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LatinNews Daily - 27 May 2020

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In brief: Mexico’s Q1 GDP result surprises

* Mexico’s national statistics institute (Inegi) has released new figures which show that the country’s GDP contracted by 1.4% in the first quarter of 2020 compared with the same period in 2019, according to original (non seasonally-adjusted) figures. While this represents the biggest quarterly slump since the last quarter of 2009, the contraction is less than the 1.6% decrease predicted by Inegi on 30 April. The figures show that primary economic activities were up by 8.3% in the first quarter, while secondary activities contracted by 2.9%, and tertiary activities by 0.7%. Inegi also revised the 2019 annual GDP growth figure from -0.1% to -0.3%, and released figures which showed that economic activity fell 2.3% year-on-year in March, in non-seasonally adjusted terms.