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Mexico - May 2021

Cautious optimism despite negative GDP figures

Mexico’s national statistics institute (Inegi) on 30 April released its latest economic data for the first quarter of 2021. The figures adjusted by seasonality show that GDP grew 0.4% in real terms in the first quarter compared to the previous quarter. This was the third consecutive quarter with quarter-on-quarter positive growth, following rates of 12.4% and 3.3% in the third and fourth quarters of 2020 respectively, which resulted from the reopening of the economy following the suspension of non-essential activities imposed to limit the spread of the coronavirus (Covid-19). These figures suggest a modest recovery of the country’s economy after it recorded an unprecedented contraction of 8.5% in 2020.

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