The value added by wholesale, retail trade, restaurants, and hotels in Mexico has shown several fluctuations over the past decade, with a general trend of slow growth punctuated by notable dips and recoveries. In 2023, the value stood at 259.77 billion USD, a minor increase of 1.52% from the previous year. Over the past two years (2021-2023), the sector saw an average year-on-year variation of approximately 4.22%. The compounded annual growth rate (CAGR) over the last five years has been modest, at about 1.64%. Notably, the sector experienced significant volatility, particularly with a sharp decline in 2020 due to external factors likely related to the pandemic, followed by a recovery phase.
Future trends to watch for include:
- Continued post-pandemic recovery and stabilization.
- Potential impact of economic policies and external trade agreements.
- Technological advancements in retail and hospitality sectors.
- Shifts in consumer behavior and spending patterns.
