Mexico's economy underwent a recession in the first half of 2019 and stagnated in the third quarter, the National Statistics and Geography Institute (INEGI) reported on Monday.

Mexico's gross domestic product (GDP) shrank 0.1 percent in both the first and second quarters of the year, as it did in the last quarter of 2018, according to the INEGI's seasonally adjusted figures.

A recession is commonly defined as two successive quarters of decline in economic growth.

In the third quarter of the year, its GDP remained the same as the previous quarter, a downgrade compared to the preliminary 0.1 percent expansion the INEGI reported on Oct. 30.

The year-on-year figures showed that GDP contracted 0.3 percent in the third quarter, slightly less than the 0.4 percent decline the agency had initially reported.

According to the figures, Mexico's economy saw zero growth in the first nine months of the year compared to the same period last year, though 2018's GDP was revised upward to 2.1 percent from the initial 2 percent reported.

The Scotiabank financial group described the results as "negative," saying they pointed to a downward trend.

"Taken together, we can say that the Mexican economy remains stagnant, as confirmed by its accumulated growth so far this year, in an environment dominated by a negative downward trend due to economic and political uncertainty, which has led to reduced investment and weak consumption," said Scotiabank.