Quintana Roo is projected to be the third best performing state economy in 2018 with 4.5% growth, followed by Guanajuato with 4.3% and San Luis Potosí with 4.2%…
Growth for Mexico as a whole is projected to be 2.4% in 2018, half a percentage point down on the figure recorded from 2010 to 2016, but slightly better than the 2.1% growth anticipated for 2017.
The states of Aguascalientes and Querétaro are on a roll, leading Mexico in economic growth and growing considerably faster than the national average, data from Citibanamex shows.
In its State GDP Growth 2017-2018 report, the financial group said Aguascalientes led with 6.1% annual average growth in the six-year period starting 2010. Automotive manufacturing was the main force behind the strong growth.
Querétaro followed with a 5.1% growth rate, while nationwide the figure was 2.9%.
Querétaro’s industrial sector — backed by a construction boom and a strong manufacturing industry focused on the export market— grew by 11.8% and was the single largest impetus for the surge.
The construction industry grew by 28.5% mainly due to the completion of public works while manufacturing increased by 6%, driven by activity in the aeronautical, food and chemical industries.
The economic upturn also created more jobs in the state in 2017, with registrations up 8.3% at the Social Security Institute (IMSS) in the first 11 months of the year, compared to 4.4% nationally.
Aguascalientes is expected to grow by 5.6% in 2018 and Querétaro by 4.9%.
Quintana Roo is projected to be the third best performing state economy in 2018 with 4.5% growth followed by Guanajuato with 4.3% and San Luis Potosí with 4.2%.
While Aguascalientes recorded 6.9% growth in the first half of this year, that figure was only good enough for fourth place nationally.
Baja California Sur recorded the strongest economic growth in the first half of 2017 with a 9.2% jump followed by Puebla with 7.6% and Morelos with 7.5%.
However, on projections Aguascalientes will reclaim the top spot in 2018.
The top five performing economies of 2017 by year’s end are projected to be Baja California Sur (8.4% projected growth), Puebla (6.7%), Querétaro (5.4%), Aguascalientes (5.2%) and San Luis Potosí (4.9%).
Baja California Sur — where the service sector dominated by tourism contributes to two-thirds of the state’s GDP — is on track to claim top spot in 2017 despite a surge in violent crime that has affected key destinations such as La Paz and Los Cabos.
However, its growth is expected to halve to 4.2% next year.
The economies of 30 of Mexico’s 32 federal entities are expected to grow this year with only the gulf coast states of Campeche and Tabasco predicted to buck the trend.
The Campeche economy will contract by 6.6% in 2018, according to the Citibanamex forecast, while Tabasco’s economy will shrink by a similar figure of 6.3%.
Both states, along with Chiapas, Guerrero, Hidalgo, Oaxaca, Tamaulipas, Tlaxcala and Veracruz, recorded downturns in the first half of 2017 and only Tamaulipas is projected to recover by year’s end to show very slight growth of 0.3%.
Growth for Mexico as a whole is projected to be 2.4% in 2018, half a percentage point down on the figure recorded from 2010 to 2016, but slightly better than the 2.1% growth projected for this year.
more recommended stories
Four deaths in Yucatán due to Influenza: State Health Secretariat
After days of waiting to have.
Mexico opposes U.S. plan to make it take asylum seekers -document, source
MEXICO CITY, July 12 (Reuters) –.
Mexican scientists develop fetal monitoring device
Specialists from the Center for Industrial.
800,000 tourists are expected to visit Yucatan this summer
“During this summer holiday season it.
Yucatecan guayabera will be present at the Central American and Caribbean Games of Barranquilla 2018
The president of the National Chamber.
Mérida teen electrocuted by cell phone charger cable
A 15-year-old girl died after she.
One&Only Palmilla a state-of-the-art beach resort by the Sea of Cortez
The One&Only Palmilla sits by the.
“Chayote” the Mexican super-food that could cure cancerous tumors
After a decade of research and.
Hoteliers of Cancún seek promotion in new international markets
Despite the situation faced by hoteliers.
Procter & Gamble moves Mexico headquarters & staff to new offices
Mexico City – Procter & Gamble Co..