Quintana Roo’s Economy Shrinks 17% in 2024: INEGI Report

Chetumal — Despite being one of Mexico’s most important tourist destinations, Quintana Roo ranked among the states with the lowest economic growth at the end of 2024, according to data from the National Institute of Statistics and Geography (INEGI) on state economic activity.

During the fourth quarter of last year, Quintana Roo’s economy declined by 17 percent, contrasting sharply with its reputation as a dynamic hub for tourism and commerce.

Sector-by-Sector Decline

The Quarterly Indicator of State Economic Activity (ITAEE) revealed that Quintana Roo’s economic downturn was driven by contractions across primary, secondary, and tertiary sectors.

"In the fourth quarter of 2024, Quintana Roo’s economic activity showed an annual decline of 17 percent. This resulted from contractions in primary, secondary, and tertiary activities of 19.3, 57.1, and 0.6 percent, respectively," the report stated.

These figures placed Quintana Roo among the lowest-performing states nationally, particularly in the secondary sector, which includes mining, manufacturing, construction, and electricity.

"The annual decline of 57.1 percent in these activities positioned Quintana Roo in last place among Mexico’s 32 federal entities," INEGI noted.

Even the tertiary sector, which includes services and is typically a strength for the state, recorded a decline.

"In the fourth quarter of 2024, Quintana Roo reported an annual variation of -0.6 percent in these activities, ranking 31st nationally."

Tertiary activities encompass sectors involved in the distribution of goods, information and asset operations, knowledge-based services, recreation, and government-related functions.

Primary activities—agriculture, livestock, forestry, fishing, and hunting—also saw a significant drop, with an annual decline of 19.3 percent, placing Quintana Roo third from last nationally.

Contrast with Neighboring States and Tourism Image

While states such as Oaxaca, Zacatecas, San Luis Potosí, and Chiapas led economic growth, Quintana Roo’s weak performance stood in stark contrast to its perceived vibrancy as a tourist and commercial center.

The sluggish economic growth at the end of 2024 underscores the need to diversify the local economy and strengthen productive sectors beyond tourism.