The gradual exhaustion of priority works in the government of Andrés Manuel López Obrador led entities in the southeast to lower growth in the first semester, including falls in their economic activity, and Tabasco was the state with the greatest contraction, according to an analysis of the Citibanamex financial group.
The entity had a 5% drop at an annual rate in the Quarterly Indicator of State Economic Activity, according to original figures.
The lender’s analysis area indicated that after the sustained growth that Tabasco had, even in the pandemic, favored by public resources allocated to the construction of the refinery in
Dos Bocas, the state has recorded a significant decrease since the fourth quarter of 2022.
Read: Dos Bocas Refinery still does not operate at 100% of its capacity, acknowledges Sheinbaum
He noted that in the first half of 2024, Tabasco’s industrial production decreased 8.9% annually.
He detailed that within industrial activities, construction contracted 23.4%, and oil mining – which represents almost 40% of its GDP – decreased 5.6%.
He highlighted that the increases in services and primary activities, of 2.8% and 2.6% respectively, were insufficient to compensate for the contraction of the industry.
The other entities in the country that had falls in the Quarterly Indicator of State Economic Activity were Coahuila, Campeche, Michoacán and Jalisco.
Read: Dos Bocas Refinery produced 1,144 barrels of gasoline per day in August
The analysis pointed out that in the northern and shoal regions, “the lower external demand and the incipient slowdown in internal demand would be affecting their manufacturing and services.”
“Most of these entities show modest growth or even falls, such as Coahuila and Jalisco. We expect foreign momentum to remain weak for the rest of the year, investment to moderate and household income to increase more moderately,” he warned.
On the other hand, Quintana Roo and Durango led economic growth during the first semester.
Quintana Roo registered a growth of 12.1%, driven mainly by the works of the Mayan Train and the tourism sector, although a slowdown was observed in the second quarter, going from a growth of 20% in the first quarter to 5.5% in the second .
Durango had an annual growth rate of 6.7%, driven by a 54% increase in the construction sector, particularly in water, irrigation and sanitation projects.
Citibanamex forecast in its report that Mexico’s GDP will have an increase of 1.1% in the first semester, with a projection at the end of the year of 1.4%, which would mean a slowdown compared to growth above 3% in 2023.
With information from EFE
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