With respect to the first quarter, primary activities had an expansion of 0.6%, while secondary activities, made up mainly of export manufacturing, increased 0.4%. Services grew 2.1%, detailed Inegi.
#GDP It is estimated that the Gross Domestic Product of Mexico grew 1.5% QoQ in 2021-Q2, which shows an annual advance of 19.6% vs 2020-Q2, a quarter with a low level of comparison as it was affected by the pandemic. pic.twitter.com/UuA7n92Dvv
– Julio A. Santaella (@SantaellaJulio)
July 30, 2021
Economic activity has benefited thanks to the lower restrictions to avoid COVID infections.
“We expect the recovery to continue through the rest of 2021 supported by greater flexibility in social distancing protocols (and) with the vaccination of a significant part of the general population by the second half of the year,” said Alberto Ramos, economist at Goldman Sachs.
The increase in exports to the US also benefited Mexico, since they practically doubled in April and May at an annual rate, although they lost dynamism in June, according to official data.
Compared to the same period of the previous year, GDP shot up 19.7%, mainly helped by a low comparison base. In 2020, the Mexican economy slumped 8.5%, its worst performance since the Great Depression, hit by the COVID-19 pandemic.
With information from Reuters