Mexico’s GDP grows 12% during 3Q2020

MEXICO –  As of the gradual reactivation of activities, in the third quarter of 2020 the Mexican economy registered a growth of 12% compared to the previous quarter, according to preliminary figures reported by the National Institute of Statistics and Geography (INEGI).

After facing a historical contraction during the April-June period, Mexico’s GDP (Gross Domestic Product) shows signs of recovery in all sectors, but mainly driven by secondary activities. During July-September, secondary activities (industry, construction, mining, electricity and manufacturing) registered an important growth of 22% compared to the previous quarter.

For their part, tertiary activities that include commerce and services grew 8.6%. This situation continues to pressure the takeoff of the Mexican economy since this sector is the one that contributes most to the national GDP.

Following the positive trend, primary activities registered a growth of 7.4%; agriculture, livestock and forestry remain the only item that does register growth even with respect to the months prior to the pandemic.

Source: El Economista