Labor productivity in Mexico, one of the main factors to combat inflation in the country, reported a setback during the first three months of this yearwith which it links two quarters down, according to data from the National Institute of Statistics and Geography (Inegi).
In the first quarter of 2023, the Global Labor Productivity Index of the Economy per hour worked, which results from the relationship between the Gross Domestic Product (GDP) at constant prices and the labor factor of all the country’s productive units registered a retracement of 1.0%with respect to the immediately preceding period.
Thus, the indicator reached 93.2 units based on seasonally adjusted figures, with which it is still 5.3% below the value registered in the first quarter of 2020prior to the pandemic.
Agricultural activities, industry and services, the most affected sectors
During the period January-March of this yearlabor productivity in agricultural activities fell 2.6%, with respect to the immediately preceding quarter; in industry it decreased 1.5%; while in services it fell 0.9 percent.
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Within the industry, the productivity of manufacturing companies achieved an advance of 0.2% in the first quarter of 2022, staying on positive ground since the last three months of 2021; while in the construction firms a decrease of 2.0% was observedafter two quarters of growth.
In the case of the service sector, the labor productivity of the retail business enterprises increased 2.2% in the first three months of the year, while wholesale decreased 1.7%while private non-financial services advanced 0.6 percent.
Regarding the unit cost of labor, in manufacturing companies increased 1.7% And in the construction companies fell 0.4% in the first quarter of 2023.
While in commercial companies wholesale and retail, increased 3.4% and 0.9% respectivelyand in the non-financial private services reported an increase of 1.0 percent.
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