Mexico’s economic activity adds 3 consecutive months to the decline

Primary and tertiary activities fell 1.2% and 0.5%, respectively, while the secondary sector rose 0.6 in the reference period.

“The value was even outside the forecast range, since it ranged from -0.2% to + 2.0%, so the result is a major surprise and significantly skews the balance of risks for growth in 2021 downward,” Monex said in a report this Friday morning.

He adds that the published data moderately deteriorates the immediate outlook for growth: “Now, the most likely scenario is that GDP will grow in the order of 5.5% throughout 2021, a figure that coincides with one of our initial forecasts for the year, prior to that we revise it up based on the strong performance of the US economy. “

Monex indicated that this change is understood by the wear in internal fundamentals, especially since the emergence of the third wave of COVID in July, but whose effect could be more permanent than estimated.