Re-export Focus To Keep Trade In Deficit

Mexico's Q310 real GDP growth reading came in at 5.3% y-o-y, below consensus but slightly stronger than we had been expecting. We await the breakdown of growth by expenditure before amending our full-year projection for 2010, but with growth averaging 5.7% over the first nine months, our 4.4% forecast now appears to be on the low side. That said, growth has slowed in H210, a trend which we expect to continue well into 2011.

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