In the first half of 2024, five Mexican states witnessed a decline in their economic activity according to the Quarterly Indicator of State Economic Activity. Among these, Tabasco experienced the most significant drop with a -5% annual decrease.
This downward trend is particularly noteworthy given Tabasco’s history of sustained growth even during the pandemic period. The construction of the Dos Bocas refinery had previously driven growth in the state, but since the fourth quarter of 2022, the entity has seen a considerable decline in its economic activity.
Industrial production in Tabasco was among the hardest hit with an annual decrease of 8.9% in the first half of 2024. Within industrial activities, construction contracted by 23.4%, while oil mining, which accounts for nearly 40% of the state’s GDP, saw a decline of 5.6%. Although services and primary activities experienced growth of 2.8% and 2.6% respectively, these increases were insufficient to offset the contraction in industry.
Other states that reported a drop in economic activity were Coahuila, Campeche, Michoacán, and Jalisco. According to a report from Grupo Financiero Citibanamex, these entities are primarily impacted by lower external demand and an incipient slowdown of internal demand in their manufacturing and services sectors.
The depletion of public works projects initiated by the previous administration has contributed to the decline in economic growth in the southeast region, including falls
Source: La Silla Rota
