Regional and urban economy

The GDP of Madrid could increase by 2.9% in 2024 and 2.1% in 2025, which would allow the creation of 183,000 new jobs in the region over the biennium.

Cantabria will advance in the process of convergence in GDP per capita, and in 2025, the regional GDP could exceed the pre-crisis level by 7%.

In December 2023, 5,490 million dollars in remittances entered Mexico, which represented an increase of 2.1% compared to December 2022. With this data, the total income from remittances in the country during 2023 was 63,313 million dollars, that is, + 7.6% compared to the amount received of 58,868 million dollars in 2022.

In this release of our Regional Sectoral Outlook is set apart by the change of base year in August 2023 with an updated perspective of the sectoral and regional composition of the Mexican economy. During 2024, the GDP of Finance could grow the most (5.3%), followed by Management (5.3%) and Entertainment & Recreation (4.5%)

Economic growth through 2023 will be modest and driven by services. A drop in the secondary sector (mainly via Manufacturing) is anticipated due to the slowdown in the economy. Tourist entities lead growth.

98.9% of the remittances arrived in Mexico through electronic transfers, 95.5% came from the United States and 82.3% were paid in non-banking institutions. Jalisco, Michoacán and Guanajuato were the states that received the most remittances, each exceeding 5 billion dollars in 2022.