Mexico: This year has been a difficult one for Mexico. Even though the economy started to grow impressively again in Q3, the overall contraction for 2009 will be around -7.1%, making it the worst year for Mexico's economy since 1932. Barring another financial crisis, growth for next year is expected to run around +3.5%. The annual inflation rate just falls into the central bank’s range and the record low benchmark interest rate of 4.5% was left unchanged for the fourth month in a row. Gross fixed income, a measure of spending on machinery, equipment and construction, was down -11.2% in August from last year. Future readings will reflect the resurgent economy and will likely show a positive trend. Ford will open a new diesel engine plant in the state of Chihuahua towards the end of the year.
Canada: The trade balance for the month of October was positive (+$408 million) after three consecutive months of deficits. The stronger economy in the US has a lot to do with it. In another positive development, 79,100 jobs were added in November and new home prices increased by +0.3% in October. The benchmark interest rate remains at 0.25% and will stay there until June 2010 – exactly as promised by the central bank.
General Data:
|
GDP - latest quarter annual rate compared to previous (and year-on-year) |
Consumer Price Index (and last year) |
Industrial Production |
Unemployment |
Trade Balance past 12 months |
Currency as of Dec 9 (and last year) |
Mexico |
+12.3%, Q3 (-6.2%) |
+3.9%, Nov (+2.6%) |
-5.7%, Sep |
5.9%, Oct |
-$9.3 bn, Oct |
13.0 (13.5) |
Canada |
+0.4%, Q3 (-3.2%) |
+0.1%, Oct (+2.6%) |
-12.4%, Sep |
8.5%, Nov |
-$1.3 bn, Sep |
1.05 (1.26) |
Automotive and Steel Production
|
Total Units Nov |
+ - 2008 |
Units Year-to-date |
+ - 2008 |
Steel Prod, Oct, in 000/MT |
+ - 2008 |
Year-to-date, in 000/MT |
+- 2008 |
Mexico |
165,844 |
-4.70% |
1,383,010 |
-32.3% |
1,115 (e) |
-9.10% |
11,044 |
-28.0% |
Canada |
161,801 |
-0.40% |
1,343,741 |
-31.9% |
780 (e) |
-26.6% |
7,036 |
-48.3% |
Total Intra-NAFTA Steel Shipments, September 2008-August 2009, in Thousands Metric Tons
|
Ttl Intra-NAFTA |
From US |
From Mexico |
From Canada |
Canada |
4,215 |
3,890 |
71 |
- |
Mexico |
2,552 |
2,202 |
- |
350 |
US |
5,493 |
- |
1,774 |
3,719 |