translated from Spanish: Mexico’s GDP falls 18.7% in second quarter, its worst drop in history

Mexico.- The National Institute of Statistics and Geography (INEGI) reported on Wednesday that Mexico’s Gross Domestic Product (GDP) recorded a drop of 18.7% during the second quarter of 2020 compared to the same period last year, the worst annual fall in the Mexican economy since the current series was recorded. By a statement, INEGI detailed that Mexico’s GDP fell by 17.1% in real terms in the April-June quarter of this year from the previous quarter, with seasonality-adjusted figures.
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By components, the GDP of secondary activities (mining, construction, manufacturing) decreased by 23.4%, tertiary (trade and services) GDP by 15.1% and primary (agriculture, fisheries) by 2% in the above-mentioned period in contrast to the previous quarter. While in its annual comparison by large groups of economic activities, secondary GDP fell 25.7%, tertiary 16.2% and primary 0.2%.

Picture: Twitter Capture @INEGI_INFORMA

During the first six months of 2020, GDP at constant prices fell by 10.4% compared to the same period in 2019, with deseasonalized figures. The 18.7% annual decline in GDP in the second quarter of this year is the worst drop in the history of the Mexican economy, which has been impacted by the crisis caused by the Covid-19 pandemic, which crippled non-essential economic activities in April and May, coupled with confinement measures.” We are building the popular economy”: AMLO
Just Tuesday, August 25, President Andrés Manuel López Obrador said the country’s popular economy is recovering from the ravages left by the Covid-19 pandemic, this at spot to announce the Second Government Report.” The pandemic brought us pain, sadness, but it also affected us financially. We are already building the popular economy because we are applying a new model,” he said.
It’s no longer like bankers were rescued, big businessmen are now rescuing the people. For everyone’s sake, first the poor,” AMLO added.

The Second Government Report will be held on 1 September, almost two years after AMLO became the country’s presidency. You may be interested:GDP in Mexico will fall 10% for covid-19: Moody’sValor of BBVA Mexico falls 1.8 billion euros for Covid-19 and currencies

Original source in Spanish