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rdf:type	schema:NewsArticle
schema:articleBody	Mexico's economy, the largest in Latin America after Brazil's, shrank 2.4 percent in the first quarter compared to the same period a year ago, according to an initial government estimate released Thursday. Mexican GDP fell 1.6 percent compared to the last quarter of 2019, the national statistics institute said. More gloom is likely to follow following the shutdown over the coronavirus pandemic, analysts say. Mexico's central bank cut its benchmark interest rate to 6.0 percent Thursday in response, while business organizations called on the government to rapidly introduce measures to boost the economy. "The second quarter is likely to be much worse. We expect an 8 percent fall in GDP over this year as a whole -- one of the worst in the emerging world," analysts Capital Economics said in a note. "The government only declared a health emergency at the end of March and began to increase restrictions in April." It added that data pointed to a collapse in retail this month "while Mexico's large tourism sector will have ground to a halt from worldwide travel restrictions." The economic crux has been exacerbated by state oil company Pemex cutting oil production in resonse to low oil prices. The latest figures continue Mexico's economic slump, after its 0.1 percent contraction in 2019, its first fall in a decade. At the time, analysts blamed a brake on investment due to uncertainty generated by some of leftist President Andres Manuel Lopez Obrador's policies. Lopez Obrador had targeted average growth of 4.0 percent during his term. yug/jla/rsr/dw/db/jm
schema:headline	Mexico GDP falls 2.4 pct in Q1: government
schema:mentions	Justice League Latin America Pemex Deutsche Welle Interest rate National Institute of Statistics and Geography Andrés Manuel López Obrador Gross domestic product Mexico Pandemic Brazil Severe acute respiratory syndrome coronavirus 2 President of the United States Mexico national baseball team Brake Capital Economics
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-30 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	61 (xsd:integer)

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