4 As per the most recent projections (March 2018), public oil revenues are expected to amount to 4.0 percent of GDP this year. 3  The Mexican economy has adjusted to these shocks through a number of channels.
Chief among them is the significant depreciation of our currency since September 2014 which, in terms of its value vis-à-vis de US dollar, accumulates to date around 46 percent, a metric that at some stages has recorded figures nearing 70 percent. Of course, notwithstanding the abovenoted reduction in the pass-through coefficient, this has had important implications for inflation.