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Mexican GDP Contracts 0.1% in Q4 2021 and Enters Technical Recession

Mexican GDP Contracts 0.1% in Q4 2021 and Enters Technical Recession

Richard Snow, Analyst

Mexican GDP Contracts in Q4 2021

Q4 GDP = - 0.1% (Quarter on Quarter)

GDP (Year on Year) = + 1.0%

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Mexico's gross domestic product (GDP) contracted in the fourth quarter by 0.1% from the previous three-month period in seasonally adjusted terms, according to preliminary data published on Monday by the national statistics agency.

It marks a second straight quarter of negative growth, after a third quarter contraction of 0.4%, which has put Latin America's second-largest economy in a technical recession.

For 2021 as a whole, the economy expanded by 5.0%, after shrinking by 8.5% in 2020 in Mexico's worst recession since the Great Depression of the 1930s.

GDP grew by 1.0% in Q4 versus Q4 2021.

Soon after the release, USD/MXN continued higher, up around 0.2% but then recovered to around 0.1% higher than when the data was released.

USD/MXN 5 Minute Chart

Source: IG, prepared by Richard Snow

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.