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Mexico’s GDP grows 6.4% in the period from January to September

During the first nine months of 2021, Mexico‘s GDP increased 6.4% compared to the same period last year, with seasonally adjusted data and according to timely figures from Inegi.

The timely estimates provided could change with respect to the figures generated for the traditional quarterly GDP, which Inegi will publish on November 25, 2021.

Before, according to preliminary figures, Mexico’s GDP decreased 3.6% in real terms during the first three months of 2021, reflecting several events that occurred in early 2021, in particular, a second wave of the Covid-19 pandemic (between the end of 202o and early 2021), which led to the implementation of new restrictions on economic activities.

Furthermore, this trend was the result of interruptions in the supply of industrial products, particularly those of the automotive sector, and a temporary interruption of the supply of natural gas in the northern region of the country in mid-February.

Mexico’s GDP

Then, in the second quarter of 2021, the gradual recovery of economic activity in Mexico continued, although with heterogeneity between sectors.

In particular, services continued to be reactivated, in a context in which progress in the vaccination process made it possible to relax the restrictions associated with the health emergency, particularly in sectors with greater face-to-face interaction.

However, uncertainty prevails regarding the evolution of this sector given the recent increase in the number of infections.

In turn, industrial production has shown low dynamism in all the sectors that comprise it, highlighting the weakness of construction and manufacturing.

Among the latter, the difficulties caused by the shortage of certain inputs and other logistics problems, especially in the transport equipment sector, stand out. For their part, primary activities have registered volatility in their behavior.

INEGI presents this Friday the results of the Quarterly Gross Domestic Product (GDP) Estimate, which indicate that it decreased 0.2% in real terms in the July-September 2021 quarter compared to the previous quarter, with figures adjusted for seasonality.

 

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