MEXICO CITY, Feb. 25 (Xinhua) -- The National Institute of Statistics and Geography (INEGI) of Mexico revised the fall in the country's gross domestic product (GDP) from 8.3 to 8.2 in 2020, the worst record since the 1930s as a result of the COVID-19 pandemic.

According to the INEGI report released Thursday, in 2020, Mexico's industrial activity, closely linked to the United States, stumbled 10 percent, while the service sector, the largest contributor to the Mexican GDP, fell 7.7 percent.

In contrast, the agricultural sector, with minimal economic participation, grew by 1.9 percent last year.

Nevertheless, in terms of seasonally adjusted figures, INEGI maintained an economic decline of 8.5 percent in 2020 for the Latin American country.

In a separate report, financial firm Monex Group left unchanged its growth forecast for the Mexican economy at 2.7 percent for the end of 2021.

Monex indicated that Mexico's risks balance is tilted toward the downside, following a second COVID-19 wave in the country at the end of last year and the beginning of 2021.

"Economic activity showed greater resilience than expected at the end of the year, because although it slowed down completely, it avoided contracting in the face of the adverse circumstances due to the intensification of the pandemic," Monex said.

The Mexican economy, the second largest in Latin America after Brazil, declined 0.1 percent in 2019, its first negative record in a decade due to the global economic downturn. Enditem

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