Mexico, a Latin American country reported its first cases related to COVID-19 at the end of February 2020. Till 9th April 2020, around 3,200 cases and 175 mortalities have been registered in the country due to the COVID-19 pandemic. As per the International Monetary Fund, the country is the second-largest Latin American economy with a GDP of $1.3 trillion in 2019. The country showed modest GDP growth of 1.1% in 2019.

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The impact of COVID-19 pandemic on Mexico's economy is studied by classifying the economy into energy, healthcare, retail & e-commerce, aviation, manufacturing, travel & tourism, and other verticals. Most affected sectors in the country include aviation, tourism, and other temporary works. As per the National Tourism Business Council (CNET), the tourism sector provides employment to 4.0 million people in the country. Due to COVID-19 pandemic around 4,000 hotels with a capacity of 52,000 rooms along with 2,000 restaurants have been closed in the country.

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The COVID-19 outbreak results in a major slowdown in all major economies due to which the export of the country has been affected. Mexico is the 2nd largest good supplier in the US. As per official data, Mexico exported goods of $346 billion in 2018 which was 10.6% higher YoY. Besides, as per the International Organization of Motor Vehicle Manufacturers, the country is the sixth-largest vehicle manufacturer with around 4.0 million vehicle production in 2019.

Key companies operating in Mexico whose business operations are affected due to COVID-19 include Aerovías de México, S.A. de C.V., General Motor Co., Interjet Airlines, Toyota Motor Co., Transportes Aeromar, S.A. de C.V., Volkswagen AG, Grupo Posadas SAB de CV and so on. Numerous manufacturing companies have shut down their operations due to the coronavirus. On March 18th Ford Motor Co., Honda, and Audi announced to shut down their manufacturing plants in the country. Honda has announced to keep its plants shut till the start of May 2020.

Industry Overview

Historical market growth estimation of Mexico economy pre-COVID-19 pandemic
Deviations in Mexico economy growth rate due to COVID-19 pandemic

Verticals Affected Most

Automotive
Energy
Healthcare
Retail & E-commerce
Aviation
Manufacturing
Travel and Tourism
Others (Construction, Electronics)

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