RIO DE JANEIRO, BRAZIL – Mexico’s economy grew faster than originally projected in the first quarter of 2021 as the country slowly recovers from its sharpest economic downturn since the 1930s, official data showed on Wednesday, May 25.
Mexico’s national statistics agency, INEGI, reported that the economy grew 0.8% in the first quarter 2021 compared to the previous three months, revising upward its April 30 estimate that gross domestic product (GDP) had grown 0.4 %.
The second-largest economy in Latin America plummeted 8.3% throughout 2020, according to INEGI, due to restrictions triggered by the coronavirus pandemic. The figure represents the largest decline in approximately 9 decades.
Meanwhile, in March, Mexico’s economy grew 0.8 percent over the same period last year. On a monthly basis, the economy grew 2.6% over the preceding month, the agency noted.