Mexico | GDP falls -0.2% in 3Q21 driven by a contraction in commerce and services

Summary

The economic activity grew (-) 0.8% at an annualized rate due to a fall in the tertiary sector and a moderate growth in industry

Key points

• Key points:
• The tertiary sector fell (-)0.6% driven by a lower dynamism in consumption from the increase in COVID-Delta cases and the faded momentum after the reopening
• Industry grew 0.7% driven by moderate activity in construction and non-automotive manufacturing
• With the preliminary data for 3Q21, the growth of the first 9 months of the year is 6.4%, which points a downward revision in GDP growth for 1H21 by INEGI
• Going forward, the effect of the Delta variant on consumption dissipates, although the risk on activity of the persistence of bottlenecks and inputs shortages continues (especially in the automotive industry)

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