Mexico’s tourism economy will grow 3.8% annually through the first half of 2023

Mexico City, November 1 (EFE).- The tourism-related economy in Mexico grew by 3.8% annually in the first half of 2023, thanks to an increase in domestic consumption and services, the Ministry of Tourism (Division) said on Wednesday. .

Mexico’s tourism secretary, Miguel Torruco, pointed out in a statement that the advance shows a recovery of 7.1 percentage points compared to the annual variation of the same period in 2019, before the worst decline in Mexico’s tertiary sector due to the pandemic. Covid-19 in 2020.

Meanwhile, within the indicator known as Tourism Gross Domestic Product (GDP) in Mexico, services provide an annual increase of 6.3%, although on the contrary, in the category of tourism products, there is 5%. levels for the same period in 2022.

In addition, he provided a 3.5% annual increase in the quarterly indicator of domestic tourism consumption, which represents a recovery of 6.1 percentage points compared to the annual variation of the second quarter of 2019.

Among the components of this second indicator, domestic consumption showed an increase of 7.8%, while “acceptable consumption” or by foreigners is 15.2% away from reaching the same period in 2022.

In general, Toruko expected improvements in the annual performance of tourism GDP and domestic tourism consumption in 2023 compared to 2022.

In addition, he emphasized that the recovery of these indicators will be achieved in relation to the levels recorded in 2019, before the worst decline since the first quarter of 2020 due to economic closures, border closures and restrictions on global travel.

In this sense, the Secretary of Tourism estimates that by the end of 2023, the tourism-related economy in Mexico will register a real annual growth of 2.2%.

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“This will be 1.1% higher than the level seen in 2019, compared to an estimated 12.8% increase in 2022,” he added.

Therefore, the expectation of the Mexican government is that tourism will contribute 8% of the national GDP by the end of 2023. EFE


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