Mexico’s GDP downfall of 8.2% in 2020

With seasonally adjusted data, GDP fell 8.5 percent in 2020.

MEXICO CITY (Times Media Mexico).- The National Institute of Statistics and Geography (Inegi) reported that in 2020, Mexico’s Gross Domestic Product (GDP) registered a drop of 8.2 percent, with respect to 2019, with this, it added two years of continuous declines in Mexico’s GDP.

Based on non-seasonally adjusted (original) figures, the fall in GDP was due to a 10 percent decline in secondary activities (mining, construction, manufacturing) and 7.7 percent in tertiary activities (trade and services), which was partially offset by the 1.9 percent increase in primary activities (agriculture, fishing, livestock).

With seasonally adjusted data, GDP fell 8.5 percent in 2020.

GDP in the fourth quarter of 2020

In the fourth quarter of 2020, GDP had a decline of 4.3 percent, with respect to the same period of 2019, with this added five continuous quarters of annual declines in GDP, with original figures.

By major groups of economic activities, the GDP of tertiary activities fell by 5 percent and that of secondary activities by 3.1 percent, while primary activities increased by 4.8 percent.

With seasonally adjusted data, GDP registered an annual decline of 4.5 percent in the fourth quarter of 2020.

From a quarterly perspective and with seasonally adjusted data, GDP presented an increase of 3.3 percent in the October-December 2020 span, with respect to the preceding quarter.

The GDP of secondary activities grew 3.9 percent and that of tertiary activities 3.2, while that of primary activities decreased 2.4 percent in the fourth quarter of last year compared to the previous quarter.