⁍ Mexico’s economy grew more slowly than expected in August from July.

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⁍ A recovery from the depths of the coronavirus pandemic lost steam.

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⁍ Economists forecast Mexico’s economy will in 2020 suffer its steepest recession since the Great Depression of the 1930s.

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– Mexico’s economy shrank 9.4% year-over-year in August, its steepest contraction since the Great Depression, as the H1N1 virus took a toll on farming, fishing, and mining, Reuters reports. The country’s national statistics agency, INEGI, said Monday that seasonally adjusted GDP grew 1.1% month-on-month in August, below a Reuters poll forecast of a 1.9% increase. For the year as a whole, INEGI said the economy contracted 9.4%, compared to the poll’s forecast of an 8.2% contraction. Goldman Sachs economist Alberto Ramos said in a research note that “with the July-August prints, the statistical carry-over for 3Q 2020 real GDP growth is at +11.7%, and for full-year 2020 average real growth is at -9.3%.”