Industry and services push a 9% drop in Querétaro’s GDP

Querétaro, Qro. The pressure that the Covid-19 pandemic generated on the state’s secondary and tertiary activities influenced the entity’s Gross Domestic Product (GDP) to plummet 9% in 2020, an unprecedented annual decline in local economic activity.

The annual decrease in real terms of the state economy was sustained by falls of 12.4% in secondary activities and 7.3% in tertiary activities; However, the primaries grew 5.9%, according to preliminary records of GDP by State (PIBE), published by the National Institute of Statistics and Geography (Inegi).

In constant values, the GDP of Queretaro it added 366,872 million pesos, -9% in relation to the value of the previous year. The performance of the state’s economic activity is related to the decline in manufacturing, construction, commerce, and certain services, among other items.

In the year of analysis, manufacturing fell 12.6%, in the same way, the wholesale trade, which fell 13.9%, the construction industry, which fell 13.9%, as well as the transport, postal and storage segment with a decrease. of 20.3%, and of the services of temporary accommodation and of preparation of food and beverages that decreased 48.7%, exposes the institute.

In the year marked by Covid-19, the nominal GDP of the economy of Queretaro it was around 498,141 million pesos; the majority, 56.6% (281,989 million pesos), was equivalent to tertiary activities, followed by secondary activities with 40.5% (201,667 million) and primary activities represented 2.9% (14,486 million).

The growth of 5.9% of primary activities placed the state in the fourth rung among the entities with the highest growth, ranking above the national percentage variation, which was 0.3% in 2020.

The decrease in secondary activities (12.4%) is mainly related to the fall in manufacturing industries (-12.6%), which contributed 8.94 percentage points to the decrease in secondary activities; in addition to construction (fell 13.9%), which contributed to the decrease with 3.32 percentage points. In this segment, the state shows a higher fall than the national one (-9.8%), being the state twelve among those with the most pronounced fall.

Commerce

The behavior of tertiary activities (which fell 7.3%), also exceeded the national decrease (-7.5%), in this case, the wholesale trade (-13.9%) had a major influence, which contributed 2.52 points to the decrease in activities tertiary services, as well as the transportation, postal and storage category (fell 13.9%) that contributed 2.20 points to the decrease in these activities. The variation in tertiary activities placed the state in position twelve among the states with the most decline.

The fall that the state economy had in 2020 has no precedent, the closest decrease is that of 2009 when the state’s GDP fell 2.9%. In the year of study, the annual variation of the state placed it as the eleventh with the greatest decrease.

Based on the preliminary results of 2020, the entity registers two continuous years with a drop in its GDP, in 2019 it fell 0.8%, according to Inegi reports.

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Reference-www.eleconomista.com.mx

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