Economic Outlook and Trade Analysis

GROSS DOMESTIC PRODUCT 1994 - 2030 México (USD $) Baja California (%) US (USD $) California (%) 12% 1994 13% 2016 2004 2.55x 15% 13% CAGR: 4.34% 2030e $7.3Tn $12.3Tn $18.6Tn $26.2Tn Expected CAGR: 2.47% 3.15x 3.3% CAGR: 5.35% 3.0% Expected CAGR: 2.83% 3.1% 2.9% $731Bn $1.2Tn $2.3Tn $3.4Tn Scotia Wealth Management™ Note: The pie-graph size is comparable between years of each country, but not between countries. Source: Prepared by SWM using data from INEGI, Bloomberg, The US Census Bureau and OECD, 2015. US Forecasts Assumptions: GDP growth per year for the US: 2.5%/CAL: 3.25% México Forecasts Assumptions: GDP growth per year for México: 3%/CAL: 3.75%

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