Mexico economy slips in December, hinting at weak close to 2021 By Reuters

Mexico economy slips in December, hinting at weak close to 2021 By Reuters

© Reuters. FILE PHOTO: Workers are seen in a building undergoing construction at Mexico City, Mexico January 30, 2020. REUTERS/Andres Martinez Casares

MEXICO CITY (Reuters) – Mexico’s economy likely shrank by 0.2% in December compared with the same month a year earlier, a preliminary estimate from national statistics agency INEGI showed on Tuesday, pointing to a sluggish performance in the final quarter of 2021.

A breakdown of the preliminary data showed that secondary activities, which include manufacturing, rose by 0.4% on the year, whereas tertiary activities, which comprise the service economy, contracted by 1.3%, INEGI said.

Mexican gross domestic product (GDP) contracted in the third quarter of 2021, and the latest figures are likely to fuel bets that the economy was close to doing the same in the October-December period, although the data are far from complete.

The economy shrank in October from September and monthly data for November are due to be published on Jan. 25.

Mexico’s recovery from the impact of the coronavirus pandemic has been significantly undermined by bottlenecks in global supply chains.

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