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Over 1 mln small businesses in Mexico close in 2020 due to COVID-19

23/03/2021 04:26 PM

MEXICO CITY, March 23 -- More than 1 million micro, small and medium-sized enterprises (MSMEs) closed last year in Mexico due to the COVID-19 pandemic, a loss that was partially offset by other openings, Xinhua quoted the National Institute of Statistics and Geography (INEGI) report on Monday.

According to the second set of results from the Business Demographics Study 2020, last year 1,010,857 businesses closed completely, 20.8 per cent of the country's total, as a result of the pandemic.

The autonomous body indicated, however, that in the referenced period, 619,443 businesses were also created, 12.8 per cent of the total.

INEGI indicated that of the total number of enterprises in the informal sphere that permanently closed, 10 per cent were engaged in private non-financial service activities and 9.5 per cent were engaged in commerce.

The Mexican economy, the second-largest in Latin America after Brazil, plummeted 8.2 per cent in 2020, its worst record since the 1930s, as a result of the COVID-19 pandemic.


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