After the Inegi release its timely estimate of GDP for the third quarter of the year, where a quarterly contraction of 0.2% was registered, the Secretariat of Finance and Public Credit (SHCP) maintained its growth estimate for this year at 6.3 percent.
“The growth path of the Mexican economy for 2021 and 2022 is maintained. Accelerated advances in the national vaccination program, as well as the strength of domestic demand, are the main engines of economic recovery, which takes place in an environment of financial strength and responsible and sustained management of public debt, “he declared. Gabriel Yorio, Undersecretary of Finance, in videoconference.
The official explained that, in the third quarter, there was an impact on GDP such as reflection of the third wave by Covid-19, which, although it did not cause new confinements like last year, did have a limited impact on economic activity, in addition to the implications of the regulation of the so-called outsourcing, which will probably extend to the last quarter of the year.
Much of the drop observed in the third quarter is a drop that is generated by a comparison basis for the recomposition of the sectors, where outsourcing is being absorbed, ”said the Undersecretary of Finance.
However, he said that going forward many of the people who worked under this scheme, when the regularization comes into force, will benefit since they will have a higher income, which translates into greater consumption and, therefore, would reflect In the economy.
“This slight drop that we are observing in the third quarter practically does not move the recovery path and the growth path that we have estimated. This will probably also be reflected in the collection ”.
The GDP contraction in the third quarter it was something expected by analysts. In some cases, economic growth projections for the country this year were moved down. For example, him International Monetary Fund (IMF) slightly adjusted its outlook from 6.3 to 6.2%, while the last Survey Citibanamex the projection was increased from 6.2 to 6.1 percent.
