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LatinNews Daily - 12 June 2020

In brief: Mexico’s industrial production plummets

* Mexico’s national statistics institute (Inegi) has reported that industrial production in the country fell by 29.3% year-on-year in April. This result is explained by decreased activity in the construction (-38%), manufacturing (-35.3%), and electricity generation (3.5%) sub-sectors, all of which have been affected by the fallout of the coronavirus (Covid-19) pandemic. With the April data, industrial production has fallen by a cumulative 9.3% year-on-year in the first four months of 2020. Last year industrial production fell by 1.8%, and it now seems likely to fall further this year. Notably, Mexico’s central bank (Banxico) has released a new report noting that the measures adopted to contain Covid-19 heavily impacted manufacturing activity in the first quarter, and warning that the effects of this will still be felt in the second quarter and beyond, as “there is a lot of uncertainty over the foreseen depth and duration of the deterioration of economic activity”.  

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