Economic activity in Mexico sees historic plunge in May due to COVID-19

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MEXICO CITY, July 24 (Xinhua) -- Economic activity in Mexico contracted 22.7 percent in May, its worst performance since the 1990s, due to the impact of novel coronavirus pandemic, according to official figures released on Friday.

The Global Indicator of Economic Activity (IGAE) showed a drop of 30.7 percent in industrial activities in May compared to the same period in 2019, while the services sector fell 20.3 percent compared to last year, according to a report from the National Institute of Statistics and Geography (INEGI).

However, according to INEGI, agricultural activity grew by 2.5 percent during this same period.

In a separate report, the Banorte Financial Group stated that the IGAE results indicated that Mexico registered its weakest economic period in history in the second quarter of 2020.

"In this context, and even with our expectations for a rebound in June due to the gradual reopening of the economy and further external momentum, the quarter will very likely present an unprecedented drop," the report added.

INEGI will release a report on July 30 containing estimates for Mexico's second quarter gross domestic product (GDP), the first official economic calculation for the period.

Mexico began on June 1 to gradually reactivate some sectors of the economy that had been closed since the end of March in an attempt to slow the spread of the novel coronavirus. Enditem

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