this downtrend will continue into year-end.

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