Home Business-new Yucatán: a national leader in economic growth

Yucatán: a national leader in economic growth

by Yucatan Times
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According to the Quarterly Indicator of the State Economic Activity of the National Institute of Statistics and Geography (Instituto Nacional de Estadística y Geografía: Inegi), during the first quarter of the year, the state economy in Yucatán grew by 3.1% compared to the first quarter of 2017, maintaining a positive trend.

During this same period, the average economic growth in other states was 1.4%; which means the economy of Yucatan has advanced more than double the average growth in the rest of the country.

According to figures published by Inegi, this growth of 3.1% means that Yucatan continues with a growth rate of over 3% during eight of the last nine quarters.

Now, this first quarter of 2018 shows that Yucatán manages to keep a good pace despite the fact that other states have less consistent results.

In total, between 2014 and 2017, the state’s economy has grown at an average rate above 3.5% quarterly, while the national quarterly average is 2.2%.

On the other hand, industrial growth continues to be the main driver of economic activity in Yucatán.

The secondary sector, which includes industrial activities, construction, energy and mining, advanced 6.4% in the state, while the national growth was negative, with -0.8%.

This positions Yucatán as one of the six Mexican states with the greatest industrial advance during the first quarter this year.

In particular, Yucatan was one of the five most dynamic states in the construction sector, with a growth of 20% during the first three months of the year.

The tertiary sector, which represents more than 60% of the total economic activity in the state, also showed good results during the beginning of 2018.

This sector, which includes services, trade and professional and technical activities, advanced at a rate of 2%, at the same level as national growth.

In addition to this important economic development, the labor, business and constructive prospects are positive; it is estimated that this advance will continue for the rest of the year and for the next few years.

Between 2014 and 2017, the economy of Yucatán grew at a rate higher than 3.5% quarterly.


(Photo: yucatan.com.mx)


In recent days, the state governor recalled that for almost six years his administration has promoted a new industrial generation, which has allowed to maintain a national leadership in the manufacturing sector, and also created favorable conditions for the arrival of more companies.

One example is the Uchiyama Group, a Japanese Corporation that manufactures a wide variety of polystyrene products, such as “PLASFOAM”, for the automotive sector. This company recently announced an investment of 50 million USD in the state of Yucatán.

Source: yucatan.com.mx

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