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The year 2001 was one of achievements and challenges for Grupo Cementos de <br />Chihuahua. The company's performance benefited from the successful acquisition and <br />a'rLam ?'1?'t <br />record operating levels of GCC Dacotah, as well as from the dynamic growth of the con- <br />Fr%x1clic"capachar struction industry in the state of Chihuahua during the first six months of the year. <br />is SEDOTMASMVIIII The Mexican economy posted a 0.3% decline in 2001 compared to 2000. The eco- <br />nomic slowdown was due mainly to reduced economic activity in the manufacturing and <br />I"Ift &__ba i construction industries, which fell 3.9% and 4.5%, respectively. However, as a result of <br />Banco de M6xico's (Mexico's central bank) efforts to control inflation, the National <br />Consumer Price Index posted an increase of only 4.4%, the lowest level seen in the last <br />two decades. Moreover, both nominal and real interest rates fell to unprecedented levels, <br />not seen for some time. Thus, thanks to a prudent fiscal policy, to the continuity of foreign <br />investment in Mexico and a controlled current account deficit, the Mexican economy is <br />ready to resume growth. <br />GCC's cement sales During the first six months of the year, the state of Chihuahua expe- <br />volume in Mexico rienced a strong demand for GCC products, derived from intense build- <br />ing activity in both public and private works. This led GCC to post 3.4% <br />grew at a 3.4% growth in its cement sales volumes in Mexico during 2001, compared <br />to a 5.4% decline in the country's national cement production levels for <br />annual rate <br />the same year. <br />After reaching low levels of activity during the third quarter of the <br />year, the economy of the United States grew at a rate of 1.7% in the <br />last quarter. This led to annual growth of 1.2% for 2001, signaling <br />the recovery of the U.S. economy due to high levels in private con- <br />sumption and public spending. <br />In the United States, demand for cement continued to show signs <br />of strength, with 2.8% growth in 2001 compared to 2000. Overall, <br />annual cement consumption was 108.1 million metric tons, of which <br />25.9 million metric tons came from imports from different countries.