In 2019, Gross Domestic Product (GDP) contracted 0.1% compared to the previous year, when it increased 2.1% annually, according to figures from the National Institute of Statistics and Geography (INEGI).
By activity, INEGI noted that the GDP of secondary activities fell 1.5%, which has not happened since 2009.
In contrast, the Institute noted that the GDP of primary or agricultural activities advanced 1.9% and that of tertiaries or services increased by 0.1%.
In the fourth quarter of 2019, the #PIB Gross Domestic Product Opportunity Estimate reported no change compared to the previous quarter, and had an actual reduction of (-)0.3% in its annual benchmark (deest figures) #INEGI #ComunicadoINEGI https://t.co/fGyK6jXSsW pic.twitter.com/tgA5jnXOBk
— INEGI (@INEGI_INFORMA) January 30, 2020
In its annual comparison and based on deseasonalized figures, he noted, the timely estimate of GDP had a real reduction of 0.3% during the fourth quarter 2019 compared to the same period in 2018.
This shows a “slowdown in the economy” from the second half of 2018 and after growing 2.5% during the third quarter, based on original figures, INEGI President Julio Alfonso Santaella noted.
#PIB The Slowdown in the Mexican economy since the second half of 2018: after growing 2.5% y/y (original figures) in 2018-T3, we see a fall of (-)0.3% in 2019-T3 and T4. pic.twitter.com/va1Nxlmc5e
— Julio A. Santaella (@SantaellaJulio) January 30, 2020
GDP brought up three continuous quarters with negative performance during 2019, with the former down 0.9% and the second and third down0.3%, respectively.
It added that the GDP for the period October-December 2019 reported no change in real terms, compared to the previous quarter, with seasonally adjusted figures.
#PIB TimeLy estimate of a contraction of (-)0.1% y/y of Gross Domestic Product during 2019 is compared with an increase of 2.1% in 2018. pic.twitter.com/2A4lC5rfqk
— Julio A. Santaella (@SantaellaJulio) January 30, 2020
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