Mexico ‘s GDP suffers a historic fall of 17.3% in Q2 Mexico in DW | DW

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That is the preliminary estimate of the National Statistics Institute (INEGI) released this Thursday (07.30.2020). Gross Domestic Product (GDP) “decreased (-) 17.3% in real terms in the April-June 2020 quarter compared to the previous quarter, with figures adjusted for seasonality,” said a statement from INEGI.

This is the biggest drop since INEGI records economic activity.

In its annual comparison, the Mexican economy showed a real decline of 18.9%, according to INEGI estimates.

By components, the GDP of secondary activities decreased (-) 23.6%, that of tertiary (-) 14.5% and that of primary activities (-) 2.5% in the second quarter of this year in relation to the previous quarter, “adds the statement.

Banco de Mexico (central) anticipates a fall of between 8.3 and 8.8% for all of 2020 due to “the depth and duration of the consequences” of the covid-19 pandemic, according to its latest estimate of 27 of may.

The Mexican economy has been semi-paralyzed since the end of March due to the restrictions imposed by the quarantine on the new coronavirus, which has deepened the economic crisis that the country had been dragging.

A VW worker in Puebla, Mexico.

Since June, some activities have been reopened, such as in the manufacturing, automotive and mining industries, while various businesses, restaurants and hotels have reopened with restrictions on their capacity.

However, most formal workers are still confined to their homes, while the important sector dedicated to the informal economy has severely reduced their income.

With this new setback, according to the INEGI sequential series, which compares with the immediately previous period, the Mexican economy already has five consecutive quarters of setbacks. In 2019 GDP decreased 0.1%.

CP (afp, rtr)

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