From January to March this year, the country’s economy grew by only 0.4%, According to preliminary figures from the National Institute of Statistics and Geography (Inegi).
The agency noted that industrial activity, which accounts for nearly a third of the economy, had not witnessed any growth. I add that The service sector, which constitutes 60% of the GDP (Start), It grew 0.7 percent.
“The second wave of the epidemic slowed the recovery during the first quarter of 2021 Leaving the GDP at a level similar to the level of the second quarter of 2016, The head of Inegi, Julio A. Santaella, noted.
During the start of the year, Mexico, the second economy in Latin America after Brazil, saw a rebound in infections and deaths from the Coronavirus, which led to the closure of many economic activities. In addition, there was a blackout that mainly affected the industrial sector.
However, The government expects a rebound in activity in the following quarters Combined with a faster vaccination process and a better growth outlook for the United States, the country’s largest trading partner.
The Ministry of Finance estimates that the economy will grow by 5.3% a year after a contraction of 8.5% in 2020, While private analysts who consult the Bank of Mexico every month expect a 4.5% expansion. For its part, the International Monetary Fund (IMF) expects 5% growth.
Additionally, petroleus mexicanus (PemexA net loss of 37,358 million pesos was recorded in the first months. The company closed the quarter with 2 trillion debt of 348.1 billion pesos.
While Federal Electricity Authority (palmIts losses amounted to 35,606 million pesos. The figure represents 70% less than the losses of 121,800 million pesos for the same period last year.