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News Article

Mexico City Grows For Four Consecutive Quarters

By Emilio Aristegui | Tue, 11/16/2021 - 13:06

Mexico City’s strategy to maintain stability in the city’s finances led to an increase in jobs and an important economic recovery, according to a recent Minister of Administration and Finance (SAF) report.

SAF's Head, Luz Elena González Escobar, said that Mexico City’s economic activity grew for fourth consecutive quarters. Trade has been one of the most important factors in the recovery, as it bounced back to its pre-pandemic levels in terms of employment and income from wholesale trade. González Escobar estimates that the city will register a 6-7 percent growth in 2021.

Gonzáles Escobar explained that during this recovery period “public spending is directed to priority areas, projects and issues, from a perspective of justice and equity, aimed at improving people’s quality of life.”

The capital’s economic strategy targeted the effects of the pandemic, spending MX$10.8 billion (US$521 million) between 2020 and 2021 in the recovery. The city’s health system received the majority of the budget, reaching a total of MX$6.1 billion (US$295 million), while the rest was used to directly support companies and citizens. González Escobar also highlighted that 100 percent of the population over 18 years old who wanted to be vaccinated, has been able to do so. Mexico City has applied nearly 13.4 million doses, representing a 95 percent vaccination rate.

The report also indicates that October 2021 registered the recovery of 98,009 formal jobs, which also represents the fourth consecutive month of growth in terms of job creation. Mexico City already contributed with 13 percent of the national total in September 2021, as the capital continues to register the highest increase in jobs out of the 32 states.

“Almost three months ago, on July 26, at the instructions of the Head of Government, Claudia Sheinbaum, we presented the Plan for the Economic Reactivation of Mexico City, whose main objective is to achieve an accelerated economic and labor recovery. The Plan is based on the intervention of 10 axes agreed with the economic sectors of the city. Today I can tell you that we are succeeding,” said Gonzáles Escobar.

The data used in this article was sourced from:  
SAF
Emilio Aristegui Emilio Aristegui Junior Journalist and Industry Analyst