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Economy & Business - August 2020

MEXICO: Confidence returning to construction sector despite major contraction

Mexico’s national statistics institute (Inegi) published its latest preliminary GDP estimates on 30 July. These showed that the economy contracted by a record 18.9% in the second quarter of 2020 relative to the same period of 2019 as a result of the restrictions on activity introduced to contain the coronavirus (Covid-19) pandemic. This sharp fall in GDP comes after four consecutive quarters of negative growth, something that had not happened since after the major earthquake that shook Mexico in 1985. However, amid the discouraging data, there are signs that confidence is starting to return to the key construction sector.

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