The economy of the State of Baja California grew 3.2 percent during the first half of 2022, a national report says
Baja California’s economy grew overall during the first half of the year 3.2 percent, according to a national report.
The National Institute of Statistics and Geography said the State’s economy grew 2.8 percent in the second quarter of 2022.
In the first semester, the Primary Sector (agriculture and livestock) increased 4.9 percent, while the Secondary or Industrial Sector did so 3.6 percent.
However, the report indicates differences among the sub sectors included in the Secondary one as Manufacturing increased 5.2 percent and Water, Gas and Energy Distribution increased 2.3 percent.
In the Tertiary Sector, Services increased 2.8 percent and Trade 8.2 percent.
Christmas recovery expected
High inflation rates have led customers to purchase less items, which in turn has impacted businesses, Mexicali Chamber of Commerce President Lidia Granados said.
However, the Chamber President expects a recovery during the Christmas season as employees get their year-end bonus named Aguinaldo in Spanish.
“Inflation has been really high, especially in basic items,” Granados said. “Mexicali families have cut item purchase and spending only on indispensable items.”
The chamber president acknowledged that inflation rates could affect the upcoming Buen Fin (or Good End in English) — a years-long nationwide effort to replicate Black Friday in the US. This year’s Buen Fin will take place Nov. 18-21.
Granados said the peso exchange rate has been a positive issue that has led business owners to import items without any problem.
State gets millions from illegal vehicle fees
The state of Baja California received 178.2 million pesos or about $8.9 million USD in funds from illegal vehicle registration fees.
State Secretary of the Treasury Marco Antonio Moreno said those funds come from a presidential decree announced back in January.
Those funds were estimated by the Mexican government as of August.
Over 180,000 vehicles have been registered in Baja California, the secretary added.
The city of Mexicali is expected to receive 45.9 million pesos or over $2 million USD.
Registration is due on Dec. 31.
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