Banks had estimated that GDP would contract for a second quarter, though Mexican Finance Minister Arturo Herrera had countered that the country was "very, very far from thinking that we are close to a recession."

Mexican President Andres Manuel Lopez Obrador earlier this week criticized the use of GDP as a yardstick for development after the International Monetary Fund lowered its estimate for growth in 2019 to 0.9% from 1.6%.

Lopez Obrador reiterated his forecast for 2% growth this year and that his administration would measure its success in numbers on poverty reduction, wealth distribution as well as access to education and health services.