translated from Spanish: There is uncertainty, economic reactivation speed is uncertain: Treasury

As the coronavirus epidemic persisted, expectations of the pace of recovery of the Mexican economy during the second half of the year and in 2021 are subject “to a high degree of uncertainty,” the Ministry of Finance said Thursday.
In its report on the economic situation and public finances, the Treasury noted that in the second quarter of the year the Mexican economy “touched its lowest point”, by the closure of economic activities ordered in the face of the epidemic.
Although signs of improvement were observed with the Treasury in June, particularly in foreign trade and in the construction and manufacturing sectors, the Secretariat repeated the word uncertainty on several occasions in its report, since in the absence of a vaccine in Mexico or other nations, it is not known for certain what the economy will perform.
“The speed of reactivation is still uncertain, due, among other factors, to the persistence of the COVID-19 pandemic; uncertainty as to when a vaccine or treatment for the disease will be available, allowing for a broad and safe reopening; and the resurgence of trade tensions between the United States and China,” he said.
In terms of figures, the Treasury indicated that the oil revenues of the Public Sector ranked at 249 thousand 795 million pesos, the amount lower in 208 thousand 811 million pesos compared to the schedule and at 41.3% real compared to what was observed in the first half of 2019.
This drop in oil revenues, the newspaper El Financiero pointed out, is the worst since 1991, when it began to make the record.
“During the first half, public sector budget revenues ranked 2 trillion 603 7 billion pesos, lower in 168 thousand 966 million pesos than projected in the program and lower by 3.7%, in real terms, compared to the first half of 2019,” he said.
Faced with the current economic and financial situation, the Treasury insisted, “Mexico has a strong and resilient financial system,” and there is a commitment not to use additional indebtedness to congressional approval.
On Thursday, Inegi reported that Mexico’s Gross Domestic Product recorded a historic drop of 17.3% in the second quarter of 2020.
In view of this, President Andrés Manuel López Obrador pointed out that the fall in GDP reported by the Inegi is a fact they expected because the months most affected by the pandemic are being measured, that is, April, May and June, although as mentioned the economy is already recovering.
“I can tell people that the worst has already happened, that we are already recovering and that the data from July, August and September are going to be better.”
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Original source in Spanish