Mexico's economy grows by more than 20% in April

The National Institute of Statistics said that the second largest economy in Latin America grew 20.6% year on year in April and the Mexican economy contracted 19.7% on a seasonally adjusted basis compared to the same month in 2019.

April estimates predicted that secondary activities, which include manufacturing, grew 34.5% compared to the same period last year, tertiary activities that include services increased 16.4%, while major economic sectors such as the automobile industry stopped.

The data showed that car production increased by more than 7,000% in April compared to the same period in 2020, and the Mexican economy is expected to grow by 5% or more this year, after the Mexican economy shrank by 8.5% in total last year.