Photo: Google

XINHUA

Mexico’s economy rebounded 19.7 percent year-on-year in the second quarter of 2021, buoyed by good performance across all sectors, according to preliminary figures released Friday, July 30, by the National Institute of Statistics and Geography (Inegi).

Seasonally adjusted figures showed Mexico’s gross domestic product (GDP) grew 1.5 percent in the second quarter compared to the previous, Inegi said in a statement.

In the April-to-June period, industrial activity rose 28.2 percent year-on-year, while the services sector grew 17.1 percent. These are the two sectors with the largest impact on GDP.

The agricultural sector grew 6.7 percent year-on-year in the second quarter, the autonomous statistics agency said.

In responding to the figures, Mexico’s Base Financial Group said the data suggests the Mexican economy has recovered 92.5 percent of what it lost since the onset of the covid-19 pandemic at the end of February 2020.

“Base estimates that Mexico’s GDP will show an overall growth of 6.3 percent this year,” said the private institution.

“Although that estimate can be considered high, it is still a rebound effect following the drop in 2020, which has been largely driven by growth in the United States.”

Mexico, the second-largest economy in Latin America after Brazil, plummeted 8.3 percent in 2020, its worst contraction since the 1930s, due to the effects of the coronavirus pandemic.