General: Gerardo Ruiz Mateos is the new economic minister of Mexico and he will have to concentrate on resurgent inflation and weaker than expected growth. The Central Bank now forecasts 6.0% inflation and 2.75% growth by the end of the year. Consumer confidence in July fell to its lowest level since 2001 (88.4 from 90.7 in June). Not surprisingly, oil revenues were $3.18 billion above budget for the first half of the year. The Mexican government has proposed new spending programs in view of this windfall. For budgetary purposes the government will calculate with $80/per barrel which is $30 higher than last year. Conservative as it might be, this will ensure more income than budgeted.
Positive economic news from Canada is hard to come by these days. The growth rate in May was negative from the previous month (-0.1%). It was the third negative monthly growth so far this year.
General Data:
GDP |
Consumer Price Index and last year |
Industrial Production |
Unemployment |
Trade Balance past 12 months |
Currency as of August 13 and last year |
|
+2.6% in Q1 |
+5.4% in July (+4.1%) |
-1.2% in May |
3.6% in June |
-$7.8bn at end-June |
10.2 (11.1) |
|
+0.6% in May |
+3.1% in June (2.2%) |
-4.6% in May |
6.1% in July |
+$47.1 bn at end-June |
1.07 (1.08) |
Automotive and Steel Production:
Total Units in July |
+/-2007 |
Units year-to-date |
+/-2007 |
Steel Prod. in June 000/MT |
+/-2007 |
Year-to-date 000/MT |
+/-2007 |
|
147,711 |
-5.7% |
1,202,797 |
+3.5% |
1,545 |
+8.5% |
9,476 |
+10.1% |
|
125,846 |
-13.7% |
1,270,623 |
-16.0% |
1,350 |
-0.8% |
8,348 |
+ 3.0% |
Total Intra Nafta Steel Shipments 2007 in Thousand Metric Tons:
Ttl Intra Nafta |
From US |
From Mexico |
From Canada |
|
5,611 |
5,523 |
54 |
- |
|
4,291 |
3,799 |
- |
491 |
|
US |
9,006 |
- |
2,866 |
6,140 |