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Mexico’s economy contracts 0.1% for the first time in a decade

GDP showed a decrease in secondary and primary activities.

Mexico's economy contracts 0.1% for the first time in a decade

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Mexico’s economy contracts 0.1% for the first time in a decade
Mexico’s economy contracts 0.1% for the first time in a decade

The Gross Domestic Product (GDP) of Mexico contracted -0.1% in 2019, compared to the previous year, which corresponds to its first contraction in a decade, according to data published by the National Institute of Statistics and Geography (Inegi ) .

Image: Inegi via Twitter

“By components, Secondary Activities decreased (-) 1% and Primary Activities (-) 0.9%, while Tertiary Activities increased 0.3% in the fourth quarter of 2019 compared to the previous quarter,” reveals the Inegi, through a press release.

On the other hand, in the annual comparison, the estimate with seasonally adjusted series had a real decrease of (-) 0.3% in the quarter in question with respect to the October-December 2018 period .

In the estimation of the annual drop in GDP, increases in primary activities were observed , 1.9% ; and in tertiary, 0.2%; while secondary activities showed low, -1.8% .

With respect to the third quarter of 2019 , Mexico's GDP did not register a variation compared to the July-September period, with figures adjusted for seasonality.

The timely estimate of quarterly GDP, says the Institute, offers in the short term, a “complete and coherent vision of the evolution of the country's economic activities to support decision-making.”

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