Mexico's GDP falls record 17.3% in second quarter in seasonally adjusted terms

Mexico's gross domestic product (GDP) contracted by double digits in the second quarter as the coronavirus pandemic ravaged Latin America's second-largest economy, data showed on Thursday.

 

Anthony Esposito, Reuters

via Nasdaq - Jul 30, 2020

 

MEXICO CITY, July 30 (Reuters) - Mexico's gross domestic product (GDP) contracted by double digits in the second quarter as the coronavirus pandemic ravaged Latin America's second-largest economy, data showed on Thursday.

 

GDP fell 17.3% in the second quarter from the previous three months in seasonally adjusted terms, the sharpest drop on record, preliminary data from the INEGI national statistics agency showed on Thursday.

 

GDP contracted by 18.9% versus a year earlier.

 

Echoing predictions from independent economists, one of the Mexican central bank's five board members said on Wednesday that GDP could contract between 8.5% and 10.5% this year.

 

Spending on tourism, transportation, restaurants and fast food have remained far below expected levels...

 

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https://www.nasdaq.com/articles/mexicos-gdp-falls-record-17.3-in-second-quarter-in-seasonally-adjusted-terms-2020-07-30