The number of persons employed in Accommodation and Food Services in Mexico demonstrates a steady upward trend from 2013 to 2023, reaching 1.49 thousand jobs in 2023. The year-on-year growth rates exhibit a gradual increase, peaking at 2.93% in 2015 and tapering off to consistent growth rates below 1% in recent years. The Compound Annual Growth Rate (CAGR) over the last five years (2019-2023) averages at 0.56%, indicating moderate but stable growth in employment numbers.
Significant trends include:
- Steady, albeit modest, year-on-year growth rates post-2018, averaging around 0.6%.
- Future projections maintaining this gradual growth trajectory, with a forecasted CAGR of 0.44% over the next five years.
- A forecasted total growth rate of 2.23% from 2024 to 2028, reflecting ongoing expansion.
Future trends to watch for include the impact of technological advancements on job automation in the sector, potential shifts due to economic policies, and evolving consumer preferences towards accommodation and dining experiences. Monitoring these factors will be essential for anticipating employment shifts in the sector.
