The reading exceeds the timely estimate of a 0.2% contraction, issued by the institute on October 29.
This downward revision of two tenths implies that GDP growth went from 4.8% to 4.7% in annual terms, until the third quarter of the year.
Thus, the first post-pandemic drop in GDP is confirmed, the indicator that encompasses the entire value of Mexico’s economic production.
The service sector drags the national economy down
In their quarterly variation, primary activities rose 1.3%, secondary 0.3%, but tertiary activities decreased 0.9%.
The services sector is the one that has the greatest weight in the Mexican economy, therefore its variations drag up or down the behavior of the GDP as a whole.
According to the president of Inegi, Julio Santaella, “seeing the sectoral integration of the Gross Domestic Product in 2021-Q3, the sectors that pushed its growth down were Business support services (-48.1% y / y cifr origin ), Electricity, water and gas (-1.6%), Financial services (-1.4%) and educational (-0.1%) “.