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The Gross Domestic Product (GDP) decreased for six consecutive quarters, a situation not seen since 1982.
A preliminary report by Mexico's National Institute of Statistics and Geography (INEGI) showed an 8.5 percent economic contraction in 2020, which would represent the largest drop in the Gross Domestic Product (GDP) in 88 years.
The agricultural was the only sector with a positive result, showing an increase of 2 percent as compared with 2019. The industries had a 10.2 percent drop while the services sector fell 7.9 percent.
INEGI survey warned that the GDP decreased for six consecutive quarters, a situation not seen since 1982. Likewise, the economic downturn was experienced twice as there was a 0.1 percent drop in 2019.
From July to Sep. 2020, the economy had an unprecedented 12.1 percent quarterly increase; however, the economic recovery slowed down in the last quarter.
Evolution of cases in Mexico, Panama, Paraguay, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, Uruguay, Venezuela, since 100th confirmed case. pic.twitter.com/AQ4B3vC6O5
The Finance Ministry forecast an economic rebound of 4.6 percent in 2021, a projection that is far from the 3.8 percent recovery estimated by the Economic Commission for Latin America and the Caribbean (ECLAC).
The World Bank considered that the entry into force of the Mexico-US-Canada Trade Agreement (T-MEC) and the increase in exports would unleash an economic boost this year.
INEGI officials noted that the pandemic caused the definitive closure of over 1 million small and medium-sized enterprises in which 3 million people worked.