Economy / Mexico
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Macroeconomic Forecast Mexico
July 2007 | Macroeconomic ForecastsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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In a negative development for the Mexican external sector, remittances fell on a year-on-year basis in May - the first decline since December 1999. In a way, this is unsurprising, given the steadily downward path in remittance growth since the beginning of 2006. The decline is partly the result of a base effect, as remittance growth had averaged well into the double-digits for most of the past eight years, but it also probably reflects the slowdown in the US in Q107 and its effect on wages for Mexican labourers north of the border. To be fair, remittance levels remain high