Weekly Report - 05 November 2020 (WR-20-44)

MEXICO | Better than expected growth. Mexico’s GDP grew by 12% in the third quarter compared with the previous quarter, according to preliminary figures released by the national statistics institute (Inegi) on 30 October. This follows the deep 17.1% quarterly contraction recorded in the second quarter, when economic activity ground to a halt due to the temporary restrictions imposed to try to contain the coronavirus pandemic. However, the GDP data still represents an 8.6% year-on-year contraction. The secondary sector (industrial activity) performed particularly well in the third quarter, with 22% quarter-on-quarter growth, while the primary sector (agriculture) expanded by 7.4%, and the tertiary sector (services) grew by 8.6%.

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