Querétaro, Qro. Yucatán, Mexico City and Querétaro are the three states with the highest growth in tertiary activities in 2023, according to the preliminary results of the Gross Domestic Product of the Entities (GDP) of the National Institute of Statistics and Geography (Inegi).
The most significant variation was presented by Yucatán with an increase of 5.39%, followed by Mexico City with an advance of 4.83% and Querétaro with 4.82% in 2023.
The average for the national territory was 3.43%; 10 federal entities grew above that indicator. On the contrary, Quintana Roo was the only state with a fall, of 2.19% in that year.
While the most modest annual increases were detected in Nayarit, which had a 1.37% increase in tertiary activities, Guerrero with an advance of 1.64% and Zacatecas with 1.79 percent.
The federal entities of the country that contributed the most to the development of the country’s tertiary activities are Mexico City (contributed 21.7 percentage points in 2023), State of Mexico (10.2 points), Jalisco (7.3 points), Nuevo León (7.2 points) and Veracruz (4.4 points).
For the three entities where tertiary activities grew the most, that sector represented the greatest contribution to their economic activity.
In Yucatán, the tertiary sector contributed 67.4% of its economy, according to the preliminary results of the subnational Gross Domestic Product for 2023; In Mexico City, it contributed 84.8% and in Querétaro, 50.4 percent.
Tertiary activities are the most important component of the Mexican economy, since they represent the consumption carried out by families in the national territory, whose behavior is defined mainly by inflationary levels and labor income.
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Among the most dynamic states, in Querétaro, the 4.82% increase in that area was driven by the development of wholesale trade, which contributed 1.53 percentage points to the growth of the tertiary sector.
Next, retail trade was the second largest driver, since it contributed 1.24 percentage points; professional, scientific and technical services contributed 0.73 percentage points; financial and insurance services, 0.54 points, among other areas.
On the contrary, other sectors registered negative contributions, since they registered an annual decline in their activities; This is the case of temporary accommodation and food and beverage preparation services, health and social assistance services, as well as business support services and waste management and remediation services.
Importance
The latest results of the state GDP behavior, for 2023, reflect the way in which Querétaro’s economy has diversified, said the state’s Secretary of Sustainable Development (Sedesu), Marco Antonio Del Prete Tercero.
Although manufacturing also has an important weight, commerce and services are gaining more and more strength.
“Querétaro’s economy is becoming more and more diversified, we have a great prevalence of manufacturing as an economic engine, but today tertiary activities, which are commerce and services, which we are also interested in promoting a lot of professional, scientific and technical services, financial and insurance services, recreational, cultural, sports services, all of which are services, had significant growth,” he said.
The provision of services, he said, is one of the niches with significant growth in the state; in particular, real estate services and rental of goods, furniture and intangibles registered a growth that is related, not only to the demand for housing, but also to the requirements generated by the arrival of new companies through offices and industrial warehouses.
From 2020 to 2023, tertiary activities have contributed more than 50% of Querétaro’s economic activity; in 2019 they were equivalent to 49.4%, in 2020 it rose to 51%, in 2021 to 50.4%, in 2022 to 50.1% and in 2023 they accounted for 50.4%, explains Inegi.
Source: eleconomista
