Weekly Report - 1 November 2005

MEXICO | 'Hurricanes will not affect growth'. The government will maintain its forecast of 3.5% GDP growth this year despite the reported damage caused by hurricanes Stan and Wilma. Several private analysts had predicted a slowdown in late 2005 as a result of the storms, to be offset later by higher growth in early 2006 as reconstruction worked kicks in. Business leaders in Cancún, hit by Wilma, say they have been losing US$15m a day as a result of the damage to hotel infrastructure and the forced departure of about 40,000 tourists. There has been no estimate yet of the damage caused by Stan to crops (mainly coffee and maize) and cattle ranching in Chiapas, Oaxaca, Veracruz and other affected states.

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