Mexico’s GDP is better than expected; It grew by 0.8% in the first quarter of 2021

The Mexican economy recorded a 0.8% quarterly growth in the first three months of the year, with the numbers adjusted according to seasonality, according to the National Institute of Statistics and Geography (Inegi).

With this, the Engy Review the first quarter result of this year. Previously, the preliminary figure was 0.4% growth from Gross Domestic Production (Start).

In this way, Mexico’s GDP is spinning three-quarters of growth, albeit at a slower pace: in the third quarter of 2020, the economy grew 12.5% ​​quarterly, while the rate in the last three months of last year was 3.2%.

However, in its annual comparison The Mexican Economy It continues to show shrinkage. And according to Inegi, the GDP contracted by 2.8% in that period, which is slightly better than the initial data of 2.9%.

Thus, gross domestic product recorded its seventh consecutive decline in the annual comparison, which began before the Covid-19 pandemic, but deepened with its arrival.

According to projections by the Ministry of Finance and Public Credit (SHCP), Mexico’s GDP will bounce by 5.3% this year, driven by the vaccination program – which will help reopen the economy – as well as the recovery currently underway in the United States. United States of America.

General progress

In the Inegi report, it was noted that the improvement occurred in the three existing economic activities; However, the highest growth occurred in the tertiary sector.

The data showed that the sector, which has been hardest hit during the epidemic, showed a quarterly rate of 0.9%, its third consecutive quarterly growth.

In the event that Basic activitiesWhere the agricultural sector includes, growth reached 0.7%, after contracting by 2.1% in the fourth quarter of 2020.

On the other hand, secondary activities showed a quarterly growth of 0.5%, which is the third in a row.