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It’s official – Mexico recorded its worst economic contraction since the Great Depression in 2020 as the coronavirus pandemic and associated restrictions ravaged the economy.
GDP plunged 8.5% last year, according to final, revised data published Thursday by the national statistics agency Inegi.
The figure, which represents the worst economic result since GDP slumped more than 14% in 1932, is the same as the one published by Inegi in January based on preliminary data.
Mexico’s economy has now contracted during two consecutive years after GDP declined 0.1% in 2019.
It is the second time this century that Mexico has suffered back-to-back annual contractions as the economy also shrank in 2001 and 2002. Before that the most recent consecutive contractions were in 1982 and 1983 when Mexico was mired in a debt crisis.
RAK Properties posts 22.5 surge in profit issacjohn@khaleejtimes.com Filed on February 21, 2021
Mina Al Arab community, a waterfront community continued to lure in investors and end-users who looked for a safe haven, highest safety and security measures were in place in response to the guidelines put forward by the concerned authorities.
The developer said in a statement on Sunday that the value of its assets surged to Dh5.8 billion in 2020 from Dh5.6 billion
RAK Properties recorded a 22.5 per cent growth in net profit to Dh114 million in 2020 compared to Dh93 million in 2019.
The developer said in a statement on Sunday that the value of its assets surged to Dh5.8 billion in 2020 from Dh5.6 billion as revenue increased by 25 per cent to Dh243 million in 2020 from Dh195 million in 2019.
(MENAFN - Khaleej Times) RAK Properties recorded a 22.5 per cent growth in net profit to Dh114 million in 2020 compared to Dh93 million in 2019.
The developer said in a statement on Sunday that the value of its assets surged to Dh5.8 billion in 2020 from Dh5.6 billion as revenue increased by 25 per cent to Dh243 million in 2020 from Dh195 million in 2019.
Mohammed Sultan Al Qadi, managing director of RAK Properties, said the company s performance in 2020 reflected its ability to deal with challenges during these exceptional pandemic circumstances which cast a shadow over all sectors and affected it directly and indirectly. Despite the challenges, RAK Properties announced initiatives that align with the government s efforts to support all the investors and stakeholders in the long term, said Al Qadi.
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