The Associated Press (AP) reported today that Mexico’s statistical institute, the National Institute of Statistics and Geography (INEGI) announced that Mexico had an economic recession in 2019.
It was the first economic contraction in Mexico since the recession of 2009.
A report by Moody’s Analytics confirmed that the definition of a recession had been met by three consecutive quarters of negative economic performance, from the last quarter of 2018 through the second quarter of the following year.
Mexico had forecasted a two percent annual 2019 growth during the first year of Andrés Manuel López Obrador’s presidency. Instead, it grew by just 0.1 percent for the first two quarters and was stagnant in the final two quarters.
The AP story also mentioned that López Obrador’s administration had contributed to the economic downturn through its interruption of energy sector projects and the cancellation of large infrastructure efforts.