Mexican Economy Registers Technical Recession in 2021
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By THE PULSE NEWS MEXICO STAFF
For the third straight year — all under the watch of leftist President Andrés Manuel López Obrador (AMLO) — Mexico’s economy contracted in 2021, representing a second technical recession.
According to the government’s own data, provided on Monday, Jan. 31, by the National Institute of Statistics and Geography (Inegi), the country’s economy contracted for a second straight quarter in the fourth trimester of 2021, thus entering a technical recession.
In its end-of-quarter report, the Inegi said that in the fourth semester of last year, Mexico’s gross domestic product (GDP) shrank by 0.1 percent in comparison with the figures from the previous three-month period in terms of seasonally adjusted conditions.
During the third quarter of 2021, the Mexican economy contracted by 0.4 percent.
The Inegi said that the continued covid-19 pandemic, along with global supply chain shortages, increased costs for raw materials and higher transportation prices contributed to the contractions.