GDP surprised to the downside in Mexico; we have revised our 2014 forecast downwards from 3.4% to 2.5%

We estimate that public spending and the improvement in the US economy will impact the rest of the year in Mexico, and continue into 2015, while structural reforms could start to yield their first results, which would be reflected in an increase of around 3.5% YoY. In Colombia, positive news regarding imports and confidence are in line with a recovery on the industrial front.

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