Mexico’s economy grew 0.8% in the first quarter of the year compared to the previous quarter, a better pace than the preliminary estimated, Inegi reported on Wednesday.
The figure doubles the growth of 0.4% that the institute reported at the end of April, but falls below the 3.2% progress of the fourth quarter of 2020, according to figures adjusted for seasonal variations, confirming a slowdown in activity at the start of this year.
Read: Treasury improves GDP forecast by vaccination breakthrough: economy to grow 5.3% this year
In the annual comparison, the Mexican economy, the second largest in Latin America after Brazil, contracted 2.8%, according to the revised figure.
From January to March, the vast services sector, which accounts for nearly two-thirds of Mexico’s Gross Domestic Product (GDP), expanded by 0.9%, while industrial activity, equivalent to 30% of the economy, grew 0.5%.
Primary activities, including agriculture, livestock and forestry, expanded 0.7%, Inegi detailed.
In the first quarter of the year, Mexico – of 126 million inhabitants – experienced a serious uptick in COVID-19 cases and deaths, resulting in a restriction of various economic activities.
There were also power outages due to a harsh winter in the region, which mainly affected the industrial sector.
The Mexican government expects, however, an uptick in activity over the coming months thanks to a faster vaccination process and a better growth prospect in the United States, the country’s largest trading partner.
The Treasury secretariat estimates that the Mexican economy will grow 5.3% this year, after a historic collapse of 8.5% in 2020, while private analysts surveyed monthly by Banco de México expect an expansion of 4.8%.
The International Monetary Fund (IMF), for its part, estimates 5% growth.
What we do at Animal Politics requires professional journalists, teamwork, dialogue with readers and something very important: independence. You can help us keep going. Be part of the team.
Subscribe to Political Animal, receive benefits and support free journalism #YoSoyAnimal.
"El reclamo puede ser genuino, pero construido sobre una mentira", apuntó el presidente Javier Milei…
El gobernador de la provincia de Buenos Aires, Axel Kicillof, encabezó un acto en Ensenada…
El diputado nacional de La Libertad Avanza, José Luis Espert, expresó su confianza en la…
Tras la masiva reaparición de Cristina Fernández de Kirchner, el presidente Javier Milei apuntó contra…
El principal propósito de la nueva comisión es evaluar los recursos humanos en el Senado,…
En una medida que busca redefinir las condiciones de los seguros de automóviles en Argentina,…
Esta web usa cookies.