Interest rates
(Annual and quarterly average)
Official ECB rate
Euribor 3 months
Euribor 1 year
Spain 10-year bond
USA 10-year bond
USA Federal rates
TIIE (Mexico)
further quarter point to 1.5%. Inflationary pressures will
remain under control owing to the drop in commodity
prices and the widespread slowdown in activity.
In the United States macroeconomic conditions
continue to weaken and therefore GDP is expected to
contract in 2009. The Federal Reserve has tried to
revive the economy by injecting large amounts of cash
in the banking system and by reactivating lending.
The pace of adjustment in the Mexican economy
stepped up in the fourth quarter of 2008 because the
fall in industrial activity was joined by a decline in the
service sector and this had a considerable effect on
trade. The most recent economic indicators point to a
downward revision of GDP forecasts for 2009.
In Latin America, GDP in most countries also slowed in
the fourth quarter, although the markets are penalising
the region less than on other occasions. The most recent
indicators confirm the economic weakness, with
contractions in exports and imports, and money moving
Exchange rates (1)
Mexican peso
U.S. dollar
Argentine peso
Chilean peso
Colombian peso
Peruvian new sol
Venezuelan bolivar fuerte
(1) Expressed in currency/euro.
31-03-09
2009 2008
1Q
abroad. Nonetheless the region is still showing positive
growth.
4Q
1.92 3.28 4.24 4.00 4.00
2.01 4.24 4.98 4.86 4.48
2.22 4.38 5.37 5.05 4.48
4.17 4.16 4.65 4.54 4.17
2.70 3.20 3.84 3.86 3.65
0.25 1.07 2.00 2.08 3.19
8.00 8.71 8.49 7.96 7.93
Over the last 12 months the final exchange rate for the
Mexican peso fell 9.9% against the euro and the US
dollar appreciated 18.8%. Likewise, other currencies
that affect the Group’s financial statements have been
mixed. Whereas the Argentine, Chilean and Colombian
pesos depreciated (0.3%, 10.3% and 15.6%,
respectively), the Peruvian sol and Venezuelan bolivar
fuerte have appreciated (3.0% and 18.8%).
Furthermore average exchange rates in the first quarter
were also mixed. These rates are used to convert the
income statement to euros. In this case the Mexican,
Chilean and Colombian pesos depreciated (13.6%,
12.2% and 8.6%, respectively). The US dollar, on the
other hand, appreciated 14.9%, the Peruvian sol 4.5%,
Venezuelan bolivar fuerte 14.9% and the Argentine
peso 0.9%. Consequently the year-on-year comparisons
of the Group’s income statement are negatively affected
by about two percentage points.
Year-end exchange rates Average exchange rates
Δ% on
31-03-08
Δ% on
31-12-08
18.7624 (9.9) 2.5 18.7266 (13.6)
1.3308 18.8 4.6 1.3029 14.9
5.0537 (0.3) (2.7) 4.7135 0.9
774.59 (10.3) 14.3 791.14 (12.2)
3,412.97 (15.6) (8.4) 3,134.80 (8.6)
4.2047 3.0 3.9 4.1490 4.5
2.8576 18.8 4.6 2.7976 14.9
3Q
1Q09 GROUP INFORMATION
Relevant events
2Q
1Q09 Δ% on
1Q08
1Q
5
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