Mexico's December IP suggests economy likely expanded by 2.2% in 2014: Societe Generale

Quotes from Societe Generale Cross Asset Research:

-Recent retail sales, industrial production, trade and economic activity releases in Mexico were fairly impressive compared with our expectations. In particular, December trade and industrial production numbers point to economic activity growth of 3.3% yoy in the month, taking full quarter activity growth to 3% yoy (or a strong 4.9% qoq at annualized rate- the strongest rates since Q4 2009).

-Together with other releases through December, the recent IP release suggests that GDP likely expanded by 1.1% qoq or 2.9% yoy in Q4 as against 2.15% yoy in Q3. The economy, therefore, likely grew by 2.2% in 2014 vs our forecast of 1.9% until a month back. Nominal GDP likely expanded by 6.8% in Q4 and 5.9% in 2014.