The Mexican economy shrank 17.1% on quarter in the three months to June 2020, below a preliminary reading of a 17.3% plunge and after a 1.2% fall in the previous period. It was the steepest contraction on record, amid lockdowns restrictions due to the coronavirus pandemic. Industrial activity tumbled 23.4%, after dropping 1.1% in the prior quarter, namely manufacturing (-26.4% vs -1.8%), construction (-31% vs -0.4%) and mining (-9.4% vs 2.5%). In addition, the services sector contracted 15.1%, faster than a 0.9% fall, in particular retail trade (-27.5% vs -2.1%), wholesale trade (-18% vs -1.6%), culture, recreation and sports services (-72.8% vs -14.1%), hotels & restaurants (-67.5% vs -11%) and transport & storage (-36.7% vs -2.3%). Also, the primary sector shrank 2 percent, after expanding 0.8 percent in the first three months of the year. Year-on-year, the country’s gross domestic product plunged 18.7%, the most on record, following a downwardly revised 1.3% drop in Q1. source: Instituto Nacional de Estadística y Geografía (INEGI)
GDP Growth Rate in Mexico averaged 0.39 percent from 1993 until 2020, reaching an all time high of 3.20 percent in the third quarter of 2009 and a record low of -17.10 percent in the second quarter of 2020. This page provides - Mexico GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Mexico GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Growth Rate in Mexico is expected to be 8.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Mexico to stand at 1.30 in 12 months time. In the long-term, the Mexico GDP Growth Rate is projected to trend around 1.10 percent in 2021 and 0.80 percent in 2022, according to our econometric models.