Mexico: Economy as of May close to Pre-Pandemic Levels -report

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Mexico’s statistic agency INEGUI reported on Thursday that the economic activity has recovered by more than 20 percent compared to the same period last year, which indicates a promising recovery despite the COVID-19 pandemic forced Latin America´s second-largest economy to a standstill.

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According to INEGUI, in May, the economy grew by 24.8 percent as the greatest rebound and dynamism would be occurring in the secondary activities sector such as manufacturing. It is estimated that this sector surpassed last year’s figures by 36.4 percent.

“#INEGI presents the results of the Indicador Oportuno de la Actividad Económica #IOAE during May 2021.”

 

Moreover, the data points out that Mexico´s economy could be heading towards pre-pandemic levels since May´s data was only 0.4 percent behind compared to February 2020.

INEGUI also pointed out in a previous report published in May that the labor market had fully recovered, as 12.7 million people return to work between May 2020 and April 2021. This, after the COVID-19 pandemic, forced into unemployment at least 12,6  million people last year.

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