Mexico’s economic activity plunged by a record in May, continuing a free-fall caused by a coronavirus outbreak that’s wreaking havoc on output.
Activity, as measured by a proxy known as IGAE, dropped 22.7% compared to a year ago, the national statistics agency reported on its website on Friday. That’s more than the median forecast for a 20.3% contraction in a Bloomberg survey. The monthly reading fell 2.6% from April, also worse than economists’ estimates.
