Econom a Actualeconomia.uaemex.mx/Publicaciones/e703/EA-JUL-SEP FINAL.pdf · 2018. 11. 9. · El...

EconomiacuteaActualRevista de Anaacutelisis de Coyuntura Econoacutemica

Antildeo 7 Nuacutem 3-XOLR6HSWLHPEUHGH

661

Actividad econoacutemica y empleo en la regioacuten centro de MeacutexicoLos datos a junio de 2014

Expectativas de crecimiento del PIB para Meacutexico en 2014

Actividad econoacutemica y desempleo en Meacutexico al primer semestre de 2014

El sector automotriz en el Mundo y en MeacutexicoUna revisioacuten a los datos de produccioacuten y ventas 2013 - junio de 2014

Inversioacuten Extranjera Directa en Ameacuterica Latina 2013

Caracteriacutesticas de la ocupacioacuten de los profesionistas en economiacutea Meacutexico 2014

ECONOMIacuteA ACTUALŹŽϳEŽϯũƵůŝŽͲƐĞƉƟĞŵďƌĞĚĞϮϬϭϰĞƐƵŶĂƉƵďůŝĐĂĐŝſŶƚƌŝŵĞƐƚƌĂůĞĚŝƚĂĚĂƉƵďůŝĐĂĚĂǇĚŝƐƚƌŝďƵŝĚĂƉŽƌůĂhŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞůƐƚĂĚŽĚĞDĠǆŝĐŽĂƚƌĂǀĠƐĚĞůĞŶƚƌŽĚĞŶǀĞƐƟŐĂĐŝſŶĞŶŝĞŶĐŝĂƐĐŽŶſŵŝĐĂƐͿĚĞůĂampĂĐƵůƚĂĚĚĞĐŽŶŽŵşĂĞƌƌŽĚĞŽĂƚĞƉĞĐƐŶŝƵĚĂĚhŶŝǀĞƌƐŝƚĂ-ƌŝĂW ϱϬϭϭϬdŽůƵĐĂƐƚĂĚŽĚĞDĠǆŝĐŽdĞůĠĨŽŶŽƐϬϭϳϮϮͿϮϭϰϵϰϭϭǇϮϭϯϭϯϳϱŵĂĚŝĂǌΛĐŽůƉŽƐŵǆŵĂĚŝĂǌĐΛƵĂĞŵĞǆŵǆĚŝƚŽƌƌĞƐƉŽŶƐĂďůĞDŝŐƵĞůŶŐĞůşĂǌĂƌƌĞŹŽZĞƐĞƌǀĂĚĞĞƌĞĐŚŽƐĂůhƐŽǆĐůƵƐŝǀŽEŽϬϰͲϮϬϬϵͲϬϲϭϳϭϰϱϮϭϵϬϬͲϭϬϮ^ÊϮϬϬϳͲϬϵϵϯĂŵďŽƐŽƚŽƌŐĂĚŽƐƉŽƌĞůŶƐƟƚƵƚŽEĂĐŝŽŶĂůĚĞůĞƌĞĐŚŽĚĞƵƚŽƌ gtŝĐŝƚƵĚĚĞdşƚƵůŽǇŽŶƚĞŶŝĚŽEŽϭϰϵϮϰŽƚŽƌŐĂĚŽƉŽƌůĂŽŵŝƐŝſŶĂůŝĮĐĂĚŽƌĂĚĞWƵďůŝĐĂĐŝŽŶĞƐǇZĞǀŝƐƚĂƐůƵƐƚƌĂĚĂƐĚĞůĂ^ĞĐƌĞƚĂƌşĂĚĞŽďĞƌŶĂĐŝſŶŵƉƌĞƐĂƉŽƌgtŝƚŚŽltŽůŽƌ ^ĚĞs sŝĂůŝĚĂĚůĂƐdŽƌƌĞƐEŽϲϬϱŽů^ĂŶƚĂDĂƌşĂĚĞůĂƐZŽƐĂƐW ϱϬϭϰϬdŽůƵĐĂƐƚĂĚŽĚĞDĠǆŝĐŽƐƚĞŶƷŵĞƌŽƐĞƚĞƌŵŝŶſĚĞŝŵƉƌŝŵŝƌĞůϭϱĚĞƐĞƉƟĞŵďƌĞĚĞϮϬϭϰĐŽŶƵŶƟƌĂũĞĚĞϯϬϬĞũĞŵƉůĂƌĞƐ

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dŽĚŽƐůŽƐĂƌơĐƵůŽƐŝŶĐůƵŝĚŽƐĞŶĞůŶƷŵĞƌŽϬϯĂŹŽϬϳũƵůŝŽͲƐĞƉƟĞŵďƌĞĚĞϮϬϭϰĚĞůĂZĞǀŝƐƚĂĐŽŶŽŵşĂĐƚƵĂůŚĂŶƐŝĚŽƐŽŵĞƟĚŽƐĂĚŝĐƚĂŵĞŶĚĞĂĐƵĞƌĚŽĐŽŶůŽƐůŝŶĞĂŵŝĞŶƚŽƐĞƐƚĂďůĞĐŝĚŽƐĞŶĚŝĐŚĂƌĞǀŝƐƚĂǇĂƉƌŽďĂĚŽƐƉĂƌĂƐƵƉƵďůŝĐĂĐŝſŶĞŶůŽƐdĂůůĞƌĞƐĚĞŶĄůŝƐŝƐĚĞŽǇƵŶƚƵƌĂĐŽŶſŵŝĐĂƌĞĂůŝǌĂĚŽƐůŽƐĚşĂƐϭϰǇϮϴĚĞĂŐŽƐƚŽĚĞϮϬϭϰĞŶĞůĄƌĞĂĚĞƉŽƐŐƌĂĚŽĚĞůĂampĂĐƵůƚĂĚĚĞĐŽŶŽŵşĂĚĞůĂhŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞůƐƚĂĚŽĚĞDĠǆŝĐŽǇĞŶůŽƐƋƵĞƉĂƌƟĐŝƉĂŶĚĞĨŽƌŵĂƌĞŐƵůĂƌůŽƐĐŽůĂďŽƌĂĚŽƌĞƐĚĞĚŝĐŚĂƉƵďůŝĐĂĐŝſŶ

IacutendiceŹŽ ϳ EƷŵ ϯ ũ Ƶ ů ŝ Ž Ͳ ƐĞƉƚ ŝĞŵďƌĞ ĚĞ ϮϬϭϰ

Presentacioacuten

ĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂǇĞŵƉůĞŽĞŶůĂƌĞŐŝſŶĐĞŶƚƌŽĚĞDĠǆŝĐŽgtŽƐĚĂƚŽƐĂũƵŶŝŽĚĞϮϬϭϰLeobardo de Jesuacutes Almonte y Yolanda Carbajal Suaacuterez

ǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůWƉĂƌĂDĠǆŝĐŽĞŶϮϬϭϰReyna Vergara Gonzaacutelez y Miguel Aacutengel Diacuteaz Carrentildeo

ĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂǇĚĞƐĞŵƉůĞŽĞŶDĠǆŝĐŽĂůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰJuvenal Rojas Merced y Ricardo Rodriacuteguez Marcial

ůƐĞĐƚŽƌĂƵƚŽŵŽƚƌŝǌĞŶĞůDƵŶĚŽǇĞŶDĠǆŝĐŽhŶĂƌĞǀŝƐŝſŶĂůŽƐĚĂƚŽƐĚĞƉƌŽĚƵĐĐŝſŶǇǀĞŶƚĂƐϮϬϭϯͲũƵŶŝŽĚĞϮϬϭϰMargarito Carbajal Suaacuterez y Yolanda Carbajal

ŶǀĞƌƐŝſŶǆƚƌĂŶũĞƌĂŝƌĞĐƚĂĞŶŵĠƌŝĐĂgtĂƟŶĂϮϬϭϯDĂƌşĂƐƚŚĞƌDŽƌĂůĞƐampĂũĂƌĚŽǇƌŝƐƟĂŶZWůĂƚĂ^ŽƚŽ

Seccioacuten Especial

ĂƌĂĐƚĞƌşƐƟĐĂƐĚĞůĂŽĐƵƉĂĐŝſŶĚĞůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐĞŶĞĐŽŶŽŵşĂDĠǆŝĐŽϮϬϭϰMariacutea del Carmen Salgado Vega y Sara Quiroz Cuenca

Indicadores Econoacutemicos

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2 julio - septiembre 2014 Antildeo 7 Nuacutem 3

Economiacutea Actual Antildeo 7 Nuacutem 3 Julio-Septiembre 2014

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ŝŵƉŽƌƚĂŶƚĞĚĞƐƚĂĐĂƌƋƵĞůĂƌĞĐƵƉĞƌĂĐŝſŶĞĐŽŶſŵŝĐĂĚĞůŽƐhǇ ĞŶƉĂƌƟĐƵůĂƌ ĚĞƐƵƚĂƐĂĚĞĞŵƉůĞŽƐĞŚĂĂƉŽǇĂĚŽĞŶƵŶƉƌŽĐĞƐŽĚĞƉƌĞĐĂƌŝǌĂĐŝſŶĚĞůŽƐĞŵƉůĞŽƐǇ ďĂũŽƐƐĂůĂƌŝŽƐƐŽďƌĞƚŽĚŽĂƉĂƌƟƌĚĞůĂƌĂŶZĞĐĞƐŝſŶĚĞϮϬϬϳͲϮϬϬϵ

ŶĞƐƚĞĐŽŶƚĞǆƚŽĂ ůŽ ůĂƌŐŽĚĞϮϬϭϰ ůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂDĠǆŝĐŽ ƐĞŚĂŶ ŝĚŽ ƌĞĚƵĐŝĞŶĚŽĚĞŵĂ-ŶĞƌĂĐŽŶƐŝĚĞƌĂďůĞƉĂƌĂĂŐŽƐƚŽĚĞĞƐƚĞĂŹŽƉŽƌĞũĞŵƉůŽůĂ ƉƌŽǇĞĐĐŝſŶŵĞĚŝĂ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ ƐĞ ƵďŝĐſ ĞŶƚƌĞ ϮϯǇϮϳй ůŽƋƵĞ ƌĞƐƵůƚĂĞŶƵŶ ŝŶĐƌĞŵĞŶƚŽŵĂƌŐŝŶĂůĚĞ ůĂĂĐƟǀŝĚĂĚĚĞDĠǆŝĐŽ ƐƚĂƉŽƐŝďŝůŝĚĂĚĚĞ ĐƌĞĐŝŵŝĞŶƚŽŚĂƚŽŵĂĚŽĨƵĞƌǌĂĞŶďƵĞŶĂŵĞĚŝĚĂƉŽƌĞůďĂũŽĐƌĞĐŝŵŝĞŶƚŽĞĐŽŶſŵŝĐŽŽďƐĞƌǀĂĚŽĞŶůŽƐƉƌŝŵĞƌŽƐĚŽƐƚƌŝŵĞƐƚƌĞƐĚĞůĂŹŽϭϵǇϭϲйĚĞĂĐƵĞƌĚŽĐŽŶĞů ŶƐƟƚƵƚŽEĂĐŝŽŶĂůĚĞƐƚĂĚşƐƟĐĂǇĞŽŐƌĂİĂEͿƐƚĂĚĞďŝůŝĚĂĚĚĞůĂĞĐŽŶŽ-ŵşĂŵĞǆŝĐĂŶĂƐĞŚĂĂƚƌŝďƵŝĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞĂůĂĨƵĞƌƚĞĐĂşĚĂĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĚĞhĞŶϮϭйĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůĂŹŽǇ ƋƵĞĂƐƵǀĞǌĞƐƚƵǀŽĂĐŽŵƉĂ-ŹĂĚĂĚĞƵŶĂĚĞƐĂĐĞůĞƌĂĐŝſŶĐŽŶƐŝĚĞƌĂďůĞĞŶƐƵŶŝǀĞůĚĞŝŵƉŽƌƚĂĐŝŽŶĞƐ ĚŝĐŝŽŶĂůŵĞŶƚĞ ƐĞ ƉƵĞĚĞŶ ĐŽŵĞŶƚĂƌ ůĂƐŵĞĚŝĚĂƐ ĚĞ ƉŽůşƟĐĂ ĮƐĐĂů ƋƵĞ ĞŶƚƌĂƌŽŶ ĞŶ ǀŝŐŽƌ Ă ƉƌŝŶ-ĐŝƉŝŽƐ ĚĞ ϮϬϭϰ Ǉ ƋƵĞ ƐĞ ƚƌĂĚƵũĞƌŽŶ ĞŶŵĂǇŽƌĞƐ ŶŝǀĞůĞƐŝŵƉŽƐŝƟǀŽƐƐŽďƌĞĚŝǀĞƌƐŽƐďŝĞŶĞƐǇƐĞƌǀŝĐŝŽƐƚĂůĞƐĐŽŵŽĐŽŵďƵƐƟďůĞƐŐĂƐŽůŝŶĂƐǇĚŝĞƐĞůͿĂůŝŵĞŶƚŽƐĐŽŶĂůƚŽĐŽŶ-ƚĞŶŝĚŽĐĂůſƌŝĐŽƚƌĂŶƐƉŽƌƚĞƚĞƌƌĞƐƚƌĞĨŽƌĄŶĞŽĞŶƚƌĞŽƚƌŽƐƋƵĞŚĂŶĨƌĞŶĂĚŽĞŶĐŝĞƌƚĂŵĞĚŝĚĂĞůĚĞƐĞŵƉĞŹŽĚĞůĂĂĐ-ƟǀŝĚĂĚƉƌŽĚƵĐƟǀĂĚĞůƉĂşƐ

Presentacioacuten

3julio - septiembre 2014Antildeo 7 Nuacutem 3


ĞĞƐƚĂŵĂŶĞƌĂĐŽŶƐŝĚĞƌĂŶĚŽƋƵĞĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƐĞ-ŵĞƐƚƌĞ ĚĞ ϮϬϭϰ Ğů ƉƌŽĚƵĐƚŽ ŝŶƚĞƌŶŽ ďƌƵƚŽ ĚĞDĠǆŝĐŽ ĂƉĞŶĂƐĂƵŵĞŶƚſĞŶƉƌŽŵĞĚŝŽϭϴйƉĂƌĂĂůĐĂŶǌĂƌĞůĐƌĞĐŝ-ŵŝĞŶƚŽĞƐƉĞƌĂĚŽĚĞϮϳйĐŽŵŽůŽŚĂŶƐŽƐƚĞŶŝĚŽůĂƐĂƵ-ƚŽƌŝĚĂĚĞƐĚĞůĂ^ĞĐƌĞƚĂƌşĂĚĞĂĐŝĞŶĚĂǇƌĠĚŝƚŽWƷďůŝĐŽĞƐŶĞĐĞƐĂƌŝŽƋƵĞůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂĐƌĞǌĐĂĞŶĞůƐĞ-ŐƵŶĚŽƐĞŵĞƐƚƌĞĂůƌĞĚĞĚŽƌĚĞϯϲйgtŽĐƵĂůƉĂƌĞĐĞƉŽĐŽƉƌŽďĂďůĞ ĂƵŶ ĐŽŶƐŝĚĞƌĂŶĚŽ ƵŶŵĂǇŽƌ ĚŝŶĂŵŝƐŵŽ ĚĞ ůĂĞĐŽŶŽŵşĂĚĞůŽƐhĚƵƌĂŶƚĞĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞĠƐƚĞĂŹŽ Ǉ ƵŶ ĐƌĞĐŝŵŝĞŶƚŽ ƐŝŐŶŝĨŝĐĂƚŝǀŽ ĚĞ ůĂƐ ĞǆƉŽƌƚĂĐŝŽŶĞƐŵĞǆŝĐĂŶĂƐĞŶůŽƋƵĞƌĞƐƚĂĚĞϮϬϭϰ

WŽƌ ŽƚƌĂ ƉĂƌƚĞ ƐĞ ĞƐƉĞƌĂ ƋƵĞ ůĂ ŝŶŇĂĐŝſŶ ƐĞŵĂŶƚĞŶŐĂĚĞŶƚƌŽĚĞůŝŶƚĞƌǀĂůŽŽďũĞƟǀŽĚĞůĂŶĐŽĚĞDĠǆŝĐŽĞůĐƵĂůĞƐƚĂďůĞĐĞƵŶƌĂŶŐŽĚĞǀĂƌŝĂĐŝſŶĞŶƚƌĞϮϬǇϰϬй^ŝŶĞŵ-ďĂƌŐŽĞŶĞůŵĞƐĚĞĂŐŽƐƚŽĚĞůƉƌĞƐĞŶƚĞĂŹŽůĂŝŶŇĂĐŝſŶĂƵŵĞŶƚſ Ϭϯϲй ĚĞďŝĚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ůĂ ĂůǌĂ ĞŶ ůŽƐƉƌĞĐŝŽƐ ĚĞ ĂůŐƵŶŽƐ ƉƌŽĚƵĐƚŽƐ ĂŐƌŽƉĞĐƵĂƌŝŽƐ ů ƌĞƐƉĞĐ-ƚŽĞƐƚĂƐĚĞƐǀŝĂĐŝŽŶĞƐĚĞůŽďũĞƟǀŽŝŶŇĂĐŝŽŶĂƌŝŽŚĂŶƐŝĚŽĂďŽƌĚĂĚĂƐƉŽƌůĂƐĂƵƚŽƌŝĚĂĚĞƐĚĞůĂŶĐŽĚĞDĠǆŝĐŽĂƉĂƌ-ƟƌĚĞůŵĂŶĞũŽĚĞůĂƉŽůşƟĐĂŵŽŶĞƚĂƌŝĂ

ŶƌĞůĂĐŝſŶĂůŵĞƌĐĂĚŽ ůĂďŽƌĂůĚĞůƉĂşƐĚĞƐƚĂĐĂĞůĐŽŵ-ƉŽƌƚĂŵŝĞŶƚŽ ĂƐĐĞŶĚĞŶƚĞ ĚĞ ůĂ ƚĂƐĂ ĚĞ ĚĞƐŽĐƵƉĂĐŝſŶ ĂŵĞĚŝĂĚŽƐĚĞϮϬϭϰĚŝĐŚĂƚĂƐĂĞƐŵĞĚŝĚĂĐŽŵŽĞůƉŽƌĐĞŶ-ƚĂũĞĚĞĚĞƐŽĐƵƉĂĚŽƐƌĞƐƉĞĐƚŽĂůĂƉŽďůĂĐŝſŶĞĐŽŶſŵŝĐĂ-ŵĞŶƚĞĂĐƟǀĂWͿǇ ůĂĐƵĂůĚĞĂĐƵĞƌĚŽĐŽŶĞůEĞŶũƵůŝŽĚĞϮϬϭϰĂůĐĂŶǌſƵŶϱϮйĐŝĨƌĂƋƵĞĂůĐŽŵƉĂƌĂƌƐĞĐŽŶůĂĚĞůŵĞƐƉƌĞǀŝŽϰϵйƐĞŽďƐĞƌǀĂƵŶŝŶĐƌĞŵĞŶƚŽĚĞϬϯƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐĞŶĞůŶƷŵĞƌŽĚĞĚĞƐĞŵƉůĞĂĚŽƐĞŵĂŶĞƌĂƐŝŵŝůĂƌ ůĂƚĂƐĂĚĞŝŶĨŽƌŵĂůŝĚĂĚůĂďŽƌĂůʹque inclu-ye ademaacutes del componente que labora en micronegocios no registrados o sector informal otras modalidades anaacute-logas como los ocupados por cuenta propia en la agricul-tura de subsistencia asiacute como trabajadores que laboran sin la proteccioacuten de la seguridad social y cuyos servicios ƐŽŶ ƵƟůŝǌĂĚŽƐ ƉŽƌ ƵŶŝĚĂĚĞƐ ĞĐŽŶſŵŝĐĂƐ ƌĞŐŝƐƚƌĂĚĂƐͲ ĞŶůŽƐƷůƟŵŽƐĚŽƐĂŹŽƐƐĞŚĂƵďŝĐĂĚŽĞŶƚƌĞϱϳǇϲϬйƌĞƐƉĞĐ-ƚŽĂůĂƉŽďůĂĐŝſŶŽĐƵƉĂĚĂŶƉĂƌƟĐƵůĂƌƉĂƌĂĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĚŝĐŚŽŝŶĚŝĐĂĚŽƌƐĞƵďŝĐſĞŶϱϳϳйůŽƋƵĞƐƵŐŝĞƌĞƋƵĞŵĄƐĚĞ ůĂŵŝƚĂĚĚĞ ůĂƉŽďůĂĐŝſŶƚƌĂďĂ-ũĂĚŽƌĂĚĞDĠǆŝĐŽĚĞƐĂƌƌŽůůſƐƵƐĂĐƟǀŝĚĂĚĞƐůĂďŽƌĂůĞƐĞŶĚŝĐŚĂƐĐŽŶĚŝĐŝŽŶĞƐ

