Mexico’s economy is growing by 0.4% due to the pandemic and blackouts in the United States

“We had many negative impacts, let’s remember the shortage of gas supplies, the frost problem in Texas, which stopped the supply of electricity in the northern part of the country.” Gabriel Urio, Under Secretary of the Treasury, said at a press conference, after announcing the results in Finance and Public Debt for the first quarter. , That there are also some partial restrictions in January.

Additionally, in January and February 2020, Mexico was not under siege, so there are key implications for comparison, the official added.

In the same comparison, the primary activities of the economy had a negative variance of 1.3%, while the secondary activities, consisting mainly of export manufacturing, did not experience zero growth. On the other hand, the services sector grew by 0.7%, according to a detailed INEGI report.

The numbers reflect the effects of the second wave of the epidemic at the start of the year, said Giulio Santaila, president of the institute.

“The second wave of the epidemic slowed the recovery of GDP from 2021 to the first quarter,” said Giulio Santaila, president of INEGI, on his Twitter account.

In its yearly comparison, the second largest economy in Latin America contracted by 3.8%, down from the 3.5% estimated in the survey and which added six consecutive quarters with a decline.

With information from Reuters.