The latest data on bank loans in Mexico shows a continued improvement in credit conditions. In May, bank credit was 8% up on the year before.

Ignacio Deschamps, president of the Association of Mexican Banks, reckons that lending will grow by double-digits this year. The Economist Intelligence Unit is more cautious, forecasting that loans will rise by around 9% this year and not reach double-digit growth until 2013. Still, as loans through May are on pace for only 4% annualised growth this year, even this more modest expectation suggests a further acceleration in credit growth in the coming months.