DŝŐƵĞůŶŐĞůşĂǌĂƌƌĞŹŽdKZ

^ĞƉƟĞŵďƌĞĚĞϮϬϭϰ



IntroduccioacutenŶũƵŶŝŽƉĂƐĂĚŽĞůĂŶĐŽĚĞDĠǆŝĐŽƉƌĞƐĞŶƚſƐƵŝŶĨŽƌŵĞƚƌŝŵĞƐƚƌĂů ĚĞ ůĂ ĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ ƌĞŐŝŽŶĂů ĞŶDĠǆŝ-ĐŽ Reporte sobre las economiacuteas regionales enero-marzo ϮϬϭϰgtŽƐƌĞƐƵůƚĂĚŽƐŝŶĚŝĐĂŶƋƵĞůĂĚĞƐĂĐĞůĞƌĂĐŝſŶĚĞůĂĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ ƋƵĞ ƐĞ ŽďƐĞƌǀſ ĞŶ ůĂ ŵĂǇŽƌşĂ ĚĞůĂƐƌĞŐŝŽŶĞƐĚĞůƉĂşƐĂůĐŝĞƌƌĞĚĞϮϬϭϯƐĞƉƌŽůŽŶŐſĂůŝŶŝ-ĐŝŽĚĞϮϬϭϰŶĐŽŶƐĞĐƵĞŶĐŝĂ ůĂƐĞĐŽŶŽŵşĂƐ ƌĞŐŝŽŶĂůĞƐƐĞ ĞǆƉĂŶĚŝĞƌŽŶ Ă ƵŶĂďĂũĂ ƚĂƐĂ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĞĂĐƵĞƌĚŽĐŽŶĞůŶĚŝĐĂĚŽƌZĞŐŝŽŶĂůĚĞDĂŶƵĨĂĐƚƵƌĂƐĚĞŵĂŶĞƌĂĞƐƉĞĐşĮĐĂůĂĂĐƟǀŝ-ĚĂĚŵĂŶƵĨĂĐƚƵƌĞƌĂĞŶĞůŶŽƌƚĞĞůĐĞŶƚƌŽŶŽƌƚĞǇĞůƐƵƌƐĞĞǆƉĂŶĚŝſĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰƌĞƐƉĞĐƚŽĂůŵŝƐ-ŵŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĂŶƚĞƌŝŽƌ ŵŝĞŶƚƌĂƐƋƵĞĞŶĞůĐĞŶƚƌŽƐĞŵĂŶƚƵǀŽĞƐƚĂŶĐĂĚĂĂŶǆŝĐŽϮϬϭϰͿ

ŶĞƐƚĞĐŽŶƚĞǆƚŽĞůŽďũĞƟǀŽĚĞůƉƌĞƐĞŶƚĞƚƌĂďĂũŽĞƐŚĂĐĞƌƵŶĂƌĞǀŝƐŝſŶĚĞůŽƋƵĞŚĂŽĐƵƌƌŝĚŽĞŶůŽƐŵĞƐĞƐƌĞĐŝĞŶ-ƚĞƐĐŽŶůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂǇĞůĞŵƉůĞŽĞŶůĂƌĞŐŝſŶĐĞŶƚƌŽĚĞDĠǆŝĐŽů ŝŶƚĞƌĠƐƉŽƌĚĞƐƚĂĐĂƌĂĞƐƚĂ ƌĞŐŝſŶƐĞĚĞďĞĂƋƵĞĞƐƵŶĂƌĞŐŝſŶƋƵĞƉŽƌŵƵĐŚŽƐĂŹŽƐƐĞŚĂĐĂƌĂĐƚĞƌŝǌĂĚŽƉŽƌƐƵĚŝŶĄŵŝĐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĂĚĞŵĄƐĚĞƋƵĞŝŶĐůƵǇĞĂůƐƚĂĚŽĚĞDĠǆŝĐŽĐƵǇĂǀŽĐĂĐŝſŶŝŶĚƵƐƚƌŝĂůǇĐŽŶƚƌŝďƵĐŝſŶĂůWŶĂĐŝŽŶĂůůĂŚĂŶƵďŝĐĂĚŽĐŽŵŽƵŶĂĚĞůĂƐĞŶƟĚĂĚĞƐŵĄƐŝŵƉŽƌƚĂŶƚĞƐĚĞůƉĂşƐ

ŶĞů ƉƌŝŵĞƌ ĂƉĂƌƚĂĚŽ ƐĞŚĂĐĞƵŶĂ ƌĞǀŝƐŝſŶ ĚĞŵĂŶĞƌĂŐĞŶĞƌĂůĚĞůĚĞƐĞŵƉĞŹŽĚĞ ůĂƐĞŶƟĚĂĚĞƐ ĨĞĚĞƌĂƟǀĂƐĞŶ

ůŽƋƵĞǀĂĚĞϮϬϭϰĐŽŶĞůĮŶĚĞƵďŝĐĂƌůĂƚĞŶĚĞŶĐŝĂĚĞůĂƌĞŐŝſŶĐĞŶƚƌŽĞŶĞůƐĞŐƵŶĚŽĂƉĂƌƚĂĚŽƐĞŚĂĐĞƵŶĂƌĞǀŝ-ƐŝſŶĂŵĂǇŽƌĚĞƚĂůůĞĚĞůŽĞƐƚĄŽĐƵƌƌŝĞŶĚŽĐŽŶĞůĞŵƉůĞŽĞŶĐĂĚĂĞŶƟĚĂĚĨĞĚĞƌĂƟǀĂƋƵĞ ŝŶƚĞŐƌĂ ůĂƌĞŐŝſŶĐĞŶƚƌŽampŝŶĂůŵĞŶƚĞƐĞƉƌĞƐĞŶƚĂŶĂůŐƵŶĂƐĐŽŶĐůƵƐŝŽŶĞƐ

1 La actividad econoacutemica en las regiones de MeacutexicoĞĂĐƵĞƌĚŽĐŽŶůŽƐƌĞƐƵůƚĂĚŽƐĚĞůŶĚŝĐĂĚŽƌdƌŝŵĞƐƚƌĂůĚĞůĂĐƟǀŝĚĂĚĐŽŶſŵŝĐĂƐƚĂƚĂůdͿůĂƐĞŶƟĚĂĚĞƐĨĞĚĞƌĂƟ-ǀĂƐƋƵĞŵĄƐĐƌĞĐŝĞƌŽŶĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĨƵĞƌŽŶŐƵĂƐĐĂůŝĞŶƚĞƐĐŽŶϵϴйĂĐĂƚĞĐĂƐϴϴйŽůŝŵĂǇDŝĐŚŽĂĐĄŶĚĞKĐĂŵƉŽĐŽŶϲϯйĐĂĚĂƵŶĂĂũĂĂůŝĨŽƌŶŝĂ^ƵƌϲϮйŽĂŚƵŝůĂĚĞĂƌĂŐŽǌĂϱϯйŚŝĂƉĂƐϱϮйƵĂŶĂ-ũƵĂƚŽϱϬйǇYƵĞƌĠƚĂƌŽĐŽŶϰϵйWŽƌŽƚƌŽůĂĚŽůĂƐƋƵĞƌĞ-ƉŽƌƚĂƌŽŶůĂƐĐĂşĚĂƐŵĄƐŝŵƉŽƌƚĂŶƚĞƐĨƵĞƌŽŶDŽƌĞůŽƐĂũĂĂůŝĨŽƌŶŝĂ Ǉ ^ŝŶĂůŽĂ ͲϭϲйͿ ĂŵƉĞĐŚĞ ͲϭϭйͿ sĞƌĂĐƌƵǌͲϬϳйͿEĂǇĂƌŝƚͲϬϱйͿǇWƵĞďůĂͲϬϰйͿ

^ŝďŝĞŶĞů dĚĞũĂǀĞƌƵŶĂŚĞƚĞƌŽŐĞŶĞŝĚĂĚĞŶĞů ĐƌĞĐŝ-ŵŝĞŶƚŽĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĚĞůĂƐĞŶƟĚĂĚĞƐĞƐŝŵ-ƉŽƌƚĂŶƚĞĚĞƐƚĂĐĂƌƋƵĞůĂƌĞĐƵƉĞƌĂĐŝſŶƋƵĞƐĞŽďƐĞƌǀĂĞŶůĂŵĂǇŽƌşĂĚĞůŽƐĞƐƚĂĚŽƐŚĂĐĞƐƵƉŽŶĞƌƋƵĞĞŶůŽƋƵĞƌĞƐƚĂĚĞůĂŹŽƐĞƉƵĞĚĞĨŽƌƚĂůĞĐĞƌĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂƐƌĞŐŝŽŶĞƐǇƐƵƉĞƌĂƌ ůŽƐŶŝǀĞůĞƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůŵŝƐŵŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĂŶƚĞƌŝŽƌ gtĂŐƌĄĮĐĂϭĞƐĐůĂƌĂĞŶĞůƐĞŶƟĚŽĚĞƋƵĞĞůĞƐĐĂƐŽĐƌĞĐŝŵŝĞŶƚŽĚĞůWƌĞĂůĐŽŶĞůƋƵĞĐĞƌƌſůĂĞĐŽ-

Actividad econoacutemica y empleoen la regioacuten centro de Meacutexico

Los datos a junio de 2014gtĞŽďĂƌĚŽĚĞĞƐƷƐůŵŽŶƚĞzŽůĂŶĚĂĂƌďĂũĂů^ƵĄƌĞǌϭ

1 Profesores investigadores de la Facultad de Economiacutea de la Universidad Autoacutenoma del Estado de Meacutexico Correo electroacutenico ldejesusauaemexmx y yolanda_carbajalhotmailcom respectivamente

Actividad econoacutemica y empleo en la regioacuten centro de Meacutexico

julio - septiembre 2014Antildeo 7 Nuacutem 3 5

2 En este trabajo seguimos la regionalizacioacuten del Banco de Meacutexico que incluye en la Regioacuten Centro al Distrito Federal Estado de Meacutexico Guanajuato Hidalgo Morelos Puebla Quereacutetaro y Tlaxcala (Banxico 2014)

ŶŽŵşĂŵĞǆŝĐĂŶĂ ĞŶ Ğů ϮϬϭϯ ǇĂ ƐĞ ǀĞşĂ ĞŶ ůŽƐ ƌĞƐƵůƚĂĚŽƐĚĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞĞƐĞĂŹŽƐƚĂĚŽƐĐŽŵŽĂĐĂƚĞĐĂƐǇŚŝĂƉĂƐƋƵĞĂůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϯƌĞƉŽƌƚĂƌŽŶƵŶĂĐĂşĚĂŝŵƉŽƌƚĂŶƚĞĞŶůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂͲϵϰйǇͲϱϮйƌĞƐƉĞĐƟǀĂŵĞŶƚĞͿŵŝĞŶƚƌĂƐƋƵĞĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰ ĨƵĞƌŽŶ ĚĞ ůŽƐ ĞƐƚĂĚŽƐ ƋƵĞ ŵĄƐ ĐƌĞĐŝĞƌŽŶ ϴϳй ǇϱϮйƌĞƐƉĞĐƟǀĂŵĞŶƚĞͿ

ŽŶƌĞůĂĐŝſŶĂůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂƐĞŶƟĚĂĚĞƐƋƵĞŝŶ-ƚĞŐƌĂŶůĂZĞŐŝſŶĞŶƚƌŽϮ ůŽƐƌĞƐƵůƚĂĚŽƐƐŽŶŵƵǇŵŽĚĞƐ-ƚŽƐůŽƋƵĞŚĂĐĞƉĞŶƐĂƌĞŶƵŶĂƌĞŐŝſŶƋƵĞƐĞŚĂĞƐƚĂŶĐĂĚŽĞŶƐƵĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĐŽŶƌĞůĂĐŝſŶĂůĂĚŝŶĄŵŝĐĂĚĞůƌĞƐƚŽĚĞůĂƐƌĞŐŝŽŶĞƐĚĞůƉĂşƐƉĂƌƟĐƵůĂƌŵĞŶƚĞĚĞůĂƌĞŐŝſŶEŽƌƚĞ gtŽƐ ĚĂƚŽƐ ĚĞů d Ăů ƉƌŝŵĞƌ ƚƌŝŵĞƐƚƌĞ ĚĞ ϮϬϭϰĂƌƌŽũĂŶ ĐƌĞĐŝŵŝĞŶƚŽƐŵƵǇďĂũŽƐ ƋƵĞ ĂƉĞŶĂƐ ĂůĐĂŶǌĂŶ ĞůϭϲйĐŽŵŽĞůŝƐƚƌŝƚŽampĞĚĞƌĂůĂĞǆĐĞƉĐŝſŶĚĞYƵĞƌĠƚĂƌŽƋƵĞĐƌĞĐŝſĞŶϰϵйƌĞƐƉĞĐƚŽĂůƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĂŶƚĞƌŝŽƌ

ŶůŽƐĚŽƐĂŹŽƐƌĞĐŝĞŶƚĞƐĞƐĞǀŝĚĞŶƚĞƵŶĐƌĞĐŝŵŝĞŶƚŽŵƵǇůĞŶƚŽĚĞůĂŵĂǇŽƌşĂĚĞůĂƐĞŶƟĚĂĚĞƐĚĞůĂƌĞŐŝſŶǀĠĂƐĞŐƌĄĮĐĂϭͿƐƚĞĐŽŵƉŽƌƚĂŵŝĞŶƚŽĞƐŝŵƉŽƌƚĂŶƚĞǇŵĞƌĞĐĞƵŶĂŶĄůŝƐŝƐŵĄƐĞǆŚĂƵƐƟǀŽƋƵĞŶŽĞƐĞůŽďũĞƟǀŽĚĞůƉƌĞ-ƐĞŶƚĞĂƌơĐƵůŽƐŽďƌĞƚŽĚŽƉŽƌƋƵĞĚƵƌĂŶƚĞŵƵĐŚŽƐĂŹŽƐůĂƌĞŐŝſŶƐĞĐĂƌĂĐƚĞƌŝǌſƉŽƌƐĞƌŵƵǇĚŝŶĄŵŝĐĂĐŽŶƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƐƵƉĞƌŝŽƌĞƐĂůŶĂĐŝŽŶĂůǇ ƐŽďƌĞƚŽĚŽƉŽƌƋƵĞŝŶĐůƵǇĞĂĚŽƐĚĞůĂƐĞŶƟĚĂĚĞƐƋƵĞĚƵƌĂŶƚĞĚĠĐĂĚĂƐĨƵĞ-ƌŽŶƌĞĨĞƌĞŶƚĞƉŽƌƐƵƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĞůŝƐƚƌŝƚŽampĞ-ĚĞƌĂůǇĞůƐƚĂĚŽĚĞDĠǆŝĐŽƋƵĞƐŽŶĚŽƐĚĞůĂƐĞĐŽŶŽŵşĂƐŵĄƐŝŵƉŽƌƚĂŶƚĞƐĚĞůƉĂşƐƋƵĞĞŶϮϬϭϬĞŶĐŽŶũƵŶƚŽƉĂƌƟĐŝ-ƉĂďĂŶĐŽŶϮϲϮйĚĞůWƚŽƚĂůEϮϬϭϰĂͿZĞĐƵĠƌĚĞ-ƐĞƋƵĞŝŶĐůƵƐŽĞƐƚĂƐĚŽƐĞŶƟĚĂĚĞƐƐĞŚĂŶĐĂƌĂĐƚĞƌŝǌĂĚŽƉŽƌŵƵĐŚŽƐĂŹŽƐƉŽƌƐƵǀŽĐĂĐŝſŶŝŶĚƵƐƚƌŝĂůDĄƐĂƷŶƐĞĞƐƉĞƌĂƌşĂƋƵĞůĂƌĞŐŝſŶƚƵǀŝĞƌĂƵŶŵĞũŽƌĚĞƐĞŵƉĞŹŽƉŽƌ-ƋƵĞŝŶĐůƵǇĞĂWƵĞďůĂYƵĞƌĠƚĂƌŽǇƵĂŶĂũƵĂƚŽĐƵǇŽĂƵŐĞŵĂŶƵĨĂĐƚƵƌĞƌŽƐƵƉŽŶĚƌşĂůĂĨƵĞƌǌĂĚĞůĂZĞŐŝſŶĞŶƚƌŽ

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ƌĞĐŝŵŝĞŶƚŽƌĞĂůƌĞƐƉĞĐƚŽĂůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĂŶƚĞƌŝŽƌ

ampƵĞŶƚĞĞůĂďŽƌĂĚŽĐŽŶĚĂƚŽƐĚĞůEϮϬϭϰͿ

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WƵĞŚŝŚDŽƌƵƌŝĚEgt

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DŝĐŚDĠǆYZŽŽ

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ͲϭϬϬϬപപപപപͲϱϬϬപപപപപϬϬϬപപപപപപϱϬϬപപപപപപϭϬϬϬ ͲϰϬϬപͲϮϬϬപപϬϬϬപപϮϬϬപപϰϬϬപപϲϬϬപപϴϬϬപപϭϬϬϬപപϭϮϬϬ

julio - septiembre 2014 Antildeo 7 Nuacutem 36

Leobardo de Jesuacutes Almonte Yolanda Carbajal

ƐƚŽƐĚĂƚŽƐƐŽŶĐŽŶŐƌƵĞŶƚĞƐĐŽŶĞůReporte sobre las eco-nomiacuteas regionalesĚĞůĂŶĐŽĚĞDĠǆŝĐŽĐƵǇŽ1ŶĚŝĐĞŽŝŶ-ĐŝĚĞŶƚĞZĞŐŝŽŶĂůŝŶĚŝĐĂĚŽƌĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĞŶůĂƐ ƌĞŐŝŽŶĞƐĚĞůƉĂşƐ ĐŽŶƟŶƵſŵŽƐƚƌĂŶĚŽĚĞďŝůŝĚĂĚĚƵ-ƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰůşŶĚŝĐĞƌĞĮĞƌĞƋƵĞůĂĂĐƟǀŝĚĂĚŵĂŶƵĨĂĐƚƵƌĞƌĂĞŶĞƐƚĞƚƌŝŵĞƐƚƌĞƐĞĞǆƉĂŶĚŝſĞŶĞůŶŽƌƚĞĞůĐĞŶƚƌŽŶŽƌƚĞǇĞůƐƵƌ ŵŝĞŶƚƌĂƐƋƵĞĞŶĞůĐĞŶƚƌŽƐĞŵĂŶƚƵǀŽĞƐƚĂŶĐĂĚĂĂŶǆŝĐŽϮϬϭϰͿ

ůĚĞƐĞŵƉĞŹŽĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĞŶůĂƐƌĞŐŝŽŶĞƐǇ ĞŶĞƐƉĞĐşĮĐŽĞŶůĂZĞŐŝſŶĞŶƚƌŽŶŽƐƐƵŐŝĞƌĞƌĞǀŝƐĂƌůŽƋƵĞĞƐƚĄŽĐƵƌƌŝĞŶĚŽĐŽŶĞůĞŵƉůĞŽƋƵĞĞƐƵŶŝŶĚŝĐĂĚŽƌŵƵǇƐĞŶƐŝďůĞĂůĂƐŇƵĐƚƵĂĐŝŽŶĞƐĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝ-ĐĂ^ŽďƌĞƚŽĚŽĞŶƵŶĐŽŶƚĞǆƚŽĞŶĞůƋƵĞůĂƉƌŽĚƵĐĐŝſŶŶŽƚĞƌŵŝŶĂƉŽƌĐƌĞĐĞƌĚĞŵĂŶĞƌĂƐŽƐƚĞŶŝĚĂǇĞŶĞůƋƵĞƐĞŚĂĂũƵƐƚĂĚŽůĂĞǆƉĞĐƚĂƟǀĂĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂϮϬϭϰ3

2 El empleo en la regioacuten centrode MeacutexicoƉĂƌƟƌ ĚĞ ůŽƐ ƌĞŐŝƐƚƌŽƐ ĚĞ ƚƌĂďĂũĂĚŽƌĞƐ ĂƐĞŐƵƌĂĚŽƐ ĞŶĞů ŶƐƟƚƵƚŽDĞǆŝĐĂŶŽ ĚĞů ^ĞŐƵƌŽ ^ŽĐŝĂů D^^Ϳ ƐĞ ŚĂĐĞƵŶĂƌĞǀŝƐŝſŶĚĞ ůŽƋƵĞŚĂŽĐƵƌƌŝĚŽĞŶ ůŽƐŵĞƐĞƐƌĞĐŝĞŶ-ƚĞƐĚĞϮϬϭϰƐŽďƌĞƚŽĚŽƉŽƌƋƵĞĐŽŵŽƐĞĐŽŵĞŶƚſĞŶĞůĂƉĂƌƚĂĚŽĂŶƚĞƌŝŽƌ ůŽƐŵĞƐĞƐƌĞĐŝĞŶƚĞƐŚĂŶƐŝĚŽĚĞĞƐĐĂ-ƐŽĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂ ůĂ ƌĞŐŝſŶ gtĂZĞŐŝſŶĞŶƚƌŽĞƐŵƵǇŝŵƉŽƌƚĂŶƚĞƉŽƌĞůƚŽƚĂůĚĞĞŵƉůĞŽƐŐĞŶĞƌĂĚŽƐĞŶĞůƉĂşƐ

