Mexican economy shrinks 8.3 pct in 2020 due to COVID-19

MEXICO CITY, Jan. 29 (Xinhua) -- Mexico's economy contracted 8.3 percent in 2020 year-on-year, marking its worst setback since the 1930s largely due to the novel coronavirus pandemic and lockdown, according to preliminary estimates published Friday by the National Institute of Statistics and Geography (INEGI).

In the fourth quarter of 2020, Mexico's gross domestic product (GDP) fell 4.5 percent year-on-year, a more moderate contraction than the 18.7 percent decline in the second quarter of last year and the 8.6 percent decline in the third quarter, when the pandemic impacted productive activities, according to the INEGI report.