Manufacturing Sector Dominates Querétaro’s Economy
According to the recently published 2024 Economic Census, the manufacturing industries contributed 57.8% of Querétaro’s value-added censal bruto (VACB) in 2023, making it the leading activity in the state.
Value-Added Censal Bruto (VACB) in Querétaro
The VACB represents the difference between what a business unit produces and spends on inputs such as materials and services. In Querétaro, this value reached 419,428 million pesos in 2023.
Growth of Manufacturing Sector
Over the past five years, the manufacturing sector’s contribution has increased by 3 percentage points, from 54.8% in 2018 to 57.8% in 2023.
Commercial Sector’s Significant Role
The 2024 Economic Census results also highlight that the commercial sector is the second-highest contributing activity, accounting for 25% of Querétaro’s VACB in 2023.
The commercial sector’s contribution has grown by 5.8 percentage points since 2018, when it represented 19.2% of the VACB.
Decline in Private Non-Financial Services
In contrast, the private non-financial services sector saw a decrease of 5.4 percentage points since 2018, contributing 13.5% of the VACB in 2023 compared to 18.9% in 2018.
Other activities, including fishing, agriculture, mining, electricity, water and gas, construction, transportation, correos and storage, as well as financial and insurance services, contributed 3.7% of the VACB in 2023, down from 7.2% in 2018.
Commercial Sector’s Dominance Over Time
Analyzing the VACB trend over the past 15 years, the commercial sector has shown the most significant growth in its contribution. Between 2008 and 2023, it increased from 14.8% to 25%, a rise of 10.2 percentage points.
During this period, the manufacturing sector’s contribution grew by 3.5 percentage points, from 54.3% to 57.8%. Private non-financial services decreased by 3 percentage points, from 16.5% to 13.5%. The remaining activities dropped by 10.6 percentage points, from 14.3% to 3.7%.
Querétaro’s Economic Growth
Querétaro’s VACB has seen an average annual growth rate of 5.7% between 2018 and 2023, which is lower than the 14.1% average annual growth rate between 2013 and 2018. Between 2008 and 2013, the average annual growth rate was -1%.
Querétaro’s Rank Among Mexican States
Nationally, Querétaro ranked 12th among the 32 federal entities in 2023, contributing 2.7% to Mexico’s VACB. This position represents an improvement of three places compared to 2018, when it was ranked 15th.
Municipal Contributions in Querétaro
Within Querétaro, the municipality that contributed the most to the VACB is Querétaro itself, accounting for 53.5% of the 2023 value. Other notable contributors include El Marqués, San Juan del Río, Corregidora, and Colón.
Key Questions and Answers
- What is the main contributor to Querétaro’s economy? The manufacturing sector is the primary contributor, accounting for 57.8% of the value-added censal bruto (VACB) in 2023.
- How has the manufacturing sector’s contribution changed over time? The manufacturing sector’s contribution has grown by 3 percentage points since 2018, increasing from 54.8% to 57.8% in 2023.
- What is the second-highest contributing activity in Querétaro? The commercial sector is the second-highest contributor, accounting for 25% of Querétaro’s VACB in 2023.
- How has the private non-financial services sector performed? This sector’s contribution has decreased by 5.4 percentage points since 2018, from 18.9% to 13.5% of the VACB in 2023.
- What is Querétaro’s average annual growth rate for its VACB? The average annual growth rate for Querétaro’s VACB between 2018 and 2023 is 5.7%, lower than the 14.1% average annual growth rate between 2013 and 2018.
- Where does Querétaro rank among Mexican states in terms of VACB contribution? Querétaro ranked 12th among the 32 federal entities in 2023, contributing 2.7% to Mexico’s VACB.
