The services in Mexico, especially professionals, health and transport, are consolidated as the most dynamic engine of the national economy at the start of 2025, which partly counteracts the fall of other sectors such as manufacturing, mining and construction, the BBVA Mexico revealed on Thursday.
“Recall that, while in 2023 the Gross Domestic Product (GDP) of Mexico grew by 3.3%, in 2024 it was only 1.3%. What did maintain growth in 2024 were the services that we believe will continue to grow with a slowdown, but will continue to grow in 2025,” said Carlos Serrano, chief economist of BBVA Mexico.
According to the most recent report of the Spanish bank entitled “Regional-Sectorial Situation”, the Mexican primary sector closed last year with a contraction, while the secondary remained stagnant.
On the other hand, the report details that tertiary activities, related to services, tourism and commerce, represent 60% of Mexican GDP, so the positive result of services helped the economy to grow marginally, to keep “afloat to the Mexican economy”.
According to the BBVA report, in 2024 the manufacturing sector, which represents about 20% of the total GDP, showed a marginal growth of just 0.3%, as a reflection of the weakness of both internal and external demand, amid commercial tensions with its main partner, United States.
Meanwhile, the services expanded significantly, promoted by a greater demand for private medical consultations, tourist transport and financial services, which managed to grow even above the national average, according to the Spanish bank report.
In this area, professional services grew by 15.1%, followed by health (4%), Transport (4%), financial (3.5%), recreation (2.9%), says the BBVA report.
This trend has been especially remarkable in the main metropolitan areas of the country, such as Mexico City, Baja California Sur and Quintana Roo, where services represent a significant part of economic activity.
Although the southern-southeast region benefited from the large infrastructure projects, promoted by President Andrés Manuel López Obrador (2018-2024), such as the Mayan Train, the Dos Bocas Refinery and the Tulum International Airport, now faces a more uncertain panorama.
After the end of these megaobras, states such as Tabasco and Campeche have seen their industrial production and employment fall, which threatens to stop regional economic dynamism.
However, Diego Alberto López, a senior economist of BBVA Mexico, hopes that the services in the South-Southeast will rebound as a result of the conclusion of these megaobras and their entry into operation.
With EFE information
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