Baja California ends 2022 with stable economic growth

Among the most outstanding facts, economic recovery is the highlight despite the problems brought by the pandemic

Baja California stands out as one of the states in Mexico that has had the best economic recovery and stability even after the problems brought by the COVID-19 pandemic. The state economy is about to finish 2022 as one of the economies with the greatest sustained growth; at the same time, it should be noted, that it is one of the states that has created the most jobs in 2022.

This optimism should be contrasted with current challenges and the ability to take advantage of nearshoring opportunities or establishing manufacturing factories close to markets. Indicators from official sources estimate that the growth will continue to increase.

Regarding economic growth, according to the preliminary data of the 2022 gross domestic product (GDP), the state has already recovered from the pandemic. Baja California has the 4th highest economy growth in the country with a rate of 8.6% in contrast with 2021. It was an exceptional year of growth after the pandemic’s impact.

This year, according to the Quarterly Index of State Economic Activity (ITAEE), the state grew 2.9% in the second trimester in comparison with the same period of the previous year. In the first semester, the state had an annual 3.2% increase. The third trimester’s performance will be known by the end of January 2023.

Regarding job rates, from January to November 2022, Baja California created 63,849 new registrations at IMSS, i.e., 16.8 jobs for every 1,000 inhabitants. It is the fifth state with most created jobs in the year, with an annual growth of 3.7% until November. The municipalities that created the most jobs were Tijuana with 51%, Ensenada with 22%, and Mexicali with 24%.

In October 2022, Baja California registered an unemployment rate of 2.76%, the second lowest in the northern border according to INEGI. This result is still below the national average which is 3.30%.

On the other hand, regarding business activity, 80% of new employers registered in the state (220) are micro, small, and medium companies. From January to November 2022, there were 224 employers.

Baja California continues to be attractive for investors and was the 5th state with the highest attracting of direct foreign investment in the third trimester of 2022, with 8.3% of the national total. The accumulated amount from January to September, 2022 was 1,533,600,000 billion dollars. It stands out that for every 10 dollars invested, 6.78% came from the United States (67.8%).

To conclude, the secretary stated that state prosperity should be taken advantage of to continue promoting inclusive growth to benefit all citizens.

RELATED VIDEO: Governor Marina del Pilar accompanies repair work of water supply in Tijuana and Rosarito


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