THE 4 MAIN ECONOMIC ACTIVITIES OF QUERÉTARO - CULTURE VOCABULARY - 2024

Despite its location in the interior of the country, the small Mexican state of Querétaro has been transformed in the last 30 years into an economic powerhouse.

Due to several factors, including the local government's focus on the development of higher education, its proximity to the country's capital city, and its low crime rate, Querétaro is today one of the most important industrial centers in the country.

This reflects the situation in the rest of the country. Although Mexico is recognized worldwide for excelling in the agricultural sector and for the high percentage of the population that is employed in it, the manufacturing industry currently contributes more than 18% to the national economy and agriculture only 4% 2.

Main economic activities of Querétaro

The Manufacturing Industry

The manufacturing industry is even more pronounced in Querétaro than in the rest of the nation. It is the most important economic activity, contributing 30% to the state's gross domestic product (GDP).

Within this section of the economy are several subgroups of economic activities.

Specifically, the most important industrial (and by extension, economic) activity in the territory is the manufacture of industrial machinery and equipment.

This area includes such activities as the manufacture of aerospace or automotive machinery.

Currently, several international companies, such as Airbus, Delta4, Hitachi, and more have factories or other facilities in Querétaro.

This type of production is forecast to continue to increase at a rapid pace in the future, as it has been increasing at an average of more than 4% for the past 20 years.

After the production of machinery follows the chemical manufacturing industry. Its contribution to the state's GDP is 13% 5 - a formidable amount.

This industry encompasses various types of products that are created with chemical processes such as rubber products, paint, and adhesives.

Therefore, it is important not only for the export of these products, but also for the internal use of them in making other products.

The Tertiary Sector

Outside of the manufacturing industry, tourism and services groups continue to rank in importance with respect to GDP.

The services sector forms 21% of GDP. Queretanos enjoy an average salary higher than the national average. Because of this, expenses in the service sector increase.

The large amount that the government invests in education also contributes to this. Several American universities begin to open centers in Querétaro.

Another activity that is worth mentioning in the tertiary sector is that of computer services.

Although Guadalajara is still considered the “Silicon Valley” of Mexico, the high standard of living in Querétaro is also beginning to attract these types of experts to their lands.

Tourism in Querétaro

Querétaro is not well known internationally, which is why it might come as a surprise that tourism is one of the most significant economic activities.

Today Querétaro attracts more than 600 thousand tourists per year and this number continues to grow rapidly. Most of these visitors are Mexican.

Querétaro stands out in tourist circles for its picturesque towns, its low level of crime compared to the rest of the country, and its high quality wines.

Querétaro's economy is highly dependent on the willingness of US and Asian investors to create and maintain facilities for products destined for US markets.

Due to the current stability of that market, it can be expected that the economic activities of Querétaro will continue in a position similar to the current one.

References

1. Oostveen, M. (2013, August 2). Querétaro Becomes a Symbol of Mexico's High-Octane Economic Expansion. Recovered from nearshoreamericas.com
2. Fearon P. (2012). Overview of Mexico's Agriculture Industry in 2012. Recovered from tnvmanagement.com
3. Exploring Mexico. Economy of Queretaro. Recovered from explorandomexico.com
4. Ammachchi, N. (2015 December 10). Mexico's Queretaro Becomes New Hub for Aerospace in Americas. Recovered from nearshoreamericas.com
5. MexicoNow. (2017, January 17). Chemical Industry Investment Advancing in Queretaro. Recovered from mexico-now.com