SMEs at Risk Due to the PandemicBy MBN Staff | Thu, 12/03/2020 - 11:26
Few were spared from the catastrophic effects of the pandemic and SMEs were not on that list. From May to September, the crisis generated by COVID-19 left a balance of 390,000 economic units less, reported INEGI on Wednesday. As of May, 4.87 million business units had been registered and because of the impact of the pandemic, 1.01 million closed, according to ECOVID-IE data from the Business Demography Study 2020. However, 619,443 businesses were opened between May and September, leaving a balance of 391,414 fewer establishments.
"We have to analyze this together, births and deaths of businesses, because they may die but the owners or those responsible opened another establishment, right there or elsewhere. One million die, 619,000 are born,” said in a press conference the Director General of Economic Statistics, José Arturo Blancas Espejo.
The sector most affected was non-financial private services, which require face-to-face contact. The proportion of business deaths in this sector was 24.9 percent, followed by commerce with 18.9 percent and manufacturing with 15 percent.
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