Mexican GDP Contracts 0.1% in Q4 2021 and Enters Technical Recession
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
--- Written by Richard Snow for DailyFX.com
Contact and follow Richard on Twitter: @RichardSnowFX
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