LatinNews Daily - 27 August 2020

* Mexico’s national statistics institute (Inegi) has revealed that the country’s GDP recorded a historic 18.7% fall in the second quarter of 2020, compared with the same period in 2019. Noting that second quarter GDP fell by 17.7% compared with the first quarter of 2020, Inegi president Julio Santaella said that such a contraction has not been observed for a decade. Inegi has also released the latest figures for its indicator of monthly economic activity (Igae), according to which economic activity contracted by 13.2% in June compared with May, with the worst-hit sectors being industrial activity (-16.7%) and services (-12.1%). In its latest quarterly report, released yesterday (26 August), Mexico’s central bank (Banxico) revised its GDP forecast for this year down from -4.6% to -8.8%, in the case of a V-shaped economic recovery from the crisis caused by the coronavirus (Covid-19) pandemic, and down from -8.3% to -12.8% in the eventuality of a U-shaped recovery.

End of preview - This article contains approximately 163 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial