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Economic Outlook in Key Markets Real GDP (Annual % Change) 2000-14 Country 2015 2016F 2017F Avg. Mexico 2.3 2.5 2.4 3.1 Peru 5.4 3.2 3.8 3.6 Chile 4.3 2.1 1.7 2.3 Colombia 4.3 3.1 2.4 3.0 2000-14 2015 2016F 2017F Avg. Canada 2.2 1.2 1.6 2.0 U.S. 1.9 2.4 1.8 2.3 Source: Scotia Economics, as of May 11, 2016 26 26 Scotiabank®

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