Mexico’s economy enters technical recession as GDP again contracts

MEXICO CITY, Jan 31 (Reuters) – Mexico’s economy contracted for a second straight quarter in the last three-month period of 2021, according to official data published on Monday, putting Latin America’s second-largest economy in a technical recession.

Date: Jan. 31st, 2022

Source: Reuters

Gross domestic product (GDP) shrank in the fourth quarter by 0.1% from the previous three-month period in seasonally adjusted terms, preliminary data published by the INEGI national statistics agency showed. That beat out expectations in a Reuters poll for GDP to contract in the fourth quarter by 0.3%, after the economy declined by 0.4% in the third quarter.

Mexico’s Deputy Finance Minister Gabriel Yorio said Friday that talk of a “technical recession,” defined as two consecutive quarters of contraction, does not take into account coronavirus-related economic volatility and global supply chain issues.

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