ĞŶƚƌĞϮϬϭϬǇ ůŽƋƵĞǀĂĚĞϮϬϭϰĞů ƚŽƚĂůĚĞƚƌĂďĂũĂĚŽƌĞƐĂƐĞŐƵƌĂĚŽƐĞŶĞůD^^ƌĞƉƌĞƐĞŶƚĂŶĂůƌĞĚĞĚŽƌĚĞůϯϴϬйĞƐĚĞĐŝƌ ƉŽĐŽŵĄƐĚĞůĂƚĞƌĐĞƌĂƉĂƌƚĞĚĞůŽƐĞŵƉůĞŽƐĨŽƌ-ŵĂůĞƐŐĞŶĞƌĂĚŽƐĞŶĞůƉĂşƐŽŶ ƌĞůĂĐŝſŶĂ ůŽƐĞŵƉůĞŽƐƉĞƌŵĂŶĞŶƚĞƐ ůĂ ƌĞŐŝſŶƉĂƌƟĐŝƉĂĐŽŶƵŶƉŽƌĐĞŶƚĂũĞĐĂƐŝŝŐƵĂůŵŝĞŶƚƌĂƐƋƵĞĞůƌĞŐŝƐƚƌŽĚĞĞŵƉůĞŽƐĞǀĞŶƚƵĂůĞƐĞƐĂůƌĞĚĞĚŽƌĚĞϰϭϬйĞŶĞƐƚŽƐŵŝƐŵŽƐĂŹŽƐǀĞƌĐƵĂĚƌŽϭͿ

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1 Recientemente la Comisioacuten Econoacutemica para Ameacuterica Latina y el Caribe (CEPAL 2014) actualizoacute su estimacioacuten de crecimiento para Meacutexico a 25 para 2014 cuando su uacuteltima estimacioacuten habiacutea sido de 30 Maacutes auacuten recueacuterdese que el antildeo anterior el PIB real de Meacutexico soacutelo crecioacute en 11



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dŽƚĂůϮϬϭϬ ϭϰϱϮϰϰϰϴ ϮϱϬϮϱϬϴ ϲϮϯϭϰϱ ϭϲϯϵϴϲ ϭϭϴϲϱϭϲ ϭϳϮϴϬϮ ϰϯϰϮϮϳ ϯϯϱϲϱϯ ϲϴϯϴϲ ϱϰϴϳϮϮϯ ϯϳϳϴ

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ϮϬϭϯ ϭϰϭϮϯϬϳϳ ϮϰϴϯϬϵϱ ϲϯϱϳϴϰ ϭϰϳϬϱϯ ϭϬϵϲϵϭϯ ϭϲϴϯϬϳ ϰϮϬϳϱϮ ϯϯϲϴϱϵ ϲϮϲϳϴ ϱϯϱϭϰϰϬ ϯϳϴϵ

ϮϬϭϰΎ ϭϰϰϬϬϵϬϮ ϮϱϰϳϱϭϬ ϲϲϰϭϴϴ ϭϱϬϵϯϳ ϭϭϬϯϮϬϵ ϭϲϵϳϵϯ ϰϮϱϲϵϰ ϯϰϴϵϵϵ ϲϭϮϳϭ ϱϰϳϭϲϬϬ ϯϳϵϵǀĞŶƚƵĂůĞƐ

ϮϬϭϬ ϭϴϴϰϭϵϵ Ϯϵϵϭϱϯ ϳϭϵϮϱ ϮϵϵϮϰ ϮϬϲϱϮϴ ϮϯϯϮϬ ϱϴϳϰϯ ϲϱϱϮϭ ϭϮϬϯϭ ϳϲϳϭϰϰ ϰϬϳϭ

ϮϬϭϭ ϮϬϱϮϬϯϭ ϯϯϴϵϲϳ ϳϵϳϵϮ ϯϳϰϮϵ ϮϭϴϬϳϭ Ϯϰϵϰϲ ϲϰϴϴϮ ϳϮϱϭϱ ϭϯϴϬϴ ϴϱϬϰϭϬ ϰϭϰϰ

ϮϬϭϮ ϮϮϭϴϮϬϬ ϯϲϭϮϵϳ ϴϴϯϯϱ ϰϭϴϳϴ ϮϯϮϲϲϱ ϮϳϬϴϱ ϳϬϵϱϰ ϳϵϳϲϳ ϭϰϲϴϲ ϵϭϲϲϲϲ ϰϭϯϮ

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ŝƐƚƌŝƚŽampĞĚĞƌĂů ƵĂŶĂũƵĂƚŽ ŝĚĂůŐŽ DĠǆŝĐŽ DŽƌĞůŽƐ WƵĞďůĂ YƵĞƌĠƚĂƌŽ důĂǆĐĂůĂ



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gtĂ ŝŶĨŽƌŵĂĐŝſŶ ĐŽŶƚĞŶŝĚĂ ĞŶ Ğů ĐƵĂĚƌŽ Ϯ ŶŽƐ ƉĞƌŵŝƚĞƌĞǀŝƐĂƌĐŽŶŵĂǇŽƌĚĞƚĂůůĞ ůĂĞǀŽůƵĐŝſŶĚĞůĞŵƉůĞŽĞŶ ůĂƌĞŐŝſŶ ƉĂƌĂ ůŽƐ ŵĞƐĞƐ ƌĞĐŝĞŶƚĞƐ ^Ğ ŝĚĞŶƟĮĐĂŶ ĂůŐƵŶŽƐƌĂƐŐŽƐŵƵǇŝŵƉŽƌƚĂŶƚĞƐĞŶůĂĞƐƚƌƵĐƚƵƌĂĚĞƚƌĂďĂũĂĚŽƌĞƐĂƐĞŐƵƌĂĚŽƐĞŶĞůD^^ĞƐĚĞĐŝƌ ĞŶƚƌĞĞůƚŽƚĂůǇƐƵĚĞƐĂ-ŐƌĞŐĂĐŝſŶĞŶƚƌĞƉĞƌŵĂŶĞŶƚĞƐǇĞǀĞŶƚƵĂůĞƐƉƌŝŵĞƌŽĐŽŶƌĞůĂĐŝſŶĂůƚŽƚĂůĚĞƐƚĂĐĂŶĞůŝƐƚƌŝƚŽampĞĚĞƌĂůƵĂŶĂũƵĂƚŽŝĚĂůŐŽǇYƵĞƌĠƚĂƌŽƋƵĞĚƵƌĂŶƚĞ ůŽƐŵĞƐĞƐĚĞĞŶĞƌŽĂũƵŶŝŽĚĞϮϬϭϰŚĂŶĐƌĞĐŝĚŽĂƚĂƐĂƐƌĞůĂƟǀĂŵĞŶƚĞĂůƚĂƐĐŽŶƌĞůĂĐŝſŶĂůĐƌĞĐŝŵŝĞŶƚŽĚĞůĞŵƉůĞŽƚŽƚĂůŶĂĐŝŽŶĂů^ŽďƌĞ-ƐĂůĞŶƵĂŶĂũƵĂƚŽĞŝĚĂůŐŽƋƵĞĞŶĞƐƚŽƐŵĞƐĞƐƌĞŐŝƐƚƌĂŶĐƌĞĐŝŵŝĞŶƚŽƐĞŶĞůĞŵƉůĞŽ ƚŽƚĂůĚĞϱϲϳйǇϯϰϳйƉĂƌĂ

ĞŶĞƌŽ ƌĞƐƉĞĐƟǀĂŵĞŶƚĞǇĚĞϳϳϲйǇϲϭϴйƉĂƌĂ ũƵŶŝŽƌĞƐƉĞĐƟǀĂŵĞŶƚĞŵŝĞŶƚƌĂƐĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĞŵƉůĞŽƚŽ-ƚĂůƉĂƌĂĞůƉĂşƐĞƐĚĞϮϳϰйǇϯϰϵйƉĂƌĂůŽƐŵŝƐŵŽƐŵĞ-ƐĞƐ ƐĞŐƵŶĚŽ ůĂƐĞŶƟĚĂĚĞƐƋƵĞŵĞŶŽƐĞŵƉůĞŽƐ ƚŽƚĂůĞƐŐĞŶĞƌĂƌŽŶĂƉĂƌƟƌĚĞƐƵƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĨƵĞƌŽŶĞůƐƚĂĚŽĚĞDĠǆŝĐŽDŽƌĞůŽƐWƵĞďůĂǇdůĂǆĐĂůĂŶĐůƵƐŽĂů-ŐƵŶŽƐĐŽŵŽdůĂǆĐĂůĂƌĞŐŝƐƚƌĂƌŽŶƉĠƌĚŝĚĂƐĚĞĞŵƉůĞŽƐĞŶĂůŐƵŶŽƐŵĞƐĞƐǀĞƌĐƵĂĚƌŽϮͿ

dĞƌĐĞƌŽ ĐŽŶ ƌĞůĂĐŝſŶ Ă ůŽƐ ĞŵƉůĞŽƐ ƉĞƌŵĂŶĞŶƚĞƐ ĚĞƐ-ƚĂĐĂŶ ůŽƐ ŵŝƐŵŽƐ ĞƐƚĂĚŽƐ ĐƵǇĂƐ ƚĂƐĂƐ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽƐĞ ĞŶĐƵĞŶƚƌĂŶ ƉŽƌ ĂƌƌŝďĂ ĚĞů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞů ƚŽƚĂů ĚĞĞŵƉůĞŽƐƉĞƌŵĂŶĞŶƚĞƐŐĞŶĞƌĂĚŽƐĞŶĞůƉĂşƐ ƐŽďƌĞ ƚŽĚŽƵĂŶĂũƵĂƚŽǇYƵĞƌĠƚĂƌŽƋƵĞĞŶĞŶĞƌŽĚĞϮϬϭϰƌĞƉŽƌƚĂ-ƌŽŶĐƌĞĐŝŵŝĞŶƚŽĞŶůŽƐĞŵƉůĞŽƐƉĞƌŵĂŶĞŶƚĞƐĂƚĂƐĂƐĚĞϱϲйǇϱϴйƌĞƐƉĞĐƟǀĂŵĞŶƚĞǇƉĂƌĂũƵŶŝŽĚĞůŵŝƐŵŽĂŹŽĚĞϲϳйǇϰϳйƌĞƐƉĞĐƟǀĂŵĞŶƚĞ^ŽŶĚĂƚŽƐĚĞƐƚĂĐĂďůĞƐƉŽƌƋƵĞĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůƚŽƚĂůĚĞĞŵƉůĞŽƐƉĞƌŵĂŶĞŶƚĞƐŐĞŶĞƌĂĚŽƐĞŶĞůƉĂşƐĞŶůŽƐŵŝƐŵŽƐŵĞƐĞƐĨƵĞĚĞϮϲйǇϯϮйƌĞƐƉĞĐƟǀĂŵĞŶƚĞǀĞƌĐƵĂĚƌŽϮͿ

ƌĄĮĐĂϯdƌĂďĂũĂĚŽƌĞƐƉĞƌŵĂŶĞŶƚĞƐĂƐĞŐƵƌĂĚŽƐĞŶĞůD^^ƉŽƌĞŶƟĚĂĚĨĞĚĞƌĂƟǀĂϮϬϭϬϭͲϮϬϭϰϲ



ϭϱϬ

ϭϰϬ

ϭϯϬ

ϭϮϬ

ϭϭϬ

ϭϬϬ





ƵĂƌƚŽůůĂŵĂůĂĂƚĞŶĐŝſŶĞůĐĂƐŽĚĞdůĂǆĐĂůĂƋƵĞĞƐůĂƷŶŝĐĂĞŶƟĚĂĚƋƵĞĞŶůŽƐŵĞƐĞƐĚĞĞŶĞƌŽĂũƵŶŝŽĚĞϮϬϭϰƌĞŐŝƐƚƌĂĐƌĞĐŝŵŝĞŶƚŽƐŶĞŐĂƟǀŽƐĞŶůŽƐĞŵƉůĞŽƐƉĞƌŵĂŶĞŶƚĞƐƉĞ-ƐĂƌĚĞƋƵĞĞƐƚŽƐĚĂƚŽƐŶŽƐŽŶĂůĞŶƚĂĚŽƌĞƐƉŽƌƋƵĞƌĞŇĞũĂŶƵŶĚĞƚĞƌŝŽƌŽĞŶĞůŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽĚĞůĂĞŶƟĚĂĚŝŶĐůƵ-

ƵĂĚƌŽϮdƌĂďĂũĂĚŽƌĞƐƐĞŐƵƌĂĚŽƐĞŶĞůD^^ƉŽƌŶƟĚĂĚampĞĚĞƌĂƟǀĂ

dĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽ

ŝƐƚƌŝƚŽampĞĚĞƌĂů ƵĂŶĂũƵĂƚŽ ŝĚĂůŐŽ DĠǆŝĐŽ DŽƌĞůŽƐ WƵĞďůĂ YƵĞƌĠƚĂƌŽ důĂǆĐĂůĂ dŽƚĂůŶĂĐŝŽŶĂů

dŽƚĂů

ϮϬϭϭ ϰϱϭ ϱϯϯ ϳϰϴ ϰϳϬ ϰϯϴ ϵϭϵ ϰϮϵ ϰϯϯ

ϮϬϭϮ ϰϯϱ ϱϰϲ ϰϵϱ ϱϱϲ ϱϮϮ ϱϲϵ ϳϳϴ ϰϴϭ ϰϲϰ

ϮϬϭϯ ϰϳϱ ϱϰϲ ϯϱϲ ϭϱϮ ϮϭϮ ϯϭϯ ϲϯϵ ϰϳϰ ϯϰϵ

ϮϬϭϰ ϯϵϴ ϱϲϳ ϯϰϳ Ϭϭϲ Ϯϭϰ ϭϴϭ ϰϰϯ ϬϮϲ Ϯϳϰ

amp ϯϵϮ ϱϴϬ ϯϴϮ Ϭϯϱ ϭϵϮ ϭϱϱ ϰϬϳ Ϭϯϲ Ϯϳϱ

D ϰϬϱ ϲϲϭ ϱϱϱ Ϭϵϲ Ϭϱϳ ϭϵϭ ϰϱϱ Ϭϲϴ ϯϬϳ

A ϯϴϲ ϲϱϴ ϱϯϱ Ϭϲϲ Ϭϰϴ ϭϰϯ ϰϭϵ ͲϬϳϰ Ϯϵϵ

D ϯϵϮ ϳϬϮ ϲϰϭ Ϭϵϰ ϭϲϲ ϮϮϱ ϯϵϵ ͲϬϲϰ ϯϮϰ

J ϰϬϵ ϳϳϲ ϲϭϴ ϭϳϲ Ϭϳϰ ϮϬϭ ϰϬϱ Ϭϯϭ ϯϰϵ

WĞƌŵĂŶĞŶƚĞƐ

ϮϬϭϭ ϯϯϮ ϰϲϬ ϯϱϱ ϰϰϰ ϰϯϱ ϯϰϯ ϴϴϯ ϮϬϱ ϯϲϱ

ϮϬϭϮ ϰϬϮ ϰϳϯ ϯϬϴ ϱϯϮ ϰϲϴ ϱϬϴ ϳϮϰ ϰϰϰ ϰϬϵ

ϮϬϭϯ ϰϴϳ ϱϮϵ Ϯϳϲ ϭϳϳ ϯϬϳ ϯϭϭ ϲϴϱ ϰϯϲ ϯϱϲ

ϮϬϭϰ ϯϳϴ ϱϲϬ Ϯϵϰ Ϭϱϲ Ϯϵϰ Ϯϭϴ ϱϳϴ ͲϬϳϴ Ϯϲϲ

amp ϯϳϮ ϱϴϳ ϯϱϯ Ϭϴϳ Ϯϱϳ ϭϳϬ ϱϯϭ ͲϬϳϱ Ϯϲϱ

D ϯϴϯ ϲϰϵ ϯϳϭ ϭϭϱ ϭϰϮ ϭϵϴ ϱϱϲ Ͳϭϵϰ Ϯϴϱ

A ϯϳϲ ϲϱϰ ϰϬϵ Ϭϵϯ ϭϭϰ ϭϳϳ ϱϭϯ Ͳϯϭϭ ϮϴϮ

D ϯϵϬ ϲϴϬ ϰϰϳ Ϭϴϱ ϭϯϬ ϭϵϲ ϰϵϱ ͲϮϰϭ ϯϬϯ

J ϯϴϴ ϲϳϬ ϯϵϱ ϭϲϮ Ϭϵϳ ϮϮϳ ϰϳϭ ͲϮϬϵ ϯϭϴ

ǀĞŶƚƵĂůĞƐ

ϮϬϭϭ ϭϯϯϭ ϭϬϵϰ ϮϱϬϴ ϱϱϵ ϲϵϳ ϭϬϰϱ ϭϬϲϳ ϭϰϳϴ ϴϵϭ

ϮϬϭϮ ϲϱϵ ϭϬϳϭ ϭϭϴϵ ϲϲϵ ϴϱϳ ϵϯϲ ϭϬϬϬ ϲϯϱ ϴϭϬ

ϮϬϭϯ ϰϬϬ ϲϲϮ ϲϮϲ Ϭϯϲ Ͳϯϲϱ ϯϮϱ ϰϱϱ ϲϯϭ ϯϬϳ

ϮϬϭϰ ϱϯϰ ϲϮϮ ϱϮϯ Ͳϭϳϭ ͲϮϱϱ ͲϬϮϮ ͲϬϵϯ ϰϲϮ ϯϮϮ

amp ϱϮϰ ϱϯϬ ϰϴϬ ͲϮϬϳ Ͳϭϵϭ Ϭϳϭ ͲϬϴϭ ϰϴϱ 333

D ϱϱϴ ϳϰϮ ϭϭϴϵ ϬϬϲ ͲϰϰϮ ϭϱϯ Ϭϱϲ ϭϭϱϳ ϰϰϰ

A ϰϱϯ ϲϴϱ ϵϱϳ ͲϬϱϳ Ͳϯϱϰ ͲϬϰϮ Ϭϰϴ ϴϳϴ ϰϬϯ

D ϰϬϲ ϴϱϭ ϭϮϵϳ ϭϯϴ ϰϭϰ ϯϴϳ Ϭϭϳ ϲϰϭ ϰϱϯ

J ϱϰϳ ϭϰϴϵ ϭϯϳϵ Ϯϰϱ ͲϬϵϬ Ϭϱϯ ϭϰϮ ϭϬϭϭ ϱϰϮ


ƐŽĚĞůĂƌĞŐŝſŶŚĂǇĞǀŝĚĞŶĐŝĂƋƵĞƉĂƌĂĞůĐĂƐŽĞƐƉĞĐşĮĐŽĚĞdůĂǆĐĂůĂůĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĞŵƉůĞŽůĂĞŶĨƌĞŶƚſĂƉĂƌƟƌĚĞůĂĐƌĞĂĐŝſŶĚĞƚƌĂďĂũŽĞǀĞŶƚƵĂůƋƵĞĐŽŵŽƐĞŽďƐĞƌǀĂĞŶĞůĐƵĂĚƌŽϮĞƐƚĂĞŶƟĚĂĚũƵŶƚŽĐŽŶƵĂŶĂũƵĂƚŽĞŝĚĂůŐŽƐŽŶůĂƐƋƵĞƌĞŐŝƐƚƌĂƌŽŶŵĂǇŽƌĞƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽ



Conclusiones^ŝďŝĞŶůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂϮϬϭϰĂƉƵŶƚĂŶĂƵŶĂ ůŝŐĞƌĂƌĞĐƵƉĞƌĂĐŝſŶĞŶ ůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĚĞůƉĂşƐůŽƐƌĞƐƵůƚĂĚŽƐƋƵĞĂůĂĨĞĐŚĂƐĞƟĞŶĞŶƉĂƌĂůĂƐƌĞŐŝŽ-ŶĞƐĚĞůƉĂşƐĚĞũĂŶǀĞƌƵŶĂĞĐŽŶŽŵşĂŚĞƚĞƌŽŐĠŶĞĂƉŽƌůŽƐĚŝĨĞƌĞŶƚĞƐƌŝƚŵŽƐĂůŽƐƋƵĞĐƌĞĐĞŶůŽƐĞƐƚĂĚŽƐĞƐƉĞĐşĮĐĂ-ŵĞŶƚĞůĂƌĞŐŝſŶĞŶƚƌŽƋƵĞĐŽŵŽƐĞŝŶĚŝĐſĞƐƵŶĂƌĞŐŝſŶƋƵĞĞŶůŽƋƵĞǀĂĚĞůĂŹŽŚĂƉĞƌŵĂŶĞĐŝĚŽĞƐƚĂŶĐĂĚĂǇ ĞŶĐŽŶƐĞĐƵĞŶĐŝĂ ůŽƐĞĨĞĐƚŽƐĚĞĞƐƚĞĞƐƚĂŶĐĂŵŝĞŶƚŽƐĞŚĂŶŵĂŶŝĨĞƐƚĂĚŽĞŶĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĞŵƉůĞŽ

