4Q11 GDP in line with expectations (0.4% qoq vs 0.5% estimate), annual deceleration profile will continue in 2012

Summary

Overall in 2011, Mexico grew 3.9%, 1.6 pp less than in 2010. The recent improvement in activity indicators in the U.S. could imply an 1Q12 growth close to 4T11. For the full year remains the outlook for growth of 3.3%

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