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 this year, with registrations up 8.3% at the Social Security Institute (IMSS) in the first 11 months of the year, compared to 4.4% nationally.
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 projected for this year.