Sonora records 3.5% annual recovery in its economy

Marco Antonio Cordova Gálvez, an economist at Sonora University, reports that last year, more than 1,300 new companies were created across the state, with an annual growth rate of 3.5% compared to previous years.

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The academic stated: “This year, a total of 38,969 Sonora companies were officially registered, which is a higher number than the 37,661 companies that were registered in August 2020, and this means that there is a remarkable recovery in terms of the creation of new companies in the last year with a growth rate Annual 3.5% and 1,308 new companies.

This is due to the growth of the country’s economic recovery after the crisis caused by the Covid-19 epidemic, where the service sector was the most contributing to the increase, with 251 new companies, while 276 companies were from the industrial sector and seven were in the agricultural sector.

It also had a positive impact in terms of job creation. If we cross this information, we have that in August 25,618 jobs were created annually, with a growth rate of 4.3% per year,” explained Cordova-Gálvez.

The academic noted that the growth is led by the US economy, due to the level of exports to the neighboring country in the north, which has shown dynamism in recent months in the framework of its recovery process.

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“In 2020, more than 40 thousand jobs were lost due to the epidemic, at the moment we are in the process of recovery, and it is likely that by the end of the year there will be a total number of jobs lost over the past year, as this recovery is being strengthened,” he said.