Economy

Mexico's economy grows more than expected in the 1st quarter

Inegi reported that the economy grew 0.8% in the first quarter of 2021 compared to the previous three months

Foto: REUTERS/Carlos Jasso
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  • The economics of Latin America’s second-largest economy plummeted 8.3 percent for all of 2021;
  • Meanwhile, in March, Mexico’s economy grew 0.8% compared to the same period last year.

Mexico‘s economy grew faster than previously estimated during the first quarter as the country slowly recovers from its sharpest economic contraction since the 1930s, official data showed Wednesday.

Mexico‘s national statistics agency, Inegi, reported that the economy grew 0.8 percent in the first quarter of 2021 compared with the previous three months, revising upward its April 30 estimate that gross domestic product (GDP) had grown 0.4 percent.

The economy of Latin America‘s second-largest economy plummeted 8.3 percent for all of 2020, according to Inegi, due to constraints caused by the coronavirus pandemic.

The figure represents the largest decline in approximately nine decades.

Meanwhile, in March, Mexico‘s economy grew 0.8 percent over the same period last year. Monthly, the economy grew 2.6% from the previous month, the agency said.

(Translated by LABS)

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