^Ğ ŝĚĞŶƟĮĐĂƌŽŶ ĂůŐƵŶŽƐ ƌĂƐŐŽƐ ĐŽŶ ƌĞůĂĐŝſŶ Ăů ĞŵƉůĞŽƋƵĞĞůƚŽƚĂůĚĞĂƐĞŐƵƌĂĚŽƐĞŶĞů D^^ĚĞůŝƐƚƌŝƚŽampĞĚĞ-ƌĂů ƵĂŶĂũƵĂƚŽ ŝĚĂůŐŽ Ǉ YƵĞƌĠƚĂƌŽ ĞŶ ůŽ ƋƵĞ ǀĂ ĚĞϮϬϭϰ ĐƌĞĐŝĞƌŽŶ Ă ƚĂƐĂƐ ƌĞůĂƟǀĂŵĞŶƚĞ ĂůƚĂƐ ĐŽŶ ƌĞůĂĐŝſŶĂůĐƌĞĐŝŵŝĞŶƚŽĚĞůĞŵƉůĞŽƚŽƚĂůŶĂĐŝŽŶĂůgtŽƐƋƵĞŵĞŶŽƐĞŵƉůĞŽƐŐĞŶĞƌĂƌŽŶĂƉĂƌƟƌĚĞƐƵƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĨƵĞƌŽŶĞůƐƚĂĚŽĚĞDĠǆŝĐŽDŽƌĞůŽƐWƵĞďůĂǇdůĂǆĐĂůĂampŝŶĂůŵĞŶƚĞĞůĐĂƐŽĚĞdůĂǆĐĂůĂƋƵĞƌĞŐŝƐƚƌſƉĠƌĚŝĚĂĚĞĞŵƉůĞŽƐĞŶĂďƌŝůŵĂǇŽǇũƵŶŝŽ

ƐƚŽƐ ƌĞƐƵůƚĂĚŽƐ ƐŽŶ ŝŵƉŽƌƚĂŶƚĞƐ Ğ ŝŶǀŝƚĂŶ Ăů ĂŶĄůŝƐŝƐƐŽďƌĞ ƚŽĚŽƉŽƌƋƵĞ ůĂ ƌĞŐŝſŶĞŶƚƌŽ ƐĞŚĂ ĐĂƌĂĐƚĞƌŝǌĂĚŽƉŽƌƐƵǀŽĐĂĐŝſŶŝŶĚƵƐƚƌŝĂůǇƉŽƌƋƵĞŝŶĐůƵǇĞĂĞƐƚĂĚŽƐƋƵĞĚƵƌĂŶƚĞ ǀĂƌŝŽƐ ĂŹŽƐ ĨƵĞƌŽŶ ƌĞĨĞƌĞŶƚĞ ƉŽƌ ƐƵƐ ƌŝƚŵŽƐ ĚĞĐƌĞĐŝŵŝĞŶƚŽĐŽŵŽƐŽŶĞůŝƐƚƌŝƚŽampĞĚĞƌĂůǇĞůƐƚĂĚŽĚĞDĠǆŝĐŽ

BibliografiacuteaBanco de Meacutexico (2014) Reporte sobre las economiacuteas

regionales Enero-marzo Banco de Meacutexico Meacutexico httpwwwbanxicoorgmx lt6 de agosto de 2014 gt

INEGI (2014) ldquoIndicador trimestral de la actividad eco-noacutemica estatal durante el primer trimestre de 2014rdquo Boletiacuten de prensa Nuacutem 30514 30 de julio de 2014 Instituto Nacional de Estadiacutestica y Geografiacutea Meacutexico

INEGI (2014a) Banco de Informacioacuten Econoacutemica wwwinegiorgmxsistemasbie lt20 de agosto de 2014 gt

STyPS (2014) Estadiacutesticas del sector Secretariacutea del tra-bajo y Previsioacuten Social Meacutexico Meacutexico httpwwwstpsgobmx lt4 de agosto de 2014gt



IntroduccioacutenůŽůĂƌŐŽĚĞϮϬϭϰůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂŚĂŶǀĞŶŝĚŽĚŝƐŵŝŶƵǇĞŶĚŽĚĞĨŽƌŵĂĂĐĞůĞƌĂĚĂgtĂƐĐĂƵƐĂƐĚĞĞƐƚĂƌĞĚƵĐĐŝſŶƌĞƐƉŽŶĚĞŶĂĨĂĐ-ƚŽƌĞƐĞǆƚĞƌŶŽƐĞŝŶƚĞƌŶŽƐŶƚƌĞůŽƐĨĂĐƚŽƌĞƐĞǆƚĞƌŶŽƐƋƵĞĞǆƉůŝĐĂŶĞƐƚĞĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞƐƚĂĐĂŶůĂĚĞďŝůŝĚĂĚĚĞůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂů Ǉ ůĂĚĞƐĂĐĞůĞƌĂĐŝſŶĚĞ ůĂƉƌŽĚƵĐĐŝſŶŝŶĚƵƐƚƌŝĂů Ǉ ŵĂŶƵĨĂĐƚƵƌĞƌĂ ĚĞ ůŽƐ ƐƚĂĚŽƐ hŶŝĚŽƐ hͿĚƵƌĂŶƚĞĞůƉƌŝŵĞƌ ƚƌŝŵĞƐƚƌĞĚĞůĂŹŽ ůŽƋƵĞ ŝŵƉůŝĐĂƵŶĂŵĞŶŽƌ ĚĞŵĂŶĚĂ ĚĞ ůĂƐ ĞǆƉŽƌƚĂĐŝŽŶĞƐ ŵĞǆŝĐĂŶĂƐ ŚĂĐŝĂĞƐĞƉĂşƐŶƚĂŶƚŽƋƵĞĐŽŵŽĨĂĐƚŽƌĞƐŝŶƚĞƌŶŽƐƐĞƉƵĞĚĞŶŵĞŶĐŝŽŶĂƌĞůďĂũŽĚŝŶĂŵŝƐŵŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂůĂĐĂşĚĂĚĞůƐĞĐƚŽƌĚĞůĂĐŽŶƐƚƌƵĐĐŝſŶƉŽƌƵŶƉĞƌŝŽĚŽƉƌŽůŽŶ-ŐĂĚŽǇƵŶĂƌĞĚƵĐĐŝſŶĚĞůĂŝŶǀĞƌƐŝſŶĮũĂƉƷďůŝĐĂĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůϮϬϭϰĚĞͲϴϱйĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůŵŝƐŵŽƉĞƌŝŽĚŽĚĞůĂŹŽĂŶƚĞƌŝŽƌ

ƉĂƌƟƌĚĞĞƐƚĞĞƐĐĞŶĂƌŝŽĞůŽďũĞƟǀŽĚĞĞƐƚĞĚŽĐƵŵĞŶƚŽĞƐĂŶĂůŝǌĂƌůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞDĠǆŝĐŽƉĂƌĂϮϬϭϰǇĐŽŵĞŶƚĂƌůŽƐƉƌŝŶĐŝƉĂůĞƐĨĂĐƚŽƌĞƐƋƵĞŚĂŶŝŶĐŝĚŝĚŽĞŶ ƐƵ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽĞŶ ůŽƋƵĞǀĂĚĞĚŝĐŚŽĂŹŽWĂƌĂĐƵŵƉůŝƌĞůŽďũĞƟǀŽƉƌŝŵĞƌŽƐĞƌĞǀŝƐĂĞůĐŽŶƚĞǆƚŽŝŶƚĞƌŶĂ-ĐŝŽŶĂůĞŶƐĞŐƵŶĚŽůƵŐĂƌĞůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂĞĐŽŶŽ-ŵşĂŶĂĐŝŽŶĂůĞŶůĂƚĞƌĐĞƌĂƉĂƌƚĞƐĞĂŶĂůŝǌĂůŽƌĞůĂƟǀŽĂůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂϮϬϭϰǇĂƋƵĞůůŽƐĨĂĐƚŽƌĞƐƋƵĞŚĂŶŝŶŇƵŝĚŽĞŶƐƵĚĞƚĞƌŝŽƌŽĮŶĂůŵĞŶƚĞƐĞĐŽŶĐůƵǇĞ

1 Entorno internacionaly comportamiento de la actividad econoacutemica de los Estados UnidosůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞ ůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂ ŝŶƚĞƌŶĂĐŝŽ-ŶĂůƐĞŚĂĐĂƌĂĐƚĞƌŝǌĂĚŽƉŽƌƵŶĂĨƵĞƌƚĞŝŶĞƐƚĂďŝůŝĚĂĚĞŶůŽƐĂŹŽƐ ƉŽƐƚĞƌŝŽƌĞƐ Ă ůĂ ƌĂŶ ZĞĐĞƐŝſŶ ĐŽŶſŵŝĐĂDƵŶĚŝĂůƋƵĞƐĞĞǆƉĞƌŝŵĞŶƚſĞŶĞůƉĞƌŝŽĚŽϮϬϬϳͲϮϬϬϵŶĞƐƚĞƐĞŶƟĚŽĚƵƌĂŶƚĞůĂƉƌŝŵĞƌĂŵŝƚĂĚĚĞϮϬϭϰĞůĂŶĐŽDƵŶĚŝĂůĂũƵƐƚſƐƵƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĞĐŽŶſŵŝĐŽƉĂƌĂĞůŵƵŶĚŽĚĞϯϮĂϮϴйWĂƌĂůŽƐƉĂşƐĞƐĚĞůĂKĚŝĐŚŽĂũƵƐƚĞƉĂƐſĚĞϮϭĂϮϬйǇƉĂƌĂůĂƐĞĐŽŶŽŵşĂƐĞŶĚĞƐĂƌƌŽůůŽĚĞϱϯĂϰϴйŶƉĂƌƟĐƵůĂƌ ƉĂƌĂDĠǆŝĐŽƐĞĐŽŶƐŝĚĞƌĂƋƵĞĞůĐƌĞĐŝŵŝĞŶƚŽƐĞƵďŝĐĂƌĄĞŶϮϯйǇŶŽĞŶϯϰйĐŽŵŽƐĞĂŶƟĐŝƉĂďĂĞŶĞŶĞƌŽĚĞĚŝĐŚŽĂŹŽĂŶĐŽDƵŶĚŝĂůϮϬϭϰĂǇϮϬϭϰďͿ

ƵŶĐƵĂŶĚŽůĂĞĐŽŶŽŵşĂĚĞůŽƐhĞǆƉĞƌŝŵĞŶƚſƵŶĐƌĞĐŝ-ŵŝĞŶƚŽĞůĞǀĂĚŽĚĞϰϬйĂƚĂƐĂĂŶƵĂůŝǌĂĚĂĞŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĞƐŝŵƉŽƌƚĂŶƚĞƚĞŶĞƌĞŶĐƵĞŶƚĂƋƵĞĚƵ-ƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĞƐƚĞƉĂşƐƉƌĞƐĞŶƚſƵŶĂĐŽŶƚƌĂĐ-ĐŝſŶĞĐŽŶſŵŝĐĂƐŝŐŶŝĮĐĂƟǀĂĚĞϮϭйůŽƋƵĞĞŶƚĠƌŵŝŶŽƐŶĞƚŽƐĂůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰƐĞƚƌĂĚƵĐŝƌşĂĞŶƋƵĞůĂĞĐŽŶŽŵşĂĚĞůŽƐhĞƐƚĂƌşĂĂǀĂŶǌĂŶĚŽĞŶŵĞŶŽƐĚĞϭϬйĞŶĚŝĐŚŽƉĞƌŝŽĚŽϮϬϭϰͿ

ŶĞƐƚĂƌĞĐƵƉĞƌĂĐŝſŶĚĞůĂĞĐŽŶŽŵşĂĚĞhĚƵƌĂŶƚĞĞůƐĞ-ŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰůůĂŵĂůĂĂƚĞŶĐŝſŶůĂĚĞƐƵƐĞĐƚŽƌ

Expectativas de crecimientodel PIB para Meacutexico en 2014

ZĞǇŶĂsĞƌŐĂƌĂŽŶǌĄůĞǌDŝŐƵĞůŶŐĞůşĂǌĂƌƌĞŹŽϭ

1 Profesores investigadores del Centro de Investigacioacuten en Ciencias Econoacutemicas de la Facultad de Economiacutea de la UAEM Correos electroacutenicos reyna_vgyahoocom y madiazcuamexmx respectivamente


Reyna Vergara Miguel Aacutengel Diacuteaz

ĞǆƚĞƌŶŽWŽƌĞũĞŵƉůŽůĂƐĞǆƉŽƌƚĂĐŝŽŶĞƐƌĞĂůĞƐĚĞďŝĞŶĞƐǇƐĞƌǀŝĐŝŽƐƐĞŝŶĐƌĞŵĞŶƚĂƌŽŶϵϱйĞŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĞŶĐŽŶƚƌĂƐƚĞĐŽŶůĂĐĂşĚĂĚĞϵϮйĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĂƐƵǀĞǌůĂƐŝŵƉŽƌƚĂĐŝŽŶĞƐƌĞĂůĞƐƐĞŝŶĐƌĞŵĞŶƚĂƌŽŶϭϭϳйĐŽŵƉĂƌĂĚĂƐĐŽŶĞůĂƵŵĞŶƚŽĚĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϮйWŽƌƐƵƉĂƌƚĞ ůŽƐŐĂƐƚŽƐƌĞĂůĞƐĚĞĐŽŶƐƵŵŽƉĞƌƐŽŶĂůĂƵ-ŵĞŶƚĂƌŽŶϮϱйĞŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĐŽŵƉĂ-ƌĂĚŽƐĐŽŶƵŶĂƵŵĞŶƚŽĚĞϭϮйĞŶĞůƉƌŝŵĞƌŽůƌĞƐƉĞĐƚŽƐĞĚĞƐƚĂĐĂůĂĨƵĞƌƚĞƌĞĐƵƉĞƌĂĐŝſŶĚĞůŐĂƐƚŽĞŶĞůĐŽŶƐƵŵŽĚĞďŝĞŶĞƐĚƵƌĂďůĞƐůŽƐĐƵĂůĞƐƐĞŝŶĐƌĞŵĞŶƚĂƌŽŶĞŶϭϰϬйĨƌĞŶƚĞĂƵŶϯϮйĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞ

ŶƌĞůĂĐŝſŶĐŽŶůĂŝŶǀĞƌƐŝſŶĮũĂŶŽƌĞƐŝĚĞŶĐŝĂůĚƵƌĂŶƚĞĞůƐĞŐƵŶĚŽ ƚƌŝŵĞƐƚƌĞ ĠƐƚĂ ƐĞ ŝŶĐƌĞŵĞŶƚſĞŶϱϱй ĐŽŵƉĂ-ƌĂĚĂĐŽŶĞů ŝŶĐƌĞŵĞŶƚŽĚĞϭϲйŽďƐĞƌǀĂĚŽĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞƐƵǀĞǌ ůŽƐŐĂƐƚŽƐĚĞĐŽŶƐƵŵŽĚĞůŐŽďŝĞƌŶŽĨĞĚĞƌĂů Ğ ŝŶǀĞƌƐŝſŶďƌƵƚĂĚĞĐƌĞĐŝĞƌŽŶϬϴйĞŶĞů ƐĞŐƵŶ-ĚŽƚƌŝŵĞƐƚƌĞĨƌĞŶƚĞĂƵŶĂƌĞĚƵĐĐŝſŶĚĞϬϭйĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞŶƚĂŶƚŽƋƵĞĞůŝŶŐƌĞƐŽƉĞƌƐŽŶĂůĚŝƐƉŽ-ŶŝďůĞĞŶƚĠƌŵŝŶŽƐƌĞĂůĞƐƐĞŝŶĐƌĞŵĞŶƚſĞŶϯϴйĞŶĞůƐĞ-ŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞƐƉƵĠƐĚĞƋƵĞĞŶĞůƉƌŝŵĞƌŽůŽŚŝĐŝĞƌĂĞŶϯϱй

ůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĨĂǀŽƌĂďůĞĚĞĂůŐƵŶŽƐŝŶĚŝĐĂĚŽƌĞƐĞĐŽ-ŶſŵŝĐŽƐĚĞůŽƐhĞŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽŚĂĐĞƐƵƉŽŶĞƌƋƵĞĞůĚĞƐĞŵƉĞŹŽĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĚĞDĠǆŝĐŽƐĞƌĄƉŽƐŝƟǀŽĚƵƌĂŶƚĞ ůĂ ƐĞŐƵŶĚĂŵŝƚĂĚĚĞϮϬϭϰĚĞďŝĚŽĂůĂĞƐƚƌĞĐŚĂƌĞůĂĐŝſŶĐŽŵĞƌĐŝĂůĚĞĂŵďĂƐĞĐŽŶŽ-ŵşĂƐEŽŽďƐƚĂŶƚĞ ĞƐ ŝŵƉŽƌƚĂŶƚĞĚĞƐƚĂĐĂƌ ƋƵĞ ůĂ ƌĞĐƵ-ƉĞƌĂĐŝſŶĞĐŽŶſŵŝĐĂĚĞůŽƐhǇ ĞŶƉĂƌƟĐƵůĂƌ ĚĞůĂƚĂƐĂĚĞĞŵƉůĞŽƐĞŚĂĂƉŽǇĂĚŽĞŶƵŶƉƌŽĐĞƐŽĚĞƉƌĞĐĂƌŝǌĂĐŝſŶĚĞůŽƐĞŵƉůĞŽƐǇ ďĂũŽƐƐĂůĂƌŝŽƐƐŽďƌĞƚŽĚŽĂƉĂƌƟƌĚĞůĂƌĂŶZĞĐĞƐŝſŶĚĞϮϬϬϳͲϮϬϬϵůϲϬйĚĞůŽƐĞŵƉůĞŽƐƉĞƌ-ĚŝĚŽƐĚƵƌĂŶƚĞĞƐƚĂƌĞĐĞƐŝſŶĞƌĂĚĞƐĂůĂƌŝŽƐŵĞĚŝŽƐĞƐĚĞĞůĮŶĚĞůĂƌĞĐĞƐŝſŶƵŶϳϯйĚĞůŽƐĞŵƉůĞŽƐƋƵĞƐĞŚĂŶĐƌĞĂĚŽƐŽŶĚĞƐĂůĂƌŝŽƐďĂũŽƐĚĞĮŶŝĚŽƐĐŽŵŽĂƋƵĞůůŽƐƋƵĞƉĂŐĂŶŵĞŶŽƐĚĞϭϯϱĚſůĂƌĞƐůĂŚŽƌĂƵƐƚŽϮϬϭϰͿ

2 El comportamiento de la actividad econoacutemica de Meacutexico en 2014 ůŽ ůĂƌŐŽĚĞϮϬϭϰ ůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂDĠǆŝĐŽ ƐĞŚĂŶ ŝĚŽ ƌĞĚƵĐŝĞŶĚŽĚĞŵĂŶĞƌĂ ĐŽŶƐŝĚĞƌĂďůĞƉĂƌĂĂŐŽƐƚŽĚĞĞƐƚĞĂŹŽƉŽƌĞũĞŵƉůŽůĂƉƌŽǇĞĐĐŝſŶƉƌŽ-ŵĞĚŝŽĐŽŶƟŶƷĂƵďŝĐĄŶĚŽƐĞĞŶƚƌĞϮϯǇϮϳйůŽƋƵĞĐůĂƌĂ-ŵĞŶƚĞƌĞƉƌĞƐĞŶƚĂƵŶĐƌĞĐŝŵŝĞŶƚŽĞĐŽŶſŵŝĐŽŵƵǇůŝŵŝƚĂ-ĚŽƐƚĞĞƐĐĞŶĂƌŝŽĚĞĐƌĞĐŝŵŝĞŶƚŽŚĂŝĚŽƚŽŵĂŶĚŽĨƵĞƌǌĂĞŶďƵĞŶĂŵĞĚŝĚĂƉŽƌĞůďĂũŽĐƌĞĐŝŵŝĞŶƚŽŽďƐĞƌǀĂĚŽĞŶůŽƐƉƌŝŵĞƌŽƐĚŽƐƚƌŝŵĞƐƚƌĞƐĚĞůĂŹŽĚĞϭϵǇϭϲйƌĞƐƉĞĐ-ƟǀĂŵĞŶƚĞĐŝĨƌĂƐƋƵĞĐŽŶƟŶƷĂŶŵŽƐƚƌĂŶĚŽƐŝŐŶŽƐĚĞĚĞƐ-ĂĐĞůĞƌĂĐŝſŶĚĞ ůĂ ĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂŵĞǆŝĐĂŶĂ EϮϬϭϰͿŶĞƐƚĞ ƐĞŶƟĚŽĞƐƚĞ ƌĞĚƵĐŝĚŽĐƌĞĐŝŵŝĞŶƚŽ ƐĞŚĂĂƚƌŝďƵŝĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞĂůĂĨƵĞƌƚĞĐĂşĚĂĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂĚĞhĂƉƌŝŶĐŝƉŝŽƐĚĞĂŹŽƋƵĞĞƐƚƵǀŽĂĐŽŵ-ƉĂŹĂĚĂĚĞƵŶĂĚĞƐĂĐĞůĞƌĂĐŝſŶĐŽŶƐŝĚĞƌĂďůĞĞŶĞůŶŝǀĞůĚĞƐƵƐŝŵƉŽƌƚĂĐŝŽŶĞƐƐĂƐşƋƵĞĚƵƌĂŶƚĞĨĞďƌĞƌŽůĂƐĞǆƉŽƌƚĂ-ĐŝŽŶĞƐĚĞďŝĞŶĞƐŵĞǆŝĐĂŶŽƐŚĂĐŝĂĞƐĞƉĂşƐĚŝƐŵŝŶƵǇĞƌŽŶϯϯй ĐŽŶ ƌĞƐƉĞĐƚŽ Ăů ĂŹŽ ĂŶƚĞƌŝŽƌ Ǉ ĞŶŵĂƌǌŽ ůŽ ŚŝĐŝĞ-ƌŽŶĞŶϬϰйĂŶǆŝĐŽϮϬϭϰͿĚŝĐŝŽŶĂůŵĞŶƚĞƐĞƉƵĞĚĞŶĐŽŵĞŶƚĂƌ ůĂƐŵĞĚŝĚĂƐĚĞƉŽůşƟĐĂĮƐĐĂůƋƵĞĞŶƚƌĂƌŽŶĞŶǀŝŐŽƌĂƉƌŝŶĐŝƉŝŽƐĚĞϮϬϭϰǇƋƵĞƐĞƚƌĂĚƵũĞƌŽŶĞŶŵĂǇŽƌĞƐŶŝǀĞůĞƐŝŵƉŽƐŝƟǀŽƐĞŶĚŝǀĞƌƐŽƐďŝĞŶĞƐǇƐĞƌǀŝĐŝŽƐϮƋƵĞŚĂŶĨƌĞŶĂĚŽĞŶďƵĞŶĂŵĞĚŝĚĂĞůĚĞƐĞŵƉĞŹŽĚĞůĂĂĐƟǀŝĚĂĚƉƌŽĚƵĐƟǀĂĚĞůƉĂşƐ

WŽƌŽƚƌĂƉĂƌƚĞ ƐŝďŝĞŶĞů ƐĞĐƚŽƌĚĞ ůĂƐ ŝŶĚƵƐƚƌŝĂƐŵĂŶƵ-ĨĂĐƚƵƌĞƌĂƐĂƵŵĞŶƚſϯϲйĂ ƚĂƐĂĂŶƵĂůĚƵƌĂŶƚĞŵĂǇŽĚĞϮϬϭϰ ĐŽŵŽ ƌĞƐƵůƚĂĚŽ ĚĞů ŝŶĐƌĞŵĞŶƚŽ ŽďƐĞƌǀĂĚŽ ĞŶ ůĂƉƌŽĚƵĐĐŝſŶĚĞ ůŽƐƐƵďƐĞĐƚŽƌĞƐĚĞĞƋƵŝƉŽĚĞƚƌĂŶƐƉŽƌƚĞŝŶĚƵƐƚƌŝĂƐ ŵĞƚĄůŝĐĂƐ ďĄƐŝĐĂƐ ŝŶĚƵƐƚƌŝĂ ĂůŝŵĞŶƚĂƌŝĂ ĂĐ-ĐĞƐŽƌŝŽƐ ĂƉĂƌĂƚŽƐĞůĠĐƚƌŝĐŽƐ ǇĞƋƵŝƉŽĚĞŐĞŶĞƌĂĐŝſŶĚĞĞŶĞƌŐşĂ ĞůĠĐƚƌŝĐĂ ĞŶƚƌĞ ŽƚƌŽƐ ^ŝŶ ĞŵďĂƌŐŽ ůĂ ĂĐƟǀŝĚĂĚĚĞ ůĂ ŝŶĚƵƐƚƌŝĂĚĞ ůĂ ĐŽŶƐƚƌƵĐĐŝſŶ ƐĞ ƌĞĚƵũŽĞŶϭϬйĚĞŵĂǇŽĚĞϮϬϭϯĂŵĂǇŽĚĞϮϬϭϰůŽĐƵĂůƌĞƐƉŽŶĚŝſĞŶďƵĞ-ŶĂŵĞĚŝĚĂĂůŵĞŶŽƌ ƌĞŐŝƐƚƌŽĚĞŽďƌĂƐ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŶůĂĐŽŶƐƚƌƵĐĐŝſŶĚĞŽďƌĂƐĚĞŝŶŐĞŶŝĞƌşĂĐŝǀŝůǇĂ ůĂŵĞŶŽƌ

2 Entre los nuevos impuestos aprobados por el Congreso de la Unioacuten en la llamada UQ[KMTnVMIAring[KIT para 2014 se encuentran los relativos a combustibles como gasolinas y diesel alimentos con alto contenido caloacuterico transporte terrestre foraacuteneo homologacioacuten del IVA en la Frontera Norte del paiacutes y el aumento del ISR es estratos de mayores ingresos entre otros



ĚĞŵĂŶĚĂĚĞŵĂƚĞƌŝĂůĞƐĚĞĐŽŶƐƚƌƵĐĐŝſŶĞĞƐƚĂŵĂŶĞƌĂĞŶůŽƐƉƌŝŵĞƌŽƐĐŝŶĐŽŵĞƐĞƐĚĞůĂŹŽůĂĂĐƟǀŝĚĂĚŝŶĚƵƐƚƌŝĂůĂǀĂŶǌſϭϮйĞŶƚĠƌŵŝŶŽƐƌĞĂůĞƐƌĞƐƉĞĐƚŽĂŝŐƵĂůƉĞƌŝŽĚŽĚĞϮϬϭϯEϮϬϭϰͿ

3 Deterioro de las expectativas de crecimiento del PIB para 2014ůŝŶŝĐŝŽĚĞůϮϬϭϯƐĞĞƐƉĞƌĂďĂƋƵĞůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞ-ĐŝŵŝĞŶƚŽƉĂƌĂĞůŵƵŶĚŽĞŶĞůϮϬϭϯǇϮϬϭϰŵĂŶƚƵǀŝĞƌĂŶƵŶĂƚĞŶĚĞŶĐŝĂĐƌĞĐŝĞŶƚĞĚĞďŝĚŽƉƌŝŶĐŝƉĂůŵĞŶƚĞĂĂĐĐŝŽŶĞƐĚĞƉŽůşƟĐĂƋƵĞƉŽƌƵŶĂƉĂƌƚĞƌĞĚƵĐşĂŶůŽƐƌŝĞƐŐŽƐĚĞĐƌŝƐŝƐĞŶ ƉĂşƐĞƐ ĚĞƐĂƌƌŽůůĂĚŽƐ ƉŽůşƟĐĂ ĮƐĐĂůŵĞŶŽƐ ƌĞƐƚƌŝĐƟǀĂũƵŶƚŽĐŽŶƵŶĂƉŽůşƟĐĂŵŽŶĞƚĂƌŝĂĂĐŽŵŽĚĂƟĐŝĂͿǇƉŽƌŽƚƌĂĂƉŽǇĂďĂŶĞůĐƌĞĐŝŵŝĞŶƚŽĞŶĂůŐƵŶĂƐĞĐŽŶŽŵşĂƐĞŵĞƌŐĞŶ-ƚĞƐampDϮϬϭϯͿ ^ŝŶĞŵďĂƌŐŽůĂŝŶĨŽƌŵĂĐŝſŶŵĄƐƌĞĐŝĞŶƚĞŵƵĞƐƚƌĂƵŶĚĞƚĞƌŝŽƌŽŝŵƉŽƌƚĂŶƚĞĞŶĞůĐƌĞĐŝŵŝĞŶƚŽĞƐƉĞ-ƌĂĚŽƉĂƌĂ ůĂ ĞĐŽŶŽŵşĂŵƵŶĚŝĂů ĚƵƌĂŶƚĞϮϬϭϰŽŵŽ ƐĞŽďƐĞƌǀĂĞŶůĂŐƌĄĮĐĂϭĞŶƚƌĞũƵůŝŽĚĞϮϬϭϯǇũƵůŝŽĚĞϮϬϭϰ

ůĂƐĞǆƉĞĐƚĂƟǀĂƐƉĂƌĂůĂƉƌŽĚƵĐĐŝſŶŵƵŶĚŝĂůĚĞhǇDĠ-ǆŝĐŽĚŝƐŵŝŶƵǇĞƌŽŶĞŶϬϱϭϭǇϬϴƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐƌĞƐƉĞĐƟǀĂŵĞŶƚĞ

ƐƚĞ ĚĞƚĞƌŝŽƌŽ ĚĞ ůĂƐ ĞǆƉĞĐƚĂƟǀĂƐ ƐĞ ƌĞůĂĐŝŽŶĂ ĐŽŶ ůĂĚĞďŝůŝĚĂĚĚĞ ůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂůĞŶƉĂƌƟĐƵůĂƌĐŽŶĞůĚĞƐĞŵƉĞŹŽ ĚĞ ůĂ ĞĐŽŶŽŵşĂ ĚĞ ƐƚĂĚŽƐ hŶŝĚŽƐ Ǉ ĐŽŶĞů ĐŽŵƉŽƌƚĂŵŝĞŶƚŽ ĚĞů ŵĞƌĐĂĚŽ ŝŶƚĞƌŶŽŵĞǆŝĐĂŶŽ gtĂĚĞďŝůŝĚĂĚĚĞ ůĂĞĐŽŶŽŵşĂŵƵŶĚŝĂůƐĞŚŝǌŽĞǀŝĚĞŶƚĞĞŶ-ƚƌĞŶŽǀŝĞŵďƌĞĚĞϮϬϭϯǇŵĂƌǌŽĚĞϮϬϭϰĐŽŶƵŶĂĐĂşĚĂĂĐƵŵƵůĂĚĂĞŶĞůǀŽůƵŵĞŶĚĞůĐŽŵĞƌĐŝŽŝŶƚĞƌŶĂĐŝŽŶĂůĚĞϭϯй3 Ǉ ƵŶŵŽĚĞƌĂĚŽ ŝŶĐƌĞŵĞŶƚŽĚĞ ůĂƉƌŽĚƵĐĐŝſŶ ŝŶ-ĚƵƐƚƌŝĂůŵƵŶĚŝĂůĚĞϭϬйĚĞďŝĚŽĂůĂĚĠďŝůƌĞĐƵƉĞƌĂĐŝſŶĚĞ ůĂǌŽŶĂƵƌŽĞŶƚƌĞĚŝĐŝĞŵďƌĞĚĞϮϬϭϯǇ ĨĞďƌĞƌŽĚĞϮϬϭϰůĂƉƌŽĚƵĐĐŝſŶŝŶĚƵƐƚƌŝĂůĚĞĞƐƚĂǌŽŶĂĂƵŵĞŶƚſĞŶƉƌŽŵĞĚŝŽϭϱйŵĞŶƐƵĂůͿǇůĂĐĂşĚĂĞŶůĂƉƌŽĚƵĐĐŝſŶƚŽ-ƚĂůĚĞhĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůϮϬϭϰǀŝŶĐƵůĂĚĂĂĐŽŶĚŝĐŝŽŶĞƐĂơƉŝĐĂƐĂĚǀĞƌƐĂƐϰ

3 De manera especiacutefica durante este periodo las exportaciones del mundo acumularon una caiacuteda de 13 Estados Unidos Asia y Ameacuterica Latina fueron las regiones con los mayores decrementos (30 56 y 31 respectivamente) Caacutelculos propios con datos de CPB Netherlands Bepa wwwcpbnlcpb-world-trade-monitor

4 Entre las cuales se puede considerar los efectos climaacuteticos adversos en los primeros meses del antildeo asiacute como los excedentes de inventarios

ƌĄĮĐĂϭǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůWƌŽĚƵĐƚŽŶƚĞƌŶŽƌƵƚŽƉĂƌĂϮϬϭϰ

WŽƌĐĞŶƚĂũĞƐͿ

ampƵĞŶƚĞampDǀĂƌŝŽƐĂŹŽƐͿ

ϰϱ

ϰ

ϯϱ

3

Ϯϱ

Ϯ

ϭϱ

ϭ

Ϭϱ

Ϭ

ϮϬϭϯ ϮϬϭϰ

h DƵŶĚŽ DĠǆŝĐŽ



Ŷ ĞůŵĞƌĐĂĚŽŵĞǆŝĐĂŶŽ ĚŽƐ ĚĞ ůŽƐ ŝŶĚŝĐĂĚŽƌĞƐ ĚĞ ĚĞ-ŵĂŶĚĂĞůĐŽŶƐƵŵŽƉƌŝǀĂĚŽǇůĂŝŶǀĞƌƐŝſŶŵƵĞƐƚƌĂŶƵŶĂƚĞŶĚĞŶĐŝĂĚĞĐƌĞĐŝĞŶƚĞĚĞƐĚĞŚĂĐĞǀĂƌŝŽƐĂŹŽƐŽŶƌĞůĂ-ĐŝſŶĂůƉƌŝŵĞƌŽůĂĞƐĐĂƐĂŐĞŶĞƌĂĐŝſŶĚĞĞŵƉůĞŽƐĨŽƌŵĂ-lesϱ Ǉ Ğů ůŝŵŝƚĂĚŽ ĂĐĐĞƐŽ Ăů ĐƌĠĚŝƚŽ ƉĂƌĂ ĐŽŶƐƵŵŽ ĞǆƉůŝ-ĐĂŶĞŶŐƌĂŶŵĞĚŝĚĂůĂĐĂşĚĂĞŶůĂƐǀĞŶƚĂƐǇĞůĚĞƚĞƌŝŽƌŽĚĞůĂĐŽŶĮĂŶǌĂĚĞůĐŽŶƐƵŵŝĚŽƌĚƵƌĂŶƚĞϮϬϭϯ ůŽĐƵĂůƐĞƚƌĂĚƵĐĞĞŶƵŶĐƌĞĐŝŵŝĞŶƚŽĞŶůŽƐƷůƟŵŽƐĚŽƐƚƌŝŵĞƐƚƌĞƐĚĞƚĂŶƐŽůŽϭϰйWŽƌƐƵƉĂƌƚĞůĂĨŽƌŵĂĐŝſŶďƌƵƚĂĚĞĐĂ-ƉŝƚĂůĮũŽŵĂŶƟĞŶĞĚĞƐĚĞĮŶĂůĞƐĚĞůϮϬϭϭƵŶĂƚĞŶĚĞŶĐŝĂĚĞĐƌĞĐŝĞŶƚĞĐŽŶƚĂƐĂƐŶĞŐĂƟǀĂƐĚƵƌĂŶƚĞϮϬϭϯǇĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞ ĚĞ ϮϬϭϰ ĞŶ ƉƌŽŵĞĚŝŽ ĚĞ ͲϭϱйͿ ĚĞŵĂŶĞƌĂƉĂƌƟĐƵůĂƌ ůĂ ŝŶǀĞƌƐŝſŶ ĞŶ ďŝĞŶĞƐ ĚĞ ĐŽŶƐƚƌƵĐĐŝſŶ ĚŝƐŵŝ-ŶƵǇſ ϰϵϱй ĞŶ ϮϬϭϯ ĚĞďŝĚŽ Ă ůĂ ĐƌŝƐŝƐ ƋƵĞ ĞŶĨƌĞŶƚĂ ĞůƐĞĐƚŽƌĚĞƐĚĞĮŶĂůĞƐĚĞůϮϬϭϮƉŽƌƵŶŵĞŶŽƌŐĂƐƚŽƉƷďůŝĐŽĞŶŽďƌĂĚĞ ŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂ Ǉ ůĂ ĐƌŝƐŝƐĚĞ ůĂƐ ŐƌĂŶĚĞƐĚĞ-ƐĂƌƌŽůůĂĚŽƌĂƐĚĞǀŝǀŝĞŶĚĂĚĞůƉĂşƐ^ŝŶĞŵďĂƌŐŽůĂůŝŐĞƌĂŵĞũŽƌĂŽďƐĞƌǀĂĚĂĞŶŐĂƐƚŽĚĞůƐĞĐƚŽƌƉƷďůŝĐŽĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĚĞƐƉƵĠƐĚĞůĂƌĞĚƵĐĐŝſŶĚĞůŵŝƐŵŽĞŶůŽƐƉƌŝŵĞƌŽƐŵĞƐĞƐĚĞůϮϬϭϯǇĞůŵĞŶŽƌĚŝŶĂŵŝƐŵŽĚĞůĂƐĞǆƉŽƌƚĂĐŝŽŶĞƐǀŝŶĐƵůĂĚŽĂůĚĞƐĞŵƉĞŹŽĚĞůĂĞĐŽŶŽŵşĂŶŽƌƚĞĂŵĞƌŝĐĂŶĂĞŶƚƌĞϮϬϭϮǇϮϬϭϯϲŶŽƉƵĚŝĞƌŽŶĐŽŶƚƌĂ-ƌƌĞƐƚĂƌĞůĞƐƚĂŶĐĂŵŝĞŶƚŽĚĞůĐŽŶƐƵŵŽƉƌŝǀĂĚŽǇůĂƉĠƌĚŝĚĂĚĞĚŝŶĂŵŝƐŵŽĚĞůĂĨŽƌŵĂĐŝſŶďƌƵƚĂĚĞĐĂƉŝƚĂůĮũŽ

Ŷ ƌĞƐƵŵĞŶĞůŵĞŶŽƌĚĞƐĞŵƉĞŹŽĚĞ ůĂĞĐŽŶŽŵşĂĞƐƚĂ-ĚŽƵŶŝĚĞŶƐĞĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůϮϬϭϰͿǇĚĞůĂĞĐŽ-ŶŽŵşĂŵĞǆŝĐĂŶĂƋƵĞĂƉĞŶĂƐĐƌĞĐŝſϭϭйĞŶϮϬϭϯͿůůĞǀĂ-ƌŽŶĂ ůĂƐĂƵƚŽƌŝĚĂĚĞƐĂƌĞǀŝƐĂƌĂ ůĂďĂũĂ ůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽƉĂƌĂϮϬϭϰĚƵƌĂŶƚĞ ůĂƐĞŐƵŶĚĂƋƵŝŶĐĞŶĂĚĞŵĂǇŽĚĞĞƐƚĞĂŹŽgtĂ^ĞĐƌĞƚĂƌşĂĚĞĂĐŝĞŶĚĂǇƌĠĚŝƚŽWƷďůŝĐŽ^W ϮϬϭϰͿƋƵĞŵĂŶƚĞŶşĂƵŶƉƌŽŶſƐƟĐŽŽƉƟŵŝƐ-ƚĂƉĂƌĂĞů ĐƌĞĐŝŵŝĞŶƚŽĚĞůW ůŽ ƌĞĐŽƌƚſĞŶϭϮƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐĚĞϯϵĂϮϳйͿƵŶĂǀĞǌƋƵĞƐĞĚŝĞƌŽŶĂĐŽ-ŶŽĐĞƌůŽƐĚĂƚŽƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůϮϬϭϰ

gtĂ ŝŶĨŽƌŵĂĐŝſŶ ƌĞĐŝĞŶƚĞ ƐĞŹĂůĂ ƋƵĞ ĚƵƌĂŶƚĞ Ğů ƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞ ĚĞů ϮϬϭϰ Ğů W ĂƵŵĞŶƚſ ϭϲй ƐŝŶ ĞŵďĂƌŐŽ

ƉĂƌĂĂůĐĂŶǌĂƌĞůĐƌĞĐŝŵŝĞŶƚŽĞƐƉĞƌĂĚŽĚĞϮϳĞƐŶĞĐĞƐĂ-ƌŝŽƋƵĞůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂĐƌĞǌĐĂ ĞŶĞůƐĞŐƵŶĚŽƐĞ-ŵĞƐƚƌĞƉŽƌĂƌƌŝďĂĚĞůϯϱйůĂƵŵĞŶƚŽŽďƐĞƌǀĂĚŽĞŶůĂĞĐŽŶŽŵşĂ ĚĞhĚƵƌĂŶƚĞĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰƉƵĞĚĞĐŽĂĚǇƵǀĂƌĂůĂůĐĂŶĐĞĚĞĞƐƚĞŶŝǀĞůĚĞĐƌĞĐŝŵŝĞŶƚŽĚƵƌĂŶƚĞůĂƐĞŐƵŶĚĂŵŝƚĂĚĚĞϮϬϭϰĂƉĂƌƟƌĚĞůĚŝŶĂŵŝƐŵŽƋƵĞƐĞĞƐƉĞƌĂŐĞŶĞƌĞƐƵĚĞŵĂŶĚĂĞǆƚĞƌŶĂ^ŝŶĞŵďĂƌŐŽƐŝĞůŵĞƌĐĂĚŽŝŶƚĞƌŶŽŵĂŶƟĞŶĞůĂƚĞŶĚĞŶĐŝĂƋƵĞŚĂǀĞŶŝ-ĚŽƉƌĞƐĞŶƚĂŶĚŽĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐŵĞƐĞƐƐĞƌĄĚŝİĐŝůƋƵĞĞů ĂŹŽ ƚĞƌŵŝŶĞ ĐŽŶƵŶ ĐƌĞĐŝŵŝĞŶƚŽƉŽƌ ĂƌƌŝďĂĚĞů ϮϱйĚĞŵĂŶĞƌĂƉĂƌƟĐƵůĂƌƐĞĞƐƉĞƌĂƋƵĞĞƐƚĞĐƌĞĐŝŵŝĞŶƚŽƐĞƵďŝƋƵĞĞŶƚƌĞϮϬǇϮϱй

Conclusionesů ĚĞƚĞƌŝŽƌŽĚĞ ůĂƐ ĞǆƉĞĐƚĂƟǀĂƐƉĂƌĂ ůĂ ĞĐŽŶŽŵşĂŵĞǆŝ-ĐĂŶĂĚƵƌĂŶƚĞϮϬϭϰĞƐƌĞƐƵůƚĂĚŽƚĂŶƚŽĚĞůĞŶƚŽƌŶŽŝŶƚĞƌ-ŶĂĐŝŽŶĂů ĞŶ ƉĂƌƟĐƵůĂƌ ĚĞů ĚĞƐĞŵƉĞŹŽ ĚĞ ůĂ ĞĐŽŶŽŵşĂĚĞh ĐŽŵŽĚĞ ůĂƉƌŽƉŝĂĚŝŶĄŵŝĐĂĚĞ ůĂ ĞĐŽŶŽŵşĂŶĂ-ĐŝŽŶĂůƵŶĐƵĂŶĚŽůŽƐŝŶĚŝĐĂĚŽƌĞƐĞĐŽŶſŵŝĐŽƐĚĞůŽƐhŚĂŶƌĞƐƵůƚĂĚŽĨĂǀŽƌĂďůĞƐĞŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰƌĞƐƉĞĐƚŽĂůƚƌŝŵĞƐƚƌĞƉƌĞǀŝŽĞƐŝŵƉŽƌƚĂŶƚĞƚĞŶĞƌĞŶĐƵĞŶ-ƚĂƋƵĞĠƐƚŽƐƉŽƌ Ɛş ƐŽůŽƐŶŽŐĂƌĂŶƟǌĂƌşĂŶƵŶĐƌĞĐŝŵŝĞŶ-ƚŽĞĐŽŶſŵŝĐŽƐŝŐŶŝĮĐĂƟǀŽƉĂƌĂDĠǆŝĐŽĞƐƚŽĚĞƉĞŶĚĞƌĄƚĂŵďŝĠŶĞŶďƵĞŶĂŵĞĚŝĚĂĚĞůĂŵĞũŽƌşĂĞŶůĂƐĐŽŶĚŝĐŝŽ-ŶĞƐŝŶƚĞƌŶĂƐĂƉĂƌƟƌĚĞƵŶŵĞũŽƌĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůŽƐĐŽŵƉŽŶĞŶƚĞƐĚĞůĂĚĞŵĂŶĚĂĂŐƌĞŐĂĚĂĚĞůƉĂşƐŵĞǆŝĐĂŶŽǇ ĞŶƉĂƌƟĐƵůĂƌĚĞƵŶŵĂǇŽƌĚŝŶĂŵŝƐŵŽĞŶĞů ĐŽŶƐƵŵŽƉƌŝǀĂĚŽĚĞůŐĂƐƚŽƉƷďůŝĐŽǇůĂŝŶǀĞƌƐŝſŶƉƌŝǀĂĚĂĂƐşĐŽŵŽĚĞƵŶĂ ƐĞŶƐŝďůĞŵĞũŽƌşĂĞŶĞů ƐĞĐƚŽƌĚĞ ůĂ ĐŽŶƐƚƌƵĐĐŝſŶƋƵĞ ƉŽƌ ƵŶ ƉĞƌŝŽĚŽ ĚĞ ƟĞŵƉŽ ďĂƐƚĂŶƚĞ ƉƌŽůŽŶŐĂĚŽ ŚĂĞǆƉĞƌŝŵĞŶƚĂĚŽƵŶĂĐŽŶƚƌĂĐĐŝſŶĐŽŶƐŝĚĞƌĂďůĞ

BibliografiacuteaBanco Mundial (2014a) Global Economic Prospects January

2014 wwwworldbankorg (31072014)Banco Mundial (2014b) Global Economic Prospects June

2014 wwwworldbankorg (31072014)Banxico (2014) Estadiacutesticas balanza de pagos wwwbanxico

orgmx (508214)

5 230 mil empleos formales menos en 2013 con respecto al antildeo 2012 6 Entre 2010 y 2012 las exportaciones que aumentaron en promedio 129 cayeron 24 entre el uacuteltimo trimestre del 2012 y el primer semestre

del 2013



FMI (varios antildeos) Perspectivas de la economiacutea wwwimforg (5082014)

FMI (2013) World economic Outlook (WEO) Fondo Mone-tario Internacional wwwimforgexternalpubsftweo201302 (22082014)

INEGI (2014) Informacioacuten oportuna sobre la actividad industrial

en Meacutexico durante mayo de 2014 INEGI Meacutexico 2014 pp 6-9 wwwinegiorgmxinegi (17072014)

Justo M (2014) iquestPor queacute Estados Unidos no cele-bra su crecimiento econoacutemico BBC Mundo wwwbbccoukmundonoticias201408140819 (22082014)

SHCP (2014) La secretariacutea de hacienda y creacutedito puacuteblico estima el crecimiento del PIB para 2014 en 27 co-municado de prensa 0452014 www haciendagobmx (22082014)



Introduccioacuten ůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂĚƵƌĂŶƚĞϮϬϭϯǇĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰĨƵĞŵĞŶŽƌĂůĞǆƉĞƌŝŵĞŶƚĂĚŽĞŶϮϬϭϮĂŹŽĞŶĞůƋƵĞƉĂƌĞĐşĂŚĂďĞƌƐĞƐƵƉĞƌĂĚŽůĂƉƌŽ-ďůĞŵĄƟĐĂ ĞĐŽŶſŵŝĐĂ ƉŽƐƚĐƌŝƐŝƐ ŝĐŚŽ ĐŽŵƉŽƌƚĂŵŝĞŶƚŽĞƐƚƵǀŽũƵƐƟĮĐĂĚŽƉŽƌĞůĚĠďŝůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĞĐŽŶſŵŝ-ĐŽĚĞůĂĞĐŽŶŽŵşĂĞƐƚĂĚŽƵŶŝĚĞŶƐĞĂƐşĐŽŵŽƉŽƌĞůĨƌĄŐŝůĚĞƐĞŵƉĞŹŽĚĞůĂĂĐƟǀŝĚĂĚŝŶĚƵƐƚƌŝĂůŶĂĐŝŽŶĂů

ƵƌĂŶƚĞĞůƉƌŝŵĞƌ ƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰ ůĂĞĐŽŶŽŵşĂŵĞǆŝ-ĐĂŶĂŽďƐĞƌǀſƵŶĂĐŽŶƚƌĂĐĐŝſŶĂůĞǆƉĞƌŝŵĞŶƚĂƌƵŶĐƌĞĐŝ-ŵŝĞŶƚŽŵĞŶŽƌ Ăů ĞƐƉĞƌĂĚŽ ĞŶĐŽŶƚƌĂŶĚŽ ůĂ ĐĂƵƐĂ ĞŶ ĞůŝŵƉĂĐƚŽŶĞŐĂƟǀŽŐĞŶĞƌĂĚŽƉŽƌůĂƌĞĨŽƌŵĂĮƐĐĂůWĂƌĂĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂŵĞũŽƌŽŝŵƉƵů-ƐĂĚĂƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌůĂĚĞŵĂŶĚĂĞǆƚĞƌŶĂƐŝŶĞŵďĂƌ-ŐŽůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂĂƷŶŶŽŵƵĞƐƚƌĂƵŶĂĐůĂƌĂŵĞũŽƌĂ

ŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞƐĞĐƌĞĂƌŽŶϮϱϬϬϬϬƉůĂǌĂƐĚĞƚƌĂďĂ-ũŽĂƉĞƐĂƌĚĞƋƵĞĞůĞŵƉůĞŽŝŶĨŽƌŵĂůƐĞŚĂǇĂŝŶĐƌĞŵĞŶ-ƚĂĚŽϬϯйƌĞƐƉĞĐƚŽĂůŵŝƐŵŽƉĞƌŝŽĚŽĚĞϮϬϭϯĐŽŶůŽĐƵĂůůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽϰϴйͿƐĞƐŝƚƵſĞŶƵŶŶŝǀĞůƐƵƉĞƌŝŽƌĂůĂĞǆƉĞƌŝŵĞŶƚĂĚĂĞŶĞůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϯϰϲйͿWĂƌĂĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞƐĞŚĂďşĂŶŐĞŶĞƌĂĚŽǇĂĐĞƌĐĂĚĞϰϬϯϬϬϬ ĞŵƉůĞŽƐ ĨŽƌŵĂůĞƐ ĞŶ Ğů ƉĂşƐ ϭϬϴϬϬϬ ĞŵƉůĞŽƐŵĄƐƋƵĞůŽƐƋƵĞƐĞŐĞŶĞƌĂƌŽŶĞŶĞůŵŝƐŵŽůĂƉƐŽĚĞůĂŹŽĂŶƚĞƌŝŽƌ ŽƌŝŐŝŶĂŶĚŽĐŽŶĞůůŽƋƵĞůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽƐĞ

ƐŝƚƵĂƌĂĞŶϰϵйĐŝĨƌĂŝŶĨĞƌŝŽƌĂůϱϬйĚĞůŵŝƐŵŽƉĞƌŝŽĚŽĚĞůĂŹŽĂŶƚĞƌŝŽƌ

ů ŽďũĞƟǀŽ ĚĞů ƉƌĞƐĞŶƚĞ ĂƌơĐƵůŽ ĞƐ ĂŶĂůŝǌĂƌ Ğů ĐŽŵƉŽƌ-ƚĂŵŝĞŶƚŽ ĚĞ ůĂ ĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ Ǉ Ğů ĚĞƐĞŵƉůĞŽ ĞŶ DĠǆŝĐŽ Ăů ƐĞŐƵŶĚŽ ƚƌŝŵĞƐƚƌĞ ĚĞ ϮϬϭϰ ĚĞƚĞƌŵŝŶĂŶĚŽ ůĂƉĞƌƐƉĞĐƟǀĂŚĂĐŝĂĮŶĂůĞƐĚĞĂŹŽWĂƌĂĞůůŽƐĞƌĞĂůŝǌĂƌĄƵŶĂďƌĞǀĞĚĞƐĐƌŝƉĐŝſŶĚĞůĂĞǀŽůƵĐŝſŶĚĞůĂĞĐŽŶŽŵşĂƋƵĞƐĞŽďƐĞƌǀſ ĞŶ Ğů ƉƌŝŵĞƌ ƐĞŵĞƐƚƌĞ ĚĞů ĂŹŽ ƉĂƌĂ ƉŽƐƚĞƌŝŽƌ-ŵĞŶƚĞŚĂĐĞƌůŽƉƌŽƉŝŽĐŽŶůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽǇĐƵůŵŝ-ŶĂƌĐŽŶůĂƉĞƌƐƉĞĐƟǀĂĚĞĚŝĐŚĂǀĂƌŝĂďůĞĂƉĂƌƟƌĚĞůĐĄůĐƵ-ůŽĚĞůĂƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽƐƵďǇĂĐĞŶƚĞϮ

1 El comportamiento de la economiacutea mexicanaŶĞůĐƵĂƌƚŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϯƐĞŽďƐĞƌǀſƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůƉƌŽĚƵĐƚŽŝŶƚĞƌŶŽďƌƵƚŽWͿĚĞϬϲϳйĚĞƐƉƵĠƐĚĞŚĂ-ďĞƌĞǆƉĞƌŝŵĞŶƚĂĚŽƵŶŝŶĐƌĞŵĞŶƚŽĚĞϭϱϵйǇϭϯϵйĞŶĞůƐĞŐƵŶĚŽǇƚĞƌĐĞƌƚƌŝŵĞƐƚƌĞƐŝƚƵĂĐŝſŶƋƵĞĨƵĞĂƚƌŝďƵŝďůĞĂůĚĞƚĞƌŝŽƌŽĚĞůƐĞĐƚŽƌĂŐƌŽƉĞĐƵĂƌŝŽĞŝŶĚƵƐƚƌŝĂůǇĂůĂƉĠƌĚŝ-ĚĂĚĞǀŝŐŽƌĚĞůĂƐĂĐƟǀŝĚĂĚĞƐƚĞƌĐŝĂƌŝĂƐŶĚŝĐŚŽƉĞƌŝŽĚŽůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂƚƌĂŶƐŝƚſďĂũŽƵŶĞŶƚŽƌŶŽĞǆƚĞƌŶŽŵĄƐĞƐƚĂďůĞƉĞƐĞĂůĂǀŽůĂƟůŝĚĂĚĞŶůŽƐŵĞƌĐĂĚŽƐĮŶĂŶ-ĐŝĞƌŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐŶŽŽďƐƚĂŶƚĞĞƐƚŽŶŽĨƵĞƐƵĮĐŝĞŶƚĞƉĂƌĂĚŝŶĂŵŝǌĂƌůĂƐĞǆƉŽƌƚĂĐŝŽŶĞƐŶĂĐŝŽŶĂůĞƐampW ϮϬϭϰͿ

Actividad econoacutemicay desempleo en Meacutexico

al primer semestre de 2014ƵǀĞŶĂůZŽũĂƐDĞƌĐĞĚZŝĐĂƌĚŽZŽĚƌşŐƵĞǌDĂƌĐŝĂůϭ

1 Profesores de la Facultad de Economiacutea de la UAEM correos electroacutenicos j_rojas97yahoocommx y riromaryahoocommx respectivamente2 La evolucioacuten subyacente de una serie se define como la trayectoria de avance firme y suave de la misma una vez que a los datos originales se les extrae

aquellas oscilaciones que dificultan el seguimiento del fenoacutemeno de intereacutes



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hŶĂƐƉĞĐƚŽĨĂǀŽƌĂďůĞĨƵĞĞůŚĞĐŚŽĚĞƋƵĞůĂƐĞǆƉŽƌƚĂĐŝŽ-ŶĞƐŶŽƉĞƚƌŽůĞƌĂƐŵŽƐƚƌĂƌŽŶƵŶĐŽŵƉŽƌƚĂŵŝĞŶƚŽƉŽƐŝƟ-ǀŽƉƵĞƐƐƵƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĂŶƵĂůĞŶĞƐĞƉĞƌŝŽĚŽĨƵĞĚĞϱϭйůĂĐƵĂůĐŽŶƚƌĂƐƚĂĐŽŶůĂƚĂƐĂĚĞϬϮйĞŶůŽƐƉƌŝ-ŵĞƌŽƐƚƌĞƐŵĞƐĞƐĚĞϮϬϭϯ

ůĚĠďŝůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂƚĂŵďŝĠŶƐĞǀŝŽƌĞŇĞũĂĚŽĞŶůĂĞǀŽůƵĐŝſŶĚĞůŶĚŝĐĂĚŽƌůŽďĂůĚĞůĂĐƟ-ǀŝĚĂĚĐŽŶſŵŝĐĂͿĐƵǇĂƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽŵĞŶ-ƐƵĂůĞƐĞŶĞŶĞƌŽǇĨĞďƌĞƌŽĨƵĞƌŽŶϬϭйǇϬϳйƌĞƐƉĞĐƟǀĂ-ŵĞŶƚĞ ĞŶ ƚĠƌŵŝŶŽƐĚĞƐĞƐƚĂĐŝŽŶĂůŝǌĂĚŽƐ ƐŝĞŶĚŽƉĞŽƌ ůĂƌĞŐŝƐƚƌĂĚĂĞŶŵĂƌǌŽͲϬϴйͿ

gtĂƌĞĚƵĐŝĚĂƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůWƚĂŵďŝĠŶƐĞĞǆƉůŝĐĂĂůĐŽŶƐŝĚĞƌĂƌůŽƐƉƌŝŶĐŝƉĂůĞƐƐĞĐƚŽƌĞƐĚĞĂĐƟǀŝĚĂĚĞĐŽŶſ-ŵŝĐĂgtĂƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĂŶƵĂůĚĞůƐĞĐƚŽƌĂŐƌŽƉĞĐƵĂ-ƌŝŽĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĨƵĞĚĞϰϵйƉĞƌŽĞƐƚĂŝŵƉĂĐƚſĚĞŵĂŶĞƌĂŵƵǇ ůŝŵŝƚĂĚĂĂů ĐƌĞĐŝŵŝĞŶƚŽĚĞůWƚŽƚĂůƉƵĞƐƐŽůŽƌĞƉƌĞƐĞŶƚſϮϴйWŽƌƐƵƉĂƌƚĞĞůƐĞĐƚŽƌŝŶĚƵƐƚƌŝĂůƌĞŐŝƐƚƌſƵŶĂƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĂŶƵĂůĚĞϭϲйĞ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ Ğů ƐĞĐƚŽƌ ŵĂŶƵĨĂĐƚƵƌĞƌŽ ĐƌĞĐŝſϰϯйƐŝŶĞŵďĂƌŐŽĞůƐĞĐƚŽƌĚĞůĂĐŽŶƐƚƌƵĐĐŝſŶĚŝƐŵŝŶƵǇŽϮϴйWŽƌůŽƋƵĞƌĞƐƉĞĐƚĂĂůƐĞĐƚŽƌƐĞƌǀŝĐŝŽƐƐĞƟĞŶĞƋƵĞĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĠƐƚĞƌĞŐŝƐƚƌſƵŶĂƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĂŶƵĂůĚĞϭϴй

ĂĐŝĂ Ğů ƐĞŐƵŶĚŽ ƚƌŝŵĞƐƚƌĞ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ůĂ ĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂ ĞƐ ƚŽĚĂǀşĂ ŵŽĚĞƌĂĚĂ ĞďŝĚŽ Ă ƋƵĞ ůĂ ĚĞ-ŵĂŶĚĂĞǆƚĞƌŶĂŚĂƐŝĚŽĞůƉƌŝŶĐŝƉĂůĨĂĐƚŽƌĚĞŝŵƉƵůƐŽĚĞůĐƌĞĐŝŵŝĞŶƚŽĞĐŽŶſŵŝĐŽĚĞůƉĂşƐƉƵĞƐĞůŵĞƌĐĂĚŽŝŶƚĞƌŶŽŚĂ ƉĞƌŵĂŶĞĐŝĚŽ ĚĠďŝů ĂŶƚĞ ůĂ ŵŽĚĞƌĂĚĂ ĞǆƉĂŶƐŝſŶ ĚĞůŵĞƌĐĂĚŽůĂďŽƌĂůƐşĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐƐĞŝƐŵĞƐĞƐĚĞůĂŹŽĞůĚĞƐĞŵƉĞŹŽĚĞůĂƐĞǆƉŽƌƚĂĐŝŽŶĞƐƚŽƚĂůĞƐĨƵĞĨĂǀŽ-ƌĂďůĞǇĞŶƉĂƌƟĐƵůĂƌůŽĨƵĞĞůĚĞůĂƐŵĂŶƵĨĂĐƚƵƌĞƌĂƐgtĂƐƉƌŝŵĞƌĂƐƌĞŐŝƐƚƌĂƌŽŶƵŶĂƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞϰϮйĞŶůĂƉƌŝŵĞƌŵŝƚĂĚĚĞϮϬϭϰĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůϬϱйĚĞŝŐƵĂůƉĞƌŝŽĚŽĚĞϮϬϭϯWŽƌƐƵƉĂƌƚĞĞŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰůĂƐĞǆƉŽƌƚĂĐŝŽŶĞƐĚĞŵĂŶƵĨĂĐƚƵƌĂƐĐƌĞĐŝĞƌŽŶƉŽƌϱϳйƚĂƐĂƋƵĞĨƵĞŵĂǇŽƌĂůĂĚĞϮϯйƌĞŐŝƐƚƌĂĚĂĞŶϮϬϭϯsϮϬϭϰďͿ

2 Comportamiento del desempleoen el primer semestre de 2014ůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂƉŽƐƚĞƌŝŽƌĂůĂĐƌŝƐŝƐŚĂƐŝĚŽĂůĂĂůǌĂĂƵŶƋƵĞĞůƷůƟŵŽĂŹŽǇƉĂƌƚĞĚĞůĂĐƚƵĂůĂƵŶŵĞŶŽƌƌŝƚŵŽŵŽƟǀĂĚĂƉŽƌĚŝǀĞƌƐŽƐĨĂĐƚŽƌĞƐƐŝĞŶĚŽƵŶŽĚĞĞůůŽƐƵŶĂĚĠďŝůĚĞŵĂŶĚĂĞǆƚĞƌŶĂĂĨĞĐƚĂŶĚŽĚĞĨŽƌŵĂŶĞŐĂƟǀĂĂůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂĂĐƟǀŝĚĂĚƉƌŽ-ĚƵĐƟǀĂĚĞůŽƐƐĞĐƚŽƌĞƐŵĄƐƌĞůĂĐŝŽŶĂĚŽƐĐŽŶůĂĚĞŵĂŶĚĂĞǆƚĞƌŶĂ

ƐƚĞĐŽŵƉŽƌƚĂŵŝĞŶƚŽŚĂĂĨĞĐƚĂĚŽĂůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽůĂĐƵĂůĂůĐĂŶǌſĞŶƐĞƉƟĞŵďƌĞĚĞϮϬϬϵƐƵŶŝǀĞůŵĄǆŝŵŽϲϮйͿƉĂƌĂ ƉŽƐƚĞƌŝŽƌŵĞŶƚĞ ŝŶŝĐŝĂƌ ƵŶĂ ƌĞĚƵĐĐŝſŶ ŚĂƐƚĂ ĂůĐĂŶǌĂƌŶŝǀĞůĞƐĚĞϰϴйĂůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĐŝĨƌĂŵĞŶŽƌĂϰϵйĞǆƉĞƌŝŵĞŶƚĂĚŽĞŶĞůŵŝƐŵŽƚƌŝŵĞƐƚƌĞĚĞϮϬϭϯǇĂƵŶŵĂǇŽƌĂůŽƐŶŝǀĞůĞƐĞǆƉĞƌŝŵĞŶƚĂĚŽƐĂŶƚĞƐĚĞůĂĐƌŝƐŝƐ

ĞĂĐƵĞƌĚŽ ĐŽŶĞů E ϮϬϭϰĂͿĚƵƌĂŶƚĞĞůƉƌŝŵĞƌ ƚƌŝ-ŵĞƐƚƌĞĚĞϮϬϭϰ ůĂƉŽďůĂĐŝſŶĚĞƐŽĐƵƉĂĚĂĞŶDĠǆŝĐŽƐĞƐŝƚƵſĞŶϮϱŵŝůůŽŶĞƐĚĞƉĞƌƐŽŶĂƐƐŝŐŶŝĮĐĂŶĚŽƵŶĂƌĞĚƵĐ-ĐŝſŶĚĞϭϮϭϭϮƉĞƌƐŽŶĂƐĞŶĞƐĂ ĐŽŶĚŝĐŝſŶ ĐŽŶ ƌĞƐƉĞĐƚŽĂůŵŝƐŵŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĂŶƚĞƌŝŽƌ EŽŽďƐƚĂŶƚĞůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽĚĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞϰϴйĞƐŵĂǇŽƌĂ ůĂĞǆƉĞƌŝŵĞŶƚĂĚĂ ĞŶ Ğů ĐƵĂƌƚŽ ƚƌŝŵĞƐƚƌĞ ĚĞů ĂŹŽ ƉĂƐĂĚŽϰϲйͿƋƵĞĨƵĞůĂŵĞŶŽƌĞŶϮϬϭϯŐƌĄĮĐĂϭͿ


Juvenal Rojas Ricardo Rodriacuteguez

ƌĄĮĐĂϭdĂƐĂĚĞĚĞƐĞŵƉůĞŽŶĂĐŝŽŶĂůϮϬϬϵʹϮϬϭϰ

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ů ŶƷŵĞƌŽ ĚĞ ŶƵĞǀŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ĂĮůŝĂĚŽƐ Ăů ŶƐƟƚƵ-ƚŽ DĞǆŝĐĂŶŽ ĚĞů ^ĞŐƵƌŽ ^ŽĐŝĂů D^^Ϳ ĞŶ ĞŶĞƌŽ ĨƵĞ ĚĞϮϭϵϳϵĞŶĨĞďƌĞƌŽƐĞĐƌĞĂƌŽŶϭϮϱϱϱϵƉůĂǌĂƐǇĞŶŵĂƌǌŽϭϬϴϳϮϲŶƵĞǀŽƐƉƵĞƐƚŽƐĚĞƚƌĂďĂũŽWŽƌůŽƋƵĞĞŶĞůƉĞ-ƌŝŽĚŽƐĞĐƌĞĂƌŽŶϮϱϲϮϲϰƉůĂǌĂƐ ůŽĐƵĂů ƌĞƉƌĞƐĞŶƚĂŶƵŶĂƵŵĞŶƚŽĂŶƵĂůĚĞϮϲйĞŶĞŶĞƌŽϮϳйĞŶĨĞďƌĞƌŽǇϯϭйĞŶŵĂƌǌŽsϮϬϭϰĂͿ

^ŝŶ ůƵŐĂƌĂĚƵĚĂƐ ůĂĐƌĞĂĐŝſŶĚĞŶƵĞǀĂƐƉůĂǌĂƐĚĞ ƚƌĂďĂũŽƌĞƐƵůƚĂŝŵƉŽƌƚĂŶƚĞƚŽĚĂǀĞǌƋƵĞĞŶůĂŵĞĚŝĚĂĞŶƋƵĞĞůĞŵ-ƉůĞŽŵĞũŽƌĞƐĞĞƐƉĞƌĂƌşĂƵŶŝŵƉƵůƐŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂ

ŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽůĂƚĂƐĂĚĞĚĞƐŽĐƵƉĂĐŝſŶĨƵĞĚĞϰϵйĚĞůĂWůŽƋƵĞŝŶǀŽůƵĐƌſĂƵŶĂƉŽďůĂĐŝſŶĚĞƐŽĐƵƉĂĚĂĚĞϮϱŵŝůůŽŶĞƐĚĞƉĞƌƐŽŶĂƐĚŝĐŚŽƉŽƌĐĞŶ-ƚĂũĞĞƐ ŝŶĨĞƌŝŽƌĂů ƌĞŐŝƐƚƌĂĚŽĞŶĞůƉĞƌŝŽĚŽĂďƌŝůͲũƵŶŝŽĚĞϮϬϭϯĐƵĂŶĚŽĨƵĞĚĞϱϬйEϮϬϭϰďͿĂƵŶƋƵĞůŝŐĞƌĂ-ŵĞŶƚĞƐƵƉĞƌŝŽƌĂůĚĞϰϴйĞŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůĂŹŽgtĂWĚĞůƉĂşƐƐĞƵďŝĐſĞŶϱϮϭŵŝůůŽŶĞƐĚĞƉĞƌƐŽŶĂƐƋƵĞƐŝŐŶŝĮĐĂŶĞůϱϴϲйĚĞůĂƉŽďůĂĐŝſŶĚĞϭϰĂŹŽƐǇŵĄƐ

3 Perspectiva de crecimiento de la tasa de desempleo nacionalůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽŶĂĐŝŽŶĂůƉƌĞ-ƐĞŶƚĂƵŶĂ ůŝŐĞƌĂĂĐĞůĞƌĂĐŝſŶĞŶƐƵĚŝŶĄŵŝĐĂĞŶĐŽŶƚƌĄŶ-ĚŽƐĞĞŶƵŶĂĨĂƐĞĚĞĐƌĞĐŝŵŝĞŶƚŽĂũƵŶŝŽĚĞϮϬϭϰĂǀĂŶǌĂĂƵŶĂƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽƐƵďǇĂĐĞŶƚĞĚĞϬϵϬй

ůĐŽŵƉĂƌĂƌĞƐƚĂƐŝƚƵĂĐŝſŶĚĞĂĐĞůĞƌĂĐŝſŶĚĞůĂĞǀŽůƵĐŝſŶƐƵďǇĂĐĞŶƚĞ ĐŽŶ ůĂ ĞǆƉĞĐƚĂƟǀĂ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ Ă ŵĞĚŝŽƉůĂǌŽŝŶĞƌĐŝĂсͲϬϯϬйͿƐĞŽďƐĞƌǀĂƋƵĞůĂĂĐĞůĞƌĂĐŝſŶĞŶƐƵĚŝŶĄŵŝĐĂƟĞŶĚĞĂƌĞĚƵĐŝƌƐĞůŽĐƵĂůƐĞƚƌĂĚƵĐŝƌĄĞŶƵŶĂŵĂǇŽƌĐĂŶƟĚĂĚĚĞƉĞƌƐŽŶĂƐĐŽŶƚƌĂƚĂĚĂƐ

ƐŝŶƚĞƌĞƐĂŶƚĞŚĂĐĞƌŶŽƚĂƌƋƵĞƵŶƚƌŝŵĞƐƚƌĞĂŶƚĞƐĞůĐƌĞĐŝ-ŵŝĞŶƚŽƐƵďǇĂĐĞŶƚĞƐĞƵďŝĐĂďĂĞŶƵŶĂƐŝƚƵĂĐŝſŶĚĞƌĞĚƵĐ-ĐŝſŶĚĞ ůĂ ƚĂƐĂĚĞĚĞƐĞŵƉůĞŽ ͲϬϱϱйŵŝĞŶƚƌĂƐ ƋƵĞ ĞŶũƵŶŝŽĚĞϮϬϭϰůĂƐŝƚƵĂĐŝſŶƐĞŚĂƌĞǀĞƌƟĚŽĂůƉƌĞƐĞŶƚĂƌƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůĂŵŝƐŵĂ

ů ĐŽŵƉĂƌĂƌ ůĂƐ ĞǆƉĞĐƚĂƟǀĂƐ ĚĞ ŵĞĚŝĂŶŽ ƉůĂǌŽ ĞŶ ĞůƚƌŝŵĞƐƚƌĞ ĂŶƚĞƌŝŽƌ ƐĞ ƚĞŶşĂ ƵŶĂ ŵĞũŽƌ ĞǆƉĞĐƚĂƟǀĂ ƚŽĚĂǀĞǌƋƵĞƐĞƌĞŐŝƐƚƌĂďĂƵŶĚĞĐƌĞĐŝŵŝĞŶƚŽŵĂǇŽƌĚĞůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽ ͲϬϵϰйĂůƋƵĞĂĐƚƵĂůŵĞŶƚĞ ƐĞ ĐŽŶƐŝŐŶĂͲϬϯϬйƚĞŶŝĞŶĚŽĐŽŵŽũƵƐƟĮĐĂĐŝſŶĚĞĞƐƚĂƉĞƌƐƉĞĐƟǀĂůĂĚŝƐŵŝŶƵĐŝſŶĞŶ ůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞů ĐƌĞĐŝŵŝĞŶƚŽĚĞ ůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂƋƵĞƐĞŚĂŶƉƌĞƐĞŶƚĂĚŽ

ŚŽƌĂďŝĞŶĞƐƚĂĞǀŽůƵĐŝſŶĚĞůĐƌĞĐŝŵŝĞŶƚŽƐƵďǇĂĐĞŶƚĞĂũƵŶŝŽĞƐŵĂǇŽƌĂůŽĞƐƉĞƌĂĚŽƵŶƚƌŝŵĞƐƚƌĞĂŶƚĞƌŝŽƌ IT ʹϭŐƌĄĮĐĂϮͿ ĐƵĂŶĚŽ ƐĞ ƚĞŶşĂƵŶĂĞǆƉĞĐƚĂƟǀĂĚĞʹϬϱϱйƐƚĞĐŽŵƉŽƌƚĂŵŝĞŶƚŽŚĂƉĞƌŵŝƟĚŽƋƵĞ ůĂƐĞǆƉĞĐƚĂƟǀĂƐŚĂĐŝĂĮŶĚĞĂŹŽĞŶĞůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂǀĂƌŝĂďůĞƐĞĂŶŝŶĨĞƌŝŽƌĞƐŝŶĞƌĐŝĂĚĞͲϬϯϬйͿĂůĂƐƉƌĞǀŝƐƚĂƐƵŶƚƌŝŵĞƐƚƌĞĂŶƚĞƐŝŶĞƌĐŝĂĚĞͲϬϵϰйͿƚĞŶŝĞŶĚŽĐŽŵŽũƵƐƟĮĐĂĐŝſŶĚĞ

ϲϯ

ϲϭ

ϱϵ

ϱϳ

ϱϱ

ϱϯ

ϱϭ

ϰϵ

ϰϳ

ϰϱ

KƌŝŐŝŶĂů dĞŶĚĞŶĐŝĂ

ŵĂƌͲϬϵ

ũƵŶͲϬϵ

ƐĞƉͲϬϵ

ĚŝĐͲϬϵ

ŵĂƌͲϭϬ

ũƵŶͲϭϬ

ƐĞƉͲϭϬ

ĚŝĐͲϭϬ

ŵĂƌͲϭϭ

ũƵŶͲϭϭ

ƐĞƉͲϭϭ

ĚŝĐͲϭϭ

ŵĂƌͲϭϮ

ũƵŶͲϭϮ

ƐĞƉͲϭϮ

ĚŝĐͲϭϮ

ŵĂƌͲϭϯ

ũƵŶͲϭϯ

ƐĞƉͲϭϯ

ĚŝĐͲϭϯ

ŵĂƌͲϭϰ

ũƵŶͲϭϰ



ĞƐƚĂƉĞƌƐƉĞĐƟǀĂĞůĚĞƚĞƌŝŽƌŽĞŶůĂƐĞǆƉĞĐƚĂƟǀĂƐĚĞůĐƌĞ-ĐŝŵŝĞŶƚŽĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂ

ConclusionesgtĂƐ ƉĞƌƐƉĞĐƟǀĂƐ ŐĞŶĞƌĂĚĂƐ ƉĂƌĂ ůĂ ĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂƐŽŶĐĂĚĂǀĞǌŵĄƐĚĞƐĂůĞŶƚĂĚŽƌĂƐĚĂĚŽĞůďĂũŽĐƌĞĐŝŵŝĞŶ-ƚŽ ĚĞ ůĂ ĂĐƟǀŝĚĂĚ ĞĐŽŶſŵŝĐĂ ŝŶŝĐŝĂŶĚŽ ĚĞƐĚĞ ϮϬϭϯ Ǉ ĞůĐƵĂů ƐĞ ŚĂ ĞǆƚĞŶĚŝĚŽ ŚĂƐƚĂ Ğů ƉƌŝŵĞƌ ƐĞŵĞƐƚƌĞ ĚĞ ĞƐƚĞĂŹŽĂƉĞƐĂƌĚĞƋƵĞƐĞĞƐƉĞƌĂƋƵĞĞůĐƌĞĐŝŵŝĞŶƚŽĞĐŽŶſ-ŵŝĐŽƉƌĞƐĞŶƚĞƵŶŵĂǇŽƌĚŝŶĂŵŝƐŵŽĞŶĞůƐĞŐƵŶĚŽƐĞŵĞƐ-ƚƌĞĚĞůĂŹŽƚŽĚĂǀĞǌƋƵĞĞůďĂũŽĐƌĞĐŝŵŝĞŶƚŽĞǆƉĞƌŝŵĞŶ-ƚĂĚŽĞŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞǇůĂƉĞƌĐĞƉĐŝſŶĚĞƵŶƌŝƚŵŽĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĚĞŵĂŶĚĂŝŶƚĞƌŶĂŵĄƐŵŽĚĞƌĂĚŽƋƵĞĞůƉƌĞǀŝƐƚŽĂŶƚĞƌŝŽƌŵĞŶƚĞŚĂĐŽŶĚƵĐŝĚŽĂƵŶĂƌĞǀŝƐŝſŶŚĂ-ĐŝĂ ůĂďĂũĂĞŶůŽƐƉƌŽŶſƐƟĐŽƐƐŽďƌĞůĂĞǆƉĂŶƐŝſŶĚĞůWƉĂƌĂϮϬϭϰ

WĂƌĂĞůĐĂƐŽĚĞůĚĞƐĞŵƉůĞŽůĂƐĞǆƉĞĐƚĂƟǀĂƐŶŽƐŽŶĂůĞŶ-ƚĂĚŽƌĂƐǇĂƋƵĞƐĞƉƌĞǀĠĞŶĞůĐŽƌƚŽƉůĂǌŽƵŶĂŵĂǇŽƌƚĂƐĂgtŽĐŝĞƌƚŽĞƐƋƵĞĂůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰ ůĂ ƚĂƐĂĚĞĚĞƐĞŵƉůĞŽƐĞƐŝƚƷĂĞŶŶŝǀĞůĞƐĐĞƌĐĂŶŽƐĂůϱйŶŝǀĞůĞƐƐŝ-ŵŝůĂƌĞƐĂůŽƐƉƌĞƐĞŶƚĂĚŽƐĞŶĞůŵŝƐŵŽƉĞƌŝŽĚŽƵŶĂŹŽĂŶ-ƚĞƐǀŝƐůƵŵďƌĄŶĚŽƐĞƋƵĞĞŶĞůĨƵƚƵƌŽƐĞŵĂŶƚĞŶĚƌĄĂƵŶƉŽƌĂƌƌŝďĂĚĞůŽƐŶŝǀĞůĞƐĞǆƉĞƌŝŵĞŶƚĂĚŽƐĂŶƚĞƐĚĞůĂĐƌŝƐŝƐůĂĐŽŶƐĞĐƵĞŶĐŝĂĚĞĞůůŽƐŽŶůŽƐďĂũŽƐŶŝǀĞůĞƐĚĞĐƌĞĐŝŵŝĞŶ-ƚŽĚĞůĂĂĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂ

ƌĄĮĐĂϮƌĞĐŝŵŝĞŶƚŽƐƵďǇĂĐĞŶƚĞĚĞůĂƚĂƐĂĚĞĚĞƐĞŵƉůĞŽŶĂĐŝŽŶĂůƉŽƌĐŝĞŶƚŽ

ampƵĞŶƚĞĄůĐƵůŽƐƉƌŽƉŝŽƐĂƉĂƌƟƌĚĞŝŶĨŽƌŵĂĐŝſŶĚĞůĚĞůE

BibliografiacuteaBBVA Bancomer (2014a) Situacioacuten Meacutexico segundo tri-

mestre 2014 Anaacutelisis econoacutemico servicio de estudios econoacutemicos del grupo BBVA httpswwwbbvare-searchcompublicacionessituacion-mexico-segundo-trimestre-2014 (220714)

BBVA Bancomer (2014b) Situacioacuten Meacutexico tercer trimes-tre 2014 Anaacutelisis econoacutemico servicio de estudios eco-noacutemicos del grupo BBVA httpswwwbbvaresearchcomwp-contentuploads201408SitMexico_3T14pdf (210714)

Centro de Estudio de las Finanzas Puacuteblicas (2014) Produc-to Interno Bruto en el cuarto trimestre de 2013 LXII legislatura Caacutemara de diputados Marzo 13 Meacutexico httpwwwcefpgobmxpublicacionesnota2014marzonotacefp0242014pdf (220714)

INEGI (2014a) Resultados de la encuesta nacional de ocupa-cioacuten y empleo cifras durante el primer trimestre de 2014 boletiacuten de prensa no 20814 mayo 13 Aguascalientes Ags httpwwwinegiorgmxinegicontenidosespanolprensacomunicadosestrucbolpdf (020914)

INEGI (2014b) Resultados de la encuesta nacional de ocu-pacioacuten y empleo cifras durante el segundo trimestre de 2014 boletiacuten de prensa no 35214 agosto 13 Aguasca-lientes Ags httpwwwinegiorgmxinegicontenidosespanolprensacomunicadosestrucbolpdf (220714)

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ƌĞĐŝŵŝĞŶƚŽ^ƵďǇĂĐĞŶƚĞйdͿ ƌĞĐŝŵŝĞŶƚŽ^ƵďǇĂĐĞŶƚĞйdͲϭͿ

ũƵŶͲϭϮഩഩഩƐĞƉͲϭϮഩഩഩĚŝĐͲϭϮഩഩഩŵĂƌͲϭϯഩഩഩũƵŶͲϭϯഩഩഩƐĞƉͲϭϯഩഩഩĚŝĐͲϭϯഩഩഩŵĂƌͲϭϰഩഩഩũƵŶϬϭϰഩഩഩŝŶĞƌĐŝĂ



IntroduccioacutengtŽƐ ŝŶƚĞƌĞƐĂĚŽƐ ĞŶ Ğů ƚĞŵĂ ĚĞů ƐĞĐƚŽƌ ĂƵƚŽŵŽƚƌŝǌ ƐŝŶĚƵĚĂĚƵƌĂŶƚĞ ůŽƐƷůƟŵŽƐŵĞƐĞƐŚĂŶ ƚĞŶŝĚŽŵƵĐŚŽŵĂ-ƚĞƌŝĂůĚĞĂŶĄůŝƐŝƐǇĚŝƐĐƵƐŝſŶƉƵĞƐƌĞĐŝĞŶƚĞŵĞŶƚĞƐĞĚŝĞ-ƌŽŶĂĐŽŶŽĐĞƌ ůĂƐ ĐŝĨƌĂƐĚĞƉƌŽĚƵĐĐŝſŶĚĞǀĞŚşĐƵůŽƐƉŽƌƉĂşƐĂŶŝǀĞůŵƵŶĚŝĂůĚĞ ůĂKƌŐĂŶŝǌĂĐŝſŶŶƚĞƌŶĂĐŝŽŶĂůĚĞŽŶƐƚƌƵĐƚŽƌĞƐĚĞƵƚŽŵſǀŝůĞƐKͿĚŽŶĚĞƐĞĚĞƐƚĂĐĂŶůĂƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽŶĞŐĂƟǀĂƐƉĂƌĂĞůƷůƟŵŽĂŹŽĚĞĂƉſŶŽƌĞĂĚĞů^Ƶƌ ŶĚŝĂǇampƌĂŶĐŝĂĞŵĂŶĞƌĂƉĂƌƟĐƵ-ůĂƌƉĂƌĂDĠǆŝĐŽƵŶƚĞŵĂƌĞĐŝĞŶƚĞůŽƌĞƉƌĞƐĞŶƚĂĞůŚĞĐŚŽĚĞƋƵĞĞŶϮϬϭϰƐĞŚĂǇĂŶĐƵŵƉůŝĚŽǀĞŝŶƚĞĂŹŽƐĚĞƋƵĞĞůƐĞĐƚŽƌĂƵƚŽŵŽƚƌŝǌƐĞĞŶĐƵĞŶƚƌĞŽƉĞƌĂŶĚŽďĂũŽůĂƐĐŽŶĚŝ-ĐŝŽŶĞƐƋƵĞƉĂƌĂĠůƐĞŶĞŐŽĐŝĂƌŽŶĞŶĞůŵĂƌĐŽĚĞůdgtEǇƋƵĞDĠǆŝĐŽŚĂǇĂƐƵƉĞƌĂĚŽĂƌĂƐŝůĞŶůĂƉƌŽĚƵĐĐŝſŶĚĞǀĞŚşĐƵůŽƐĞŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰ

Ŷ ĞƐƚĞ ƐĞŶƟĚŽ Ğů ŽďũĞƟǀŽĚĞů ƉƌĞƐĞŶƚĞĚŽĐƵŵĞŶƚŽĞƐŚĂĐĞƌƵŶĂďƌĞǀĞƌĞǀŝƐŝſŶĂůĚĞƐĞŵƉĞŹŽǇĞǀŽůƵĐŝſŶƋƵĞŚĂ ƚĞŶŝĚŽĞů ƐĞĐƚŽƌĂƵƚŽŵŽƚƌŝǌĚƵƌĂŶƚĞĞůƉĞƌŝŽĚŽĐŽŵ-ƉƌĞŶĚŝĚŽĚĞĞŶĞƌŽĚĞϮϬϭϯʹ ũƵŶŝŽĚĞϮϬϭϰĞƐƉĞĐşĮĐĂ-ŵĞŶƚĞĂŶŝǀĞůŵƵŶĚŝĂůƐĞƉƌĞƐĞŶƚĂŶĚĂƚŽƐĚĞƉƌŽĚƵĐĐŝſŶĚĞǀĞŚşĐƵůŽƐƉŽƌƉĂşƐƉĂƌĂDĠǆŝĐŽĚĂƚŽƐĚĞƉƌŽĚƵĐĐŝſŶǇ ǀĞŶƚĂƐ ƚŽƚĂů ƉŽƌŵĞƌĐĂĚŽ ĚĞ ĚĞƐƟŶŽ Ǉ ƉŽƌ ĞŵƉƌĞƐĂWĂƌĂĞůůŽĞůĚŽĐƵŵĞŶƚŽ ƐĞĚŝǀŝĚĞĞŶ ƚƌĞƐĂƉĂƌƚĂĚŽƐĞŶĞůƉƌŝŵĞƌŽƐĞĂŶĂůŝǌĂŶďƌĞǀĞŵĞŶƚĞ ůŽƐĚĂƚŽƐĚĞƉƌŽĚƵĐ-ĐŝſŶǇǀĞŶƚĂƐĚĞǀĞŚşĐƵůŽƐƉŽƌƉĂşƐĞƐǇĞŵƉƌĞƐĂƐĂŶŝǀĞů

ŵƵŶĚŝĂůĞŶĞůƐĞŐƵŶĚŽƐĞƉƌĞƐĞŶƚĂŶĚĂƚŽƐĚĞůƐĞĐƚŽƌĞŶDĠǆŝĐŽǇĮŶĂůŵĞŶƚĞƐĞƉůĂŶƚĞĂŶĂůŐƵŶĂƐĐŽŶĐůƵƐŝŽŶĞƐ

1 Produccioacuten y venta de vehiacuteculosa nivel mundial gtŽƐĚĂƚŽƐĚĞƉƌŽĚƵĐĐŝſŶǇǀĞŶƚĂĚĞǀĞŚşĐƵůŽƐĂŶŝǀĞůŵƵŶ-ĚŝĂůŵŽƐƚƌĂƌŽŶƵŶĂ ƌĞĐƵƉĞƌĂĐŝſŶ ŝŵƉŽƌƚĂŶƚĞƉĂƌĂϮϬϭϯĂƵŶƋƵĞůĂƐŝƚƵĂĐŝſŶĨƵĞŵƵǇŚĞƚĞƌŽŐĠŶĞĂĞŶƚƌĞůŽƐĚŝĨĞ-ƌĞŶƚĞƐƉĂşƐĞƐĞŶůĂƐĚŽƐǀĂƌŝĂďůĞƐ

gtĂ ƉƌŽĚƵĐĐŝſŶ ƚŽƚĂů ĚĞ ǀĞŚşĐƵůŽƐ ĞŶ ĞůŵƵŶĚŽƉĂƌĂ ĞƐĞĂŹŽĨƵĞĚĞϴϳϯŵŝůůŽŶĞƐĚĞƵŶŝĚĂĚĞƐϯϳйŵĄƐƋƵĞĞůĂŹŽ ĂŶƚĞƌŝŽƌ ŚŝŶĂŵĂŶƵĨĂĐƚƵƌſ ϮϮϭŵŝůůŽŶĞƐ ĚĞ ǀĞŚş-ĐƵůŽƐĐĂŶƟĚĂĚƋƵĞƌĞƉƌĞƐĞŶƚſϮϱйĚĞůƚŽƚĂůŵƵŶĚŝĂůǇůŽĐŽůŽĐſĐŽŵŽĞůŵĂǇŽƌƉƌŽĚƵĐƚŽƌĞŶĞůŵƵŶĚŽƉŽƌĐƵĂƌƚŽĂŹŽĐŽŶƐĞĐƵƟǀŽĞůĐƌĞĐŝŵŝĞŶƚŽƋƵĞĞƐƚĞƉĂşƐƚƵǀŽĐŽŶƌĞ-ůĂĐŝſŶĂůĂŹŽĂŶƚĞƌŝŽƌ ĨƵĞĚĞĐĂƐŝϭϱйŶůĂƐĞŐƵŶĚĂƉŽƐŝ-ĐŝſŶƐĞĞŶĐƵĞŶƚƌĂƐƚĂĚŽƐhŶŝĚŽƐĐŽŶůĂŵĂŶƵĨĂĐƚƵƌĂĚĞƉŽĐŽŵĄƐĚĞϭϭŵŝůůŽŶĞƐĚĞǀĞŚşĐƵůŽƐůŽƋƵĞƌĞƉƌĞƐĞŶƚĂϭϮϳйĚĞůƚŽƚĂůŵƵŶĚŝĂůǇĐŽŶƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞϲϵйƌĞƐ-ƉĞĐƚŽĂůĂŹŽĂŶƚĞƌŝŽƌǀĞƌĐƵĂĚƌŽϭͿ

gtůĂŵĂůĂĂƚĞŶĐŝſŶůŽƐĐĂƐŽƐĚĞĂƉſŶǇůĂŶĚŝĂƉĂşƐĞƐƋƵĞƉƌĞƐĞŶƚĂƌŽŶ ĐƌĞĐŝŵŝĞŶƚŽƐ ŶĞŐĂƟǀŽƐ ĚĞ ϯϯ Ǉ ϳϬй ƉĂƌĂϮϬϭϯŶĂƉſŶůĂƉƌŽĚƵĐĐŝſŶĚĞůƐĞĐƚŽƌŚĂƐŝĚŽĂůƚĂŵĞŶ-

El sector automotriz en el Mundo y en Meacutexico Una revisioacuten a los datos de produccioacuten y ventas

2013 - junio de 2014DĂƌŐĂƌŝƚŽĂƌďĂũĂů^ƵĄƌĞǌzŽůĂŶĚĂĂƌďĂũĂůϭ

1 Profesor del Instituto Tecnoloacutegico de Toluca y Profesora de tiempo completo Facultad de Economiacutea Universidad Autoacutenoma del Estado de Meacutexico respectivamente Correo electroacutenico mcarbajalsuarezgmailcom y yolanda_carbajalhotmailcom Los autores agradecen el apoyo de investigacioacuten de Berenice Carrillo Macario

El sector automotriz en el Mundo y en Meacutexico


ƚĞǀŽůĄƟůĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐĂŹŽƐƉƵĞƐŚĂƐƵĨƌŝĚŽĨƵĞƌƚĞƐĞŵďĂƚĞƐŶŽƐŽůŽůŽƐŐĞŶĞƌĂůŝǌĂĚŽƐƉĂƌĂƚŽĚŽĞůƐĞĐƚŽƌĂƉĂƌƟƌĚĞůĂƌĂŶZĞĐĞƐŝſŶƐŝŶŽƚĂŵďŝĠŶůŽƐƌĞůĂĐŝŽŶĂĚŽƐĐŽŶĞůdƐƵŶĂŵŝĚĞůϮϬϭϭĞůƐĞĐƚŽƌĂƵƚŽŵŽƚƌŝǌũĂƉŽŶĠƐŶŽŚĂůŽŐƌĂĚŽƚĞŶĞƌƵŶĐƌĞĐŝŵŝĞŶƚŽƐŽƐƚĞŶŝĚŽǀĞƌĐƵĂĚƌŽϭͿ

ůĐĂƐŽĚĞůĂŶĚŝĂĞƐƚĂŵďŝĠŶĚĞĚĞƐƚĂĐĂƌƐĞƉƵĞƐĞůƐĞĐ-ƚŽƌĂƵƚŽŵŽƚƌŝǌĞŶĞƐƚĞƉĂşƐĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐĐŝŶĐŽĂŹŽƐƉƌĞƐĞŶƚſ ĐƌĞĐŝŵŝĞŶƚŽƐ ŵƵǇ ŝŵƉŽƌƚĂŶƚĞƐ ĚĞ ŚĞĐŚŽ ĨƵĞƵŶŽĚĞůŽƐƉŽĐŽƐƉĂşƐĞƐƋƵĞŵŽƐƚƌĂƌŽŶƚĂƐĂĚĞĐƌĞĐŝŵŝĞŶ-

ƚŽƉŽƐŝƟǀĂƉĂƌĂϮϬϬϵϭϯϯйͿĂŹŽĞŶƋƵĞƉƌĄĐƟĐĂŵĞŶƚĞĞůŐƌƵĞƐŽĚĞƉĂşƐĞƐƚƵǀŽƚĂƐĂƐŶĞŐĂƟǀĂƐĐŽŵŽƌĞƐƵůƚĂĚŽĚĞůĂĐƌŝƐŝƐƋƵĞǀŝǀŝſĞůƐĞĐƚŽƌŽƌŝŐŝŶĂĚĂƉŽƌůĂƌĂŶZĞĐĞ-ƐŝſŶĚĞůϮϬϬϴƐƚĞƉĂşƐƐĞŚĂƉŽƐŝĐŝŽŶĂĚŽĐŽŵŽĞůƐĞǆƚŽƉƌŽĚƵĐƚŽƌĚĞǀĞŚşĐƵůŽƐĂŶŝǀĞůŵƵŶĚŝĂů

ŶŵĠƌŝĐĂgtĂƟŶĂƌĂƐŝůǇDĠǆŝĐŽĐŽŶƟŶƷĂŶƐŝĞŶĚŽůŽƐŵĂ-ǇŽƌĞƐ ƉƌŽĚƵĐƚŽƌĞƐ ĚĞ ǀĞŚşĐƵůŽƐ ĂƵŶƋƵĞ ĐŽŶƉĞƌƐƉĞĐƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚŝĨĞƌĞŶƚĞƐƌĂƐŝůĞŶϮϬϭϯŵĂŶƵĨĂĐƚƵƌſϯϳŵŝůůŽŶĞƐĚĞǀĞŚşĐƵůŽƐƋƵĞƌĞƉƌĞƐĞŶƚĂƌŽŶĞůϰϯйĚĞůĂƉƌŽ-

ƵĂĚƌŽϭWƌŽĚƵĐĐŝſŶŵƵŶĚŝĂůĚĞǀĞŚşĐƵůŽƐƉŽƌƉĂşƐϮϬϭϯ

WĂşƐ WƌŽĚƵĐĐŝſŶdŽƚĂů

WĂƌƟĐŝƉĂĐŝſŶĞŶĞůƚŽƚĂůй

йĚĞĐĂŵďŝŽϮϬϭϮͲϮϬϭϯ

sĞŶƚĂƐdŽƚĂůĞƐ



ϭ ŚŝŶĂ ϮϮϭϭϲϴϮϱ Ϯϱϯ ϭϰϴй ϮϭϵϴϰϭϬϬ Ϯϱϳ ϭϯϵ

Ϯ ƐƚĂĚŽƐhŶŝĚŽƐ ϭϭϬϰϱϵϬϮ ϭϮϳ ϲϵй ϭϱϴϴϯϵϲϵ ϭϴϲ ϳϰ

3 ĂƉſŶ ϵϲϯϬϬϳϬ ϭϭϬ Ͳϯϭй ϱϯϳϱϱϭϯ ϲϯ Ϭϭ

ϰ ůĞŵĂŶŝĂ ϱϳϭϴϮϮϮ ϲϲ ϭϮй ϯϮϱϳϳϭϴ ϯϴ ͲϰϬ

ϱ ŽƌĞĂĚĞů^Ƶƌ ϰϱϮϭϰϮϵ ϱϮ ͲϬϵй ϭϱϰϯϱϲϰ ϭϴ ͲϭϮ

ϲ ŶĚŝĂ ϯϴϴϬϵϯϴ ϰϰ ͲϳϬй ϯϮϰϭϮϬϵ ϯϴ Ͳϵϵ

7 ƌĂƐŝů ϯϳϰϬϰϭϴ ϰϯ ϵϵй ϯϳϲϳϯϳϬ ϰϰ ͲϬϵ

ϴ DĠǆŝĐŽ ϯϬϱϮϯϵϱ ϯϱ ϭϳй ϭϭϬϬϱϰϮ ϭϯ ϳϰ

ϵ dĂŝůĂŶĚŝĂ ϮϱϯϮϱϳϳ Ϯϵ ϰϯй ϭϯϯϬϲϳϮ ϭϲ Ͳϲϱ

ϭϬ ĂŶĂĚĄ ϮϯϳϵϴϬϲ Ϯϳ Ͳϯϰй ϭϳϳϵϴϲϬ Ϯϭ 37

ϭϭ ZƵƐŝĂ Ϯϭϳϱϯϭϭ Ϯϱ ͲϮϲй ϮϵϱϬϰϴϯ ϯϱ Ͳϲϭ

ϭϮ ƐƉĂŹĂ Ϯϭϲϯϯϯϴ Ϯϱ ϵϯй ϴϮϮϵϱϬ ϭϬ ϰϬ

ϭϯ ampƌĂŶĐŝĂ ϭϳϰϬϬϬϬ ϮϬ Ͳϭϭϲй ϮϮϬϭϬϲϴ Ϯϲ Ͳϱϲ

ϭϰ ZĞŝŶĂhŶŝĚŽ ϭϱϵϳϰϯϯ ϭϴ ϭϯй Ϯϱϵϱϳϭϯ ϯϬ ϭϭϮ

ϭϱ ŶĚŽŶĞƐŝĂ ϭϮϬϴϮϭϭ ϭϰ ϭϯϰй ϭϮϭϴϵϬϬ ϭϰ ϵϮ

KƚƌŽƐƉĂşƐĞƐ ϵϳϵϳϮϰϬ ϭϭϮ Ϭϭ ϭϲϯϰϬϭϳϮ ϭϵϭ ͲϬϴ

dŽƚĂů ϴϳϯϬϬϭϭϱ ϭϬϬϬ ϯϳϬй ϴϱϯϵϯϴϬϯ ϭϬϬϬ ϯϵ

ampƵĞŶƚĞKϮϬϭϰͿ

ĚƵĐĐŝſŶŵƵŶĚŝĂůǇůŽĐŽůŽĐĂƌŽŶĐŽŵŽĞůƐĠƉƟŵŽƉƌŽĚƵĐƚŽƌĞŶĞůŵƵŶĚŽĞůĐƌĞĐŝŵŝĞŶƚŽƉŽƌĐĞŶƚƵĂůĐŽŶƌĞƐƉĞĐƚŽĂůĂŹŽĂŶƚĞƌŝŽƌĨƵĞĚĞĐĂƐŝϭϬйDĠǆŝĐŽƉŽƌƐƵƉĂƌƚĞƐĞƵďŝĐſĞŶůĂŽĐƚĂǀĂƉŽƐŝĐŝſŶĂŶŝǀĞůŵƵŶĚŝĂůĐŽŶ ůĂŵĂŶƵĨĂĐƚƵƌĂĚĞϯϬŵŝůůŽŶĞƐĚĞǀĞŚşĐƵůŽƐĚƵƌĂŶƚĞϮϬϭϯĐŽŶƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞϭϳйĐŽŶƌĞƐƉĞĐƚŽĂůĂŹŽĂŶƚĞƌŝŽƌǀĞƌĐƵĂĚƌŽϭͿ

WŽƌĞůůĂĚŽĚĞůĂǀĞŶƚĂĚĞǀĞŚşĐƵůŽƐŚŝŶĂƐƚĂĚŽƐhŶŝĚŽƐǇĂƉſŶƐŽŶůŽƐƉƌŝŶĐŝƉĂůĞƐĐŽŶƐƵŵŝĚŽƌĞƐƉƵĞƐĞŶĞůůŽƐ

ƐĞƌĞĂůŝǌſůĂǀĞŶƚĂĚĞĐĂƐŝĞůϱϬйĚĞůƚŽƚĂůĚĞůŽƐǀĞŚşĐƵůŽƐƋƵĞƐĞĐŽŵĞƌĐŝĂůŝǌĂƌŽŶĚƵƌĂŶƚĞϮϬϭϯ

WŽƌŽƚƌŽůĂĚŽůĂƐĞŵƉƌĞƐĂƐůşĚĞƌĞƐĞŶƉƌŽĚƵĐĐŝſŶǇǀĞŶ-ƚĂƐĨƵĞƌŽŶsŽůŬƐǁĂŐĞŶĞŶĞƌĂůDŽƚŽƌƐǇdŽǇŽƚĂƋƵŝĞ-ŶĞƐƉƌŽĚƵũĞƌŽŶĞůϯϱйĚĞůƚŽƚĂůĚĞůŽƐǀĞŚşĐƵůŽƐŵĂŶƵ-ĨĂĐƚƵƌĂĚŽƐĞŶĞůŵƵŶĚŽĚƵƌĂŶƚĞϮϬϭϯǇǀĞŶĚŝĞƌŽŶϯϰйĚĞů ƚŽƚĂů ĚĞ ůŽƐ ǀĞŚşĐƵůŽƐ ