Mexico | GDP falls 1.6% QoQ in 1Q20; a prelude to the biggest recession in recent history

Summary

Although an early deterioration in the industrial sector was expected due to the early halting of global value chains, the effect on consumption in March seems to be greater than that shown by the retail sales data to date.

Key points

• Key points:
• Lockdown in global value chains with early effects on industrial production in Mexico
• Commerce and services deteriorate in 1Q20, marking the first effects of the pandemic on household spending

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