Weaker-Than-Forecast Remittances Cloud Mexico's Growth Outlook [BNN Bloomberg (Canada)]
Goldman Sachs Group, Inc. (The) (GS)
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Total remittances fell to $5.02 billion, down 3% from a year earlier, the central bank said Thursday. The median forecast of analysts surveyed by Bloomberg was $5.3 billion. In local currency terms, the fall was even more pronounced, since the peso has been the world's top-performing major currency over the last 12 months, strengthening 6.2%. Growing remittances from the buoyant US economy have been one of the biggest drivers of Mexico's economic growth in recent years, along with “near-shoring”, whereby companies move far flung factories closer to the US. However, the economy expanded just 0.2% during the first quarter as high real interest rates damp demand. Read More: Mexico's Economy Grows Slightly Ahead of Key Rate Decision “The significant appreciation of the Mexican peso is eroding the pull of remittances on consumption,” wrote Alberto Ramos, director for Latin America at Goldman Sachs & Co. After adjusting for the peso's appreciation, remittances in local currency ter
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