Sun, 06 Dec 2020

Mexico's GDP grew 12 pct in third quarter: Inegi

31 Oct 2020, 07:30 GMT+10

MEXICO CITY, Oct. 30 (Xinhua) -- Mexico's gross domestic product (GDP) grew 12 percent in the third quarter of 2020 compared to the previous period, driven by a rebound in industrial activity, the National Institute of Statistics and Geography (Inegi) announced on Friday.

According to the Inegi, the Mexican industrial sector, with close ties to the industrial sector in the United States, rose 22 percent in the July-September period.

The president of Mexico, Andres Manuel Lopez Obrador, said that the Inegi figures indicate a recovery of the economy, which has been affected by the novel coronavirus (COVID-19) pandemic, saying that "our forecast is coming true, that we were going to fall due to the pandemic, but that we were going to recover soon, that it was going to be a 'V'."

In a separate report, the director of Economic-Financial Analysis for Banco BASE, Gabriela Siller, said that the Mexican economy "hit bottom" in the second quarter, with the historical annual contraction due to the pandemic, and warned that the country's recovery could lose strength toward the end of 2020, but would ultimately show an expansion of 3.5 percent in the fourth quarter.

The Mexican economy, the second largest in Latin America after Brazil, could see a 9 percent drop in 2020 due to the pandemic, according to the International Monetary Fund (IMF).

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