Latin America Equity Research
17 February 2010
Mexico 101
The 2010 Country Handbook
Mexico Equity StrategyBen Laidler
AC
(1-212) 622-5252ben.m.laidler@jpmchase.comJ.P. Morgan Securities Inc.
See page 71 for analyst certification and important disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm mayhave a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
Mexico EconomicsGabriel Casillas
AC
(52-55) 5540-9558gabriel.casillas@jpmorgan.comBanco J.P. Morgan S.A. Institucion de BancaMultiple, J.P. Morgan Grupo Financiero
 
See page 71 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm mayhave a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.
 
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Latin America Equity Research
17 February 2010Ben Laidler(1-212) 622-5252ben.m.laidler@jpmchase.comGabriel Casillas(52-55) 5540-9558gabriel.casillas@jpmorgan.com
Table of Contents
Mexico 101................................................................................4
 
Key Macro Forecasts...................................................................................................4
 
Key Fixed Income Trades............................................................................................4
 
Equity Strategy View...................................................................................................4
 
Things to Know.........................................................................5
 
Overview...................................................................................6
 
Area..............................................................................................................................6
 
Population....................................................................................................................6
 
Politics.........................................................................................................................7
 
Health.........................................................................................................................10
 
Education...................................................................................................................11
 
Migration & Remittances...........................................................................................11
 
Labor..........................................................................................................................13
 
Wealth Distribution....................................................................................................15
 
Competitiveness.........................................................................................................16
 
Security......................................................................................................................17
 
Economy.................................................................................19
 
Financial System........................................................................................................20
 
Pension Funds............................................................................................................21
 
Mutual Funds.............................................................................................................23
 
Capital Markets..........................................................................................................23
 
Fiscal Policy...............................................................................................................25
 
Sovereign Credit Ratings...........................................................................................26
 
Currency & Monetary Policy.....................................................................................27
 
Monetary Policy.........................................................................................................28
 
Prices & Wages..........................................................................................................29
 
Fixed Income Market.................................................................................................30
 
External Accounts......................................................................................................30
 
Demand...................................................................................31
 
Consumption..............................................................................................................31
 
Investment..................................................................................................................33
 
Exports.......................................................................................................................34
 
Imports.......................................................................................................................35
 
Sectors....................................................................................36
 
Telecom.....................................................................................................................36
 
Housing......................................................................................................................38
 
Energy........................................................................................................................40
 
Electricity...................................................................................................................41
 
Tourism......................................................................................................................42
 
Beverages...................................................................................................................44
 
Retail..........................................................................................................................45
 
Manufacturing............................................................................................................46
 

Latin America Equity Research

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