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LatinNews Daily - 01 May 2020
In brief: Mexico’s GDP suffers sharp quarterly contraction
* According to preliminary figures from Mexico’s national statistics institute (Inegi), Mexico’s GDP shrank 1.6% in the first quarter of 2020 compared with the previous quarter, while the year-on-year contraction was 2.4%. The primary sector grew 0.5% compared with the previous quarter, while secondary and tertiary sectors both contracted by 1.4%. Nonetheless, President Andrés Manuel López Obrador remained upbeat saying that the figures were “better than expected”. In its latest (21 April) forecast the United Nations Economic Commission for Latin America & the Caribbean (Eclac) predicts that Mexico’s GDP will contract by 6.5% in 2020 due to the impact of coronavirus (Covid-19).
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