Although as of the first quarter of 2022, Mexico has not been able to restore the production levels it had before the pandemic and is still far from recovering the growth path observed between 2012 and 2020, 6 economic activities have managed to get back on track, as confirmed by the Institute Mexican for Competitiveness (IMCO).

These sectors are real estate services, retail trade, transport, post and storage; information in mass media, agricultural sector and corporate services, and represent 35.5% of the national gross domestic product (GDP)

He indicated that despite not having fully recovered, the real estate services sector is the second most important for the economy, as it represented 11.9% of the national GDP during the first quarter of 2022, and has maintained constant growth since the third quarter of 2020.

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Even so, its production level is still 1.7% lower than what would have been observed if it continued with its previous growth trend, the IMCO indicated in its report.

The economic recovery is happening at different speeds because while a third of the economy that represents 30% of the GDP has recovered, another 35.5% is in the process of recovery with 35.5%, and the last one that still has problems and lags represents the 30.3% of GDP.

“As of the first quarter of 2022, manufacturing; Wholesale trade, health and social assistance services, professional, scientific and technical services have already recovered the level of production registered in the first quarter of 2020. In addition, they are already in the same growth trend observed during the eight years prior to the start of the pandemic,” he specified.

The Institute explained that the manufacturing industry has driven much of the country's economic recovery, as it is the most important sector in terms of its contribution to the economy, since it represented 16.6% of the national GDP in the first three months of this year, and it has also maintained almost constant growth since the third quarter of 2020. 

Currently, the manufacturing GDP is 1.5% higher than the expected level with the growth trend prior to the pandemic.

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Faced with this slow recovery of the country, the IMCO urged the implementation of public policy measures, both at the federal and subnational levels, focused on building a favorable business environment to generate and attract more investment, and to provide the country with the necessary infrastructure for the development of productive activities.

Among them, increase and redirect public investment towards a model that enhances the logistical advantages of the country by reducing costs and increasing the efficiency of the connectivity of industrial parks, ports and cities, which facilitates the development of key economic sectors.

Another project would be the improvement of urban infrastructure, which has been key to the development of sustainable mobility projects.

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Original note