Mexican economy shrinks for first time since pandemic rebound
People walk past a building undergoing construction in Mexico City, Mexico January 30, 2020. REUTERS/Andres Martinez Casares/File Photo
MEXICO CITY, Oct 29 (Reuters) – Mexico’s economy shrank 0.2 percent in the third quarter from the previous three-month period, the first quarterly decline since recovery from the pandemic began, preliminary data from national statistics agency INEGI showed on Friday.
Service sector activity in the country was roiled during the summer from a resurgence in the coronavirus pandemic, while global supply chain disruptions have weighed on a recovery in manufacturing, notably in key sectors like carmaking.
The seasonally-adjusted contraction in gross domestic product (GDP) over the July-September period compared with a consensus forecast in a Reuters poll for growth of 0.1%, and followed surprisingly weak data for August.
Nikhil Sanghani, an analyst at Capital Economics, said the latest figures left GDP 2.3%…
