Photo: Adweek

XINHUA

Retail sales in Mexico rose 7.8 percent in June compared to May, the National Institute of Statistics and Geography (Inegi) reported on Friday, Aug. 21.

Sales of wholesale products grew by 11.1 percent in June, their first positive result in three months.

The deputy governor of the Bank of Mexico, Jonathan Heath, explained that the figures released by the institute represent the “beginning of a recovery” in sales, despite the stagnation that many services continue to show.

Mexico began on June 1 to gradually reactivate some sectors of the economy that had been closed since the end of March to prevent the spread of the novel coronavirus (covid-19).

The Mexican economy, the second-largest in Latin America after Brazil, fell a historic 17.3 percent in the second quarter, according to the most recent figures.

The International Monetary Fund (IMF) has predicted a 10.5 percent decline for Mexico’s economy in 2020 due to the covid-19 pandemic.

,,,Aug. 21, 2020

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