Mexico’s economy, the second largest in Latin America, shrank by more than initially estimated in the third quarter of the year amid a resurgence in Covid-19 cases, data showed Thursday.
Gross domestic product (GDP) fell by 0.4 percent in the three months to September from the previous quarter, compared with a preliminary estimate of a 0.2 percent decline, the national statistics agency INEGI said.
The contraction followed four consecutive quarters of growth in an economy rebounding from a deep slump triggered by the coronavirus pandemic.
On a year-on-year basis, economic growth slowed to 4.5 percent in the third quarter, INEGI said.
Even so, President Andres Manuel Lopez Obrador told reporters that his government was sticking to its forecast of economic growth of around 6.0 percent for the whole of 2021.
Mexico’s economy contracted by 8.5 percent in 2020 in the worst slump since the Great Depression some nine decades ago, as soaring coronavirus infections led to restrictions on economic activity.