Coparmex Querétaro projects 3% growth for the local economy


Queretaro, Qro. The entity’s economy could grow 3% this year, however, there are several factors that would impact its performance, according to estimates from the local Business Center of the Employers’ Confederation of the Mexican Republic (Coparmex).

This projection implies a growth of one percentage point above the estimate of 2% that is forecast for the national economy, said the president of Coparmex in QueretaroJorge Camacho Ortega.

However, he stressed that if the inflationary rise continues, it could put pressure on economic growth estimates.

According to the businessman, international phenomena that impact the national economy are added to this environment, including the risk of a financial crisis.

“There is the possibility that once again in the real estate markets there will be a bubble due to the properties that supported loans and these properties have come with a falling price, I speak worldwide, so that no longer supports the value of the loans, it can generate an imbalance in the financial sector (…) would generate a world recession and that would affect us as a country”, he explained.

Consequently, he stressed, a new economic crisis would impact the performance of companies and consequently their profits.

Regarding inflation, he said that at the local level it maintains a behavior similar to that of the country, but that it has begun to have a great impact on the food sector, with increases of up to 13%, a trend that if continued will affect economic growth.

During 2021, the state economy reached an annual growth of 6.9%, detail the preliminary results of the Quarterly Indicator of State Economic Activity (ITAEE), of the National Institute of Statistics and Geography (inegi).

The growth of that year was sustained mainly by secondary activities that contributed 4.2 percentage points, followed by tertiary activities that contributed 2.8 points; while the contribution of primary activities was negative, of -0.1 percentage points.

The result of the local economy in 2021 led to a drop of 0.9% per year in the first quarter of that year, an increase of 24.5% in the second quarter, a growth of 7% in the third quarter and 0.7% in the fourth. quarter of that year.

Meanwhile, in 2020, with the first effects of the Covid-19 pandemic, the economy of Queretaro decreased 9% annually.

Only in the fourth quarter of 2021, Queretaro It was one of the nine entities that managed to recover pre-pandemic economic activity, due to the fact that in that period it grew 0.8% compared to the fourth quarter of 2020, highlights a study from Mexico. How are we doing?

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