Mexican economy grew 12% in the third quarter: INEGI

MEXICO– The well recognized statistics Institute INEGI reported a qa 12% GDP increase in Mexico’s economy.

President Lopez Obrador at his press conference showed the INEGI graph with a 12% increase in the economy, to a Vice reporter. Lopez Obrador also revealed 200K jobs gained in the month of October, making it a total of 400K jobs gained in the last 3 months. The IMF applauded AMLO’s administration for the handling of the covid-19 pandemic and the economy.

Los resultados de la Estimación Oportuna del Producto Interno Bruto #PIB Trimestral señalan un aumento de 12% en términos reales en el trimestre julio-septiembre, frente al trimestre previo (cifras ajustadas por estacionalidad). #INEGI

— INEGI INFORMA (@INEGI_INFORMA) October 30, 2020

The president attributes the fast moving recovery of Mexico’s economy to three key factors a) the federal government gave economic stimulus from the bottom up, hence putting money in the hands of the consumer, and b) a well executed Marshall plan that was activated since January this year, and c) key economic sectors were kept opened.

The Secondary Activities increased GDP AT 22%, Tertiary Activities 8.6% and Primary Activities 7.4% GDP in the third quarter of 2020 compared to the previous quarter.

“In October, 2020 the Mexicos’s Consumer Confidence Indicator increased 1.4 pts — its fifth consecutive monthly increase — to remain at 37.6 pts; it was still (-) 6.2 pts below its October 2019 level.”

The Mexican peso is recuperating and is no longer depreciated. The President expects Mexico to gain all jobs lost by the end of the first quarter in 2021.