MercoPress, en Español

Montevideo, September 29th 2020 - 13:50 UTC

 

 

Mexico's economy contracted a record 17,3% in April from March and 19,9% year on year

Saturday, June 27th 2020 - 07:59 UTC
Full article
A breakdown of the data showed that primary activities such as farming, fishing and mining shrank 6.4% from March A breakdown of the data showed that primary activities such as farming, fishing and mining shrank 6.4% from March

Mexico’s economy posted a record contraction in April, official data showed on Friday, as the effects of the coronavirus lockdown devastated economic activity, particularly in manufacturing.

Adjusted for seasonal swings, Latin America’s second-biggest economy contracted 17.3% from March, the biggest fall since modern data began being published in early 1993, according to figures put out by national statistics agency INEGI.

In unadjusted terms, the economy shrank 19.9% in April compared with a year earlier, the figures showed.

A breakdown of the data showed that primary activities such as farming, fishing and mining shrank 6.4% from March. Secondary activities, which include manufacturing, plummeted 25.1% and tertiary activities, which cover the service sector, fell 14.4%.

Auto production almost ground to a halt in April, falling by 98.8% on the year, and the country’s main industry group has forecast output in the sector could drop by nearly a third in 2020.

The government hopes the economy fared slightly better in May, when authorities gradually began to permit sectors such as car making, mining and construction to start up again.

Categories: Economy, Latin America.

Top Comments

Disclaimer & comment rules

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!