Querétaro’s Economic Performance in 2024
Querétaro, Qro. During the fourth quarter of 2024, Querétaro’s economic activity decreased by 0.8% compared to the same period in 2023, according to seasonally adjusted figures from the Indicador Trimestral de la Actividad Económica Estatal (ITAEE) by the National Institute of Statistics and Geography (Inegi).
Annual Economic Decline
Despite the Q4 decline, Querétaro was among 13 federal entities experiencing annual economic contraction. It ranked tenth with the most significant decrease.
Q4 Trimestral Decline
In the final quarter of 2024, Querétaro’s economy showed a -1.1% variation compared to the previous trimester (July-September 2024), placing it among the 25 entities with trimestral decline.
Annual Growth in 2024
With the Q4 results, Querétaro’s local economy accumulated a 2.2% annual growth in 2024, according to original Inegi figures. This indicator was below the 4.1% variation seen in 2023.
Sectoral Contributions to Economic Growth
Throughout 2024, secondary activities were the main driver of Querétaro’s economy, contributing 1.3 percentage points to the state variation. Tertiary activities added 1 percentage point, while primary activities subtracted -0.1 percentage point.
Annual Growth and Decrease Breakdown
The 2.2% growth in Querétaro’s economy for 2024 resulted from a 2.3% annual decline in primary activities, a 3% increase in secondary activities, and an 1.8% growth in tertiary activities.
Q4 Decline Factors
Querétaro’s state economy decline in Q4 was primarily influenced by the decrease in secondary activities. Primary and tertiary activities also contributed to the decline during that period.
Sector-wise Performance in Q4 2024
Primary Activities
Agriculture, livestock, forestry, fishing, and hunting activities saw a 6.7% annual decrease in Q4 2024, ranking Querétaro 27th nationally. This placed it below the national average (-4.0%) according to original figures.
Secondary Activities
Mining, manufacturing, construction, and electricity activities experienced a 1% annual decrease in Q4 2024, ranking Querétaro 19th among the 32 federal entities, slightly above the national trend (-2%).
Tertiary Activities
Distribution of goods, information or asset operations, knowledge-based services, recreation, and government sectors showed a -0.2% annual variation, ranking Querétaro 29th nationally with the fourth-largest decrease. The national trend during this period was 2.1%.
Key Questions and Answers
- What was Querétaro’s annual economic growth in 2024? Querétaro’s economy grew by 2.2% in 2024.
- Which sectors contributed most to Querétaro’s economic growth in 2024? Secondary activities contributed 1.3 percentage points, followed by tertiary activities with 1 percentage point, while primary activities subtracted -0.1 percentage point.
- What caused the decline in Querétaro’s economy during Q4 2024? The decline was primarily due to the decrease in secondary activities, with primary and tertiary activities also contributing to the decline.
- How did Querétaro’s primary activities perform in Q4 2024? Primary activities, including agriculture and forestry, saw a 6.7% annual decrease, ranking Querétaro 27th nationally.
- What was the performance of Querétaro’s secondary activities in Q4 2024? Secondary activities, encompassing mining, manufacturing, construction, and electricity, experienced a 1% annual decrease, ranking Querétaro 19th among the federal entities.
- How did Querétaro’s tertiary activities fare in 2024? Tertiary activities, which include distribution, information operations, knowledge-based services, recreation, and government, showed a -0.2% annual variation, ranking Querétaro 29th nationally with the fourth-largest decrease.
