According to CANACO, the first semester of 2024 does not show significant economic growth or consumption of goods. Only the real estate and construction industries are doing well, while other sectors reported similar operations to 2023, with a smaller percentage saying they are better off and another smaller percentage reporting that their sales are poor.
Canaco’s president, Levy Abraham Macari, considers that the first half of 2024 has not been bad for Yucatán’s economy, but it would have liked it to be better than 2023. He believes that the local economy remains stable this year, with macroeconomic policy functioning well and no election-related instability affecting the sector.
According to a survey conducted by the CANACO directorate among some of its affiliates, 45% of respondents said their economies were slightly above what they sold in the same period last year, 50% reported selling the same as in 2023, and 5% sold less than last year.
Macari stated that “the results are not bad” and that a 45% growth is a strong sign for Yucatán’s economy. He also emphasized that there was no economic destabilization due to federal and state elections and that helped maintain the economic rhythm. He added that the local economy is reflecting a macroeconomic policy that has kept the country stable, despite the peso’s exchange rate against the dollar and government investments.
Regarding high inflation affecting consumption and sales growth, Macari acknowledged that it does have an impact, inhibiting consumption due to the high cost of living. This can be seen in the report from 50% of CANACO affiliates who said they sold the same as last year. He also noted that the tourism industry is stable, with some sectors doing well.
When asked if the economy is better or worse than last year, Macari replied, “I’ll answer in a very political style: when 50% are equal, 45% are better, and 5% sell less, some sectors are doing better than others.” He also reiterated that the construction industry is strong this year.
In contrast, department stores have reported sales similar to last year. The tourism industry has had a year similar to 2023.
Macari believes that to encourage more economic growth and consumption, it is necessary to reduce informal activity in the city and state, allowing this sector to migrate to the formal part, benefiting both parties and ensuring compliance with all legal requirements and tax obligations.
Regarding employment, he emphasized the importance of creating better-paid formal jobs for workers to have greater purchasing power and improve their quality of life. He also stated that the state government must continue working on this policy.
In terms of informality in Mérida, Macari said it has not grown, but nor has it decreased. The productive sector does not see a significant increase in informal activity, with Mérida remaining at around 60%. However, there is still much work to be done to help those in the informal sector, such as providing them with social security and benefits that they could have by entering the formal economy.
