Baja California Sur
4% GDP growth Q1 2025; #1 labor market ranking (IMCO 2025); 40% economy tourism-dependent; $1.35B FDI in 2025; Los Cabos 81.8% hotel occupancy.
Baja California Sur's economy grew 4% in Q1 2025, ranking second nationally in tertiary activities (commerce, tourism, financial services). The Los Cabos municipality anchors about 40% of the state's GDP through tourism. The state leads Mexico on IMCO's 2025 labor market sub-index, measuring workforce efficiency. Primary activities grew 8.8% (agriculture, fishing, forestry), while secondary activities (manufacturing, construction) rose 6.9%, ranking fourth nationally. FDI reached $1.35 billion in 2025, with the U.S. ($10.4B since 1999), Spain ($997M), and South Korea ($957M) as top historic investors. Salt production from the world's largest solar salt facility at Guerrero Negro, plus mining operations and sport fishing, diversify the economy beyond resort tourism. Geographic isolation on the peninsula created a distinctive tourism-dependent metabolism where external visitor flows determine systemic health.