Mexico's GDP contracted 8.2% (year over year) in the first quarter. On an annualized basis, that 21.5% -- ouch. The bloodbath was pretty much across the board in the tertiary sector and manufacturing. The worst in each sector were commerce, which contracted 17.2%, and the manufacture of transportation equipment contracted 38.3%.
The second quarter will be about as bad as the first. Things should look better in the second half of the year, in the sense that the contraction won't be as steep.
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