“To talk about a recession, not only do you have to look at the fall in GDP, but also the behavior of other economic variables, such as employment, for example, and which is the most important after GDP,” explained the undersecretary of the Treasury where he gave announce the results of 2021 in terms of finances and public debt.
He asserted that employment is growing, and that the use of productive capacity in the country is increasing
“Many of the people who became unemployed are going back to work and are willing to go back to work,” Yorio said.
The National Institute of Statistics and Geography (Inegi) will release the timely estimate of GDP for the fourth quarter of 2021 next Monday. The final revision will be released on February 25.
It’s a world situation
The second in command of the Ministry of Finance and Public Credit (SHCP) explained that the GDP is contaminated by shocks in supply and demand at the national and global levels due to the interruption in supply chains to produce goods, such as the automotive ones
“This affected the automotive industry in Mexico and the world, it has also affected the assembly of computers and this type of technology tools,” said Yorio.
He explained that there is an important restriction in the supply of maritime and land costs for the transportation of goods.
“Many of the advanced economies are beginning to face a shortage of labor to be able to move their merchandise overland, their merchandise. The cost of moving merchandise is restricting trade, and that is what will continue to be observed going forward,” he commented.
