US GDP was expected to drop by more than 5% in the fourth quarter. By that measure, the 3.8% fall doesn't look so bad. Don't be lulled into thinking that recovery is in sight anytime soon, though: the Fed's statement at the conclusion of its meetings this week paint a grim picture, both in terms of the level of economic activity and of the success of monetary policy efforts to date.
In Mexico, we won't get the fourth quarter GDP figures for another three weeks. The November IGAE, published two days ago, presages a contraction in the fourth quarter that will pull the 2008 growth rate down from the projected 1.9% to 1.2% - 1.5%. In other words, the Mexican economy fell off the cliff in the fourth quarter of last year.
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