Follow
COVID-19
Mexico’s COVID-19 indicators have generally improved over the past month. The number of new cases per day has declined steadily compared to January, and the national rate of hospital bed occupation is down to 40%. Bed occupation is higher in the Mexico City area at 60%, however this is an improvement over the peaks of 90% reached in January. Mexico’s vaccination campaign is gaining speed after a poorly executed launch, however the number of vaccinations administered lags behind the average rate of most developed countries. (Data taken from Citibanamex Monitoreo de COVID-19, February 25, 2021)
ECONOMY AND INDUSTRY
- Retail sales in Mexico contracted 9.3% in 2020 with respect to the previous year, reaching their lowest level since 2014, according to data from the National Statistics Institute (INEGI). The only subsectors posting positive growth were online and catalog sales (52%) and health-related products (6%). (El Economista, February 25, 2021)
- Mexico’s construction industry was hit hard by the economic slowdown in 2020, contracting 17.5% on the year, according to data from the National Statistics Institute (INEGI). The drop-off is the steepest for the industry since 1995. (Reforma, February 12, 2021)
- Remittances from abroad to Mexico represented 3.8% of the country’s GDP in 2020, a record high. The total value of remittances to Mexico grew by over 10% last year with respect to the previous year. (El Economista, February 1, 2021)