Mexico’s GDP worsens forecasts and contracts 0.4% in the third quarter

Mexico’s GDP worsens forecasts and contracts 0.4% in the third quarter
Mexico’s GDP worsens forecasts and contracts 0.4% in the third quarter

MADRID, 25 Nov. (EUROPA PRESS) –

The Gross Domestic Product (GDP) of Mexico experienced a contraction of 0.4% during the third quarter compared to the previous quarter, according to data published this Thursday by the National Institute of Statistics and Geography (Inegi).

The data released today by the Mexican statistical institute worsens the provisional data published a month ago, when a quarter-on-quarter decline of 0.2% was projected.

The definitive data confirms the decline in the Aztec economy after two consecutive quarters – 0.4% in the first and 1.5% in the second – of continued growth.

The economic contraction observed between July and September is explained by the 0.9% decline observed in tertiary activities or the service sector. The fall represents an increase of 0.3 percentage points with respect to the estimate of a month ago, when Inegi projected a fall of 0.6% for these activities.

For their part, primary activities grew by 1.3%, while secondary or industrial activities increased by 0.3%.

In year-on-year terms, the Mexican GDP registered an increase of 4.7%. The data also represents a downward correction of the forecast made by Inegi a month ago (4.8%).

In the year-on-year comparison, all sectors experienced positive variations, although at different intensity. Thus, secondary and tertiary activities increased by 5.1% and 4.4%, respectively; while the primaries did it at 0.3%.

During the first nine months of the year, GDP at constant prices registered an increase of 6.4% compared to the same period in 2020. Industrial activities (8.6%) and services (5.6%) drove This growth was due to the ‘rebound’ effect of the comparison between this year’s data with those of 2020, notably affected by the incidence of the pandemic. Primary activities, for their part, grew by 1.9% between January and September.

Source

Mexicos GDP worsens forecasts contracts quarter

 
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