Services, worth 60 percent of GDP, rose by 4.2 percent while so-called primary activities - such as farming, fisheries and natural resources extraction - grew just 2.7 percent. INEGI said industrial activity, which represents close to a third of GDP, grew by 6.8 percent last year.
In response, the central bank raised its benchmark interest rate for a fifth consecutive time in December, to 5.5 percent, to try to rein in consumer prices. Mexican inflation hit 7.37 percent year-on-year in November - the highest since 2001. "High inflation and the drop in GDP in the second half of 2021 suggest that the Mexican economy is going through stagflation, a situation that has not been seen in Mexico since the 1980s," she added.
The second straight quarterly contraction "confirms that Mexico fell into the so-called double dip or 'W' shaped recovery," she tweeted. Projected growth rate: 2.1 Debt Household debt: 25.6 of disposable income Government debt: 54.5 of GDP Tax Tax on personal income: 3. Mexicos robust macroeconomic policy framework has supported moderate growth despite several headwinds in recent years. In 2017, Mexico's GDP was 1.15 trillion, compared to Canada's 1.68 trillion. It is now experiencing a slower economic recovery than the United States and also facing soaring consumer prices, noted Gabriela Siller, head of analysis for the financial group BASE. It indicates the ability to send an email. Mexico has been particularly hard hit by the pandemic, with 4.9 million Covid-19 cases and more than 300,000 deaths in the nation of 126 million. The Mexican economy contracted by 8.4 percent in 2020 - the worst slump since the Great Depression some nine decades ago, as soaring coronavirus infections led to mass shutdowns. The data "confirmed that the economy slipped into a recession over the second half of 2021, and we think growth this year will be weaker than most expect," consultancy firm Capital Economics warned.Ī technical recession is generally defined as two straight quarters of falling GDP.Īnalysts surveyed by the central bank expect the economy to grow 2.7 percent in 2022. It is foreseen that it will grow during 2022. Gross domestic product (GDP) fell by 0.1 percent in the three months to December from the previous quarter, when the economy had shrunk 0.4 percent, national statistics institute INEGI reported. In the period between 20, the Mexican economy grew at an average of 2.8, however, due to the fall in oil prices in 2019 and the global economic crisis caused by COVID-19 in 2020, the economy has been affected in recent years.
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