AMLO insists that GDP will grow 6% despite a quarterly drop

The president of Mexico, Andrés Manuel López Obrador, led his usual morning conference with the media on Thursday. This time, the president was visiting Zacatecas.

At the beginning of the act, the security report was presented in the entity, where the federal Cabinet on the matter also made known the actions that will be taken to address the growing wave of violence that is currently being experienced.

ECONOMIC GROWTH

On another topic, López Obrador insisted on his forecast of 6% GDP growth for 2021, despite revealing this Thursday that the economy contracted by 0.4% quarterly from July to September.

“(The fall was) in relation to the previous quarter, so you have to look at it calmly to see what effects it has, I maintain that we are going to grow 6% this yearThat is my prognosis, that is my data ”, he declared.

His statements come hours after the National Institute of Statistics and Geography (Inegi) corrected the GDP data for the third quarter downward.

Inegi reported that GDP decreased 0.4% quarterly, more than the timely estimate of 0.2% that the institute released on October 29.

In original figures, Mexican GDP grew 4.5% year-on-year in the third quarter and accumulates in the first nine months of the year a growth of 6.1%, in line with the official forecasts.

“The economy is growing and the forecast that it will grow 6% this year will be fulfilled, and it was a ‘v’ (the economic curve), and there are several indicators,” said the president in this regard.

The GDP rebound that the Government expects would come after the historic 8.2% contraction of 2020 caused by the COVID-19 crisis, which has left about 295,000 deaths in Mexico, the fourth highest figure in the world.

As indicators that reflect growth, the president stated the number of formal jobs registered with the Mexican Institute of Social Security (IMSS).

“We are about to reach 21 million workers registered in Social Security, that is why I speak of the ‘v’. We fell with the pandemic in 1 million 500,000 jobs, We have already recovered one million 500,000 jobs and we are like 400,000 up“, Held.

The president also pointed to foreign direct investment (FDI), which adds up to more than 24,831 million dollars so far this year, “a record number”.

He also highlighted the record remittances received by the country, amounting to 37.334 million dollars in the first nine months of the year, an increase of 24.6% compared to the same period in 2020.

“In recent times, remittances have increased, the more they have been needed, the more support they are sending to their relatives (migrants in the United States),” he observed.






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