Report: Mexican economy shrinks 8.5% in 2020

first_imgMEXICO CITY (AP) — Mexico’s pandemic-hit economy shrank 8.5% in 2020. It was the largest single-year drop since 1932 and the second consecutive year of economic contraction. Mexico’s national statistics agency said Friday Mexico’s gross domestic product grew 3.1% in the final three months of the year. Growth in the second half of 2020 allowed Mexico to beat projections earlier in the year of a double-digit contraction. The second trimester of the year when the pandemic took hold and much economic activity was frozen saw a contraction of 18.7% compared to the same period a year earlier.last_img

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