Mexican economy likely shrank 17% in April, says finance minister

MEXICO CITY (Reuters) - The Mexican economy most likely shrunk 17% in April and will probably shrink “a little less” in May, the finance minister told local radio on Tuesday, as officials push a re-opening after more than two months of lockdown.

Latin America’s second-biggest economy contracted 1.2% during the first three months of the year, according to the latest official data.

The January to March slowdown marked the fourth straight quarterly slide in Mexico’s gross domestic product and its most anemic performance in more than a decade.

Finance Minister Arturo Herrera told local broadcaster W Radio that the worst of the coronavirus-led economic slowdown is probably over.

“We have some information that makes us think that the most difficult month was April, as (GDP) will likely have fallen around 17%,” said Herrera, adding that the economy in May will have shrunk “maybe a little less” once official data is released.

The minister noted that the government launched a gradual re-opening of the economy at the beginning of this month, as officially-designated “essential” industries including carmaking, mining and construction have been allowed to restart operations provided safety protocols are followed

Still, Mexico’s central bank forecasts as much as an 8.8% contraction in 2020.

Private sector analysts paint an even dimmer picture, estimating that the economy will shrink by 10% or more this year.

Reporting by Sharay Angulo and Diego Ore; Editing by David Alire Garcia and Gerry Doyle

 

 

Panorama Hispano is the regional news and information newspaper for Hispanic and other diverse communities.

US Hispanics are now the largest ethnic minority in the United States numbering 54.2 million as of July 2014. Serving: Buffalo, Rochester, Fredonia, Niagara Falls, NY and Erie, PA. Outside our Market area: Visit our affiliate at: http://www.impremedia.com/

Contact us: Contact@PanoramaHispanoNews.com

Featured News

Jul 29, 2021
Fed’s Powell downplays delta variant’s threat to the economy

By CHRISTOPHER RUGABE WASHINGTON (AP) — The spread of the COVID-19 delta variant is raising infections, leading some companies and […]

Read More
Jul 29, 2021
Pierluisi emite orden ejecutiva para requerir a empleados de gobierno que se vacunen

El requisito será para aquellos trabajadores públicos esenciales   La orden ejecutiva emitida este miércoles por el gobernador Pedro Pierluisi […]

Read More
Jul 28, 2021
Urban family Practice looking for state aid to better serve communities hit hard by COVID

New York Governor Andrew Coumo plans to allocate $15 million to communities that have been disproportionately affected by COVID-19 BUFFALO, […]

Read More

popular categories

Copyright © 2021 Panorama Hispano News. All Rights Reserved.
crossmenuchevron-downmenu-circlecross-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram