Almost Half of Cases Already Recovered

The Ministry of Health has reported eight new deaths from COVID-19 in Mexico bringing the total to 37.. This is the highest number of dead patients registered in one single day, which also added 163 more cases bringing the total confirmed contagions to 1,378, Epidemiology director José Luis Alomía said.

During the April 1 daily briefing, a graph was shown to media reporting that 46 percent of the people who tested positive for the virus have already recovered, while 51 percent remain in isolation and 3 percent have died. “This is good news because practically half of the cases have ended favorably,” Alomía said.

Deputy Minister of Health Hugo López-Gatell said that Mexico does not use rapid tests because, until now, they have not proven to be effective nor have the World Health Organization (WHO) approval. “No competent health authority in the world has accredited rapid tests,” he said.

As of Wednesday, April 1

163         new cases (from yesterday)

1,378     confirmed cases nationwide

3,827     under investigation

37           deaths

Impact on markets (19.20 hrs)

US Dollar              MX$24.49            (4.29%)

BMV IPC               33,691.88             (-2.05%)

Dow Jones          20,899.02             (-4.65%)

National GDP can fall 3.5 percent

Mexico’s gross domestic product (GDP) could fall 3.5 percent in 2020, according to Banxico’s Private Sector Economy Expectations  survey. While in February an increase of 0.90 percent of the GDP was projected for this year, the COVID-19 pandemic had a major impact on March’s survey results plunging the growth expectation. In the most recent estimate made by 35 economic consulting groups and collected by Banxico, experts also anticipated a higher exchange rate of MX$22.27 per dollar by the end of 2020, when a month ago they had projected MX$19.57 per dollar. Inflation at the end of the year was readjusted at 3.64 percent, a little higher than the 3.53 percent estimated in February.

Nuevo León stops beer production

Nuevo León Gov. Jaime Rodríguez reported that production and distribution of beer in the state will stop until further notice, given that beer is not an essential product in the COVID-19 contingency strategy. Formerly known as Cervecería Cuauhtémoc, Heineken Mexico has five plants in located in Monterrey, Nuevo León; Meoqui, Chihuahua; Tecate, Baja California; Toluca, State of Mexico and Orizaba, Veracruz. No official statement from Heineken or by the other states with plants was disclosed. Brands produced are Heineken, Tecate, Sol, Indio, Carta Blanca, Dos Equis and Bohemia, among others.

Cement companies suspend activities

Given that production of cement and concrete was not considered an essential activity, cement companies in Mexico affiliated to the National Cement Chamber (CANACEM) will suspend operations in response to the health emergency. In a statement, the chamber said actions to stop production will be carried out in an orderly manner in the next seven days. CANACEM also stated that they will stop supplying public and private works as of Saturday, April 4, including more than 62,000 hardware stores in the country and other distributors.

INE elections postponed

The National Electoral Institute (INE) has decided to postpone local elections scheduled for June 7 in Coahuila and Hidalgo. “Once the health security conditions have been restored and in response to the information provided by the Ministry of Health, this Council will decide on the date to celebrate the elections and resume regular activities,” the agency reported. INE counselors and representatives of all political parties agreed on the decision.

US$5 billion in credit auctions

Banxico announced the allocation of US$5 billion in credit auctions as part of a series of measures to provide liquidity to the local interbank market, amid a sharp depreciation of the peso. This operation is part of a "swap" line for up to US$60 billion the US Federal Reserve opened last month so that Banxico can access operations in US currency.

Remittances expected to drop

Remittances sent to Mexico could fall 17 percent in 2020, and it would take up to 10 years to recover the impact they will suffer as a result of the COVID-19 pandemic, BBVA Mexico has reported. This year, remittances are expected to reach US$29.9 billion, a figure 17 percent lower than that reported at the end of the previous year, when they reached US$36.4 billion and set a historical high.