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Mexico - August 2021

ECONOMIC HIGHLIGHTS

MEXICO| GDP growth. On 2 August Mexico’s national statistics institute (Inegi) released its latest figures on GDP growth in the country, which show that in real year-on-year terms, Mexico’s economy expanded by 7% in the first six months of 2021, and by 19.7% in the second quarter. Year-on-year GDP growth in Q2 is due to a general surge in all sectors, with the primary (agriculture) and tertiary (services) sectors growing by 6.7% and 17.1% respectively, while the secondary sector (industry) expanded 28.2%. According to Inegi, Mexico’s GDP grew 1.5% in seasonally adjusted terms during the April-June 2021 quarter compared with Q1. This performance confirms a trajectory of economic recovery after the 8.2% GDP contraction recorded last year as a result of the coronavirus (Covid-19) pandemic. The better-than-expected GDP data from the first half of the year prompted economists to revise up their economic growth forecasts for the year. In survey of local economists carried out monthly by the central bank (Banxico) the following day, private sector economists increased their GDP growth forecasts from 5.8% to 6.06%. This was the second time in as many months that the 37 economists polled by Banxico have revised up their GDP growth forecast for the year.  

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