Mexican economy faces worst setback since the 1930s

MEXICO CITY: Mexico's economy contracted 8.3 per cent in 2020 year-on-year, marking its worst setback since the 1930s largely due to the coronavirus pandemic and the related lockdowns, according to preliminary estimates published by the National Institute of Statistics and Geography (INEGI).

In the fourth quarter of 2020, Mexico's gross domestic product (GDP) fell 4.5 per cent year-on-year, a more moderate contraction than the 18.7 per cent decline in the second quarter of last year and the 8.6 per cent decline in the third quarter, when the pandemic impacted productive activities, according to the INEGI report published on Friday. In 2019, Mexico's GDP fell 0.1 per cent, accumulating two years of contraction, reports Xinhua news agency. (IANS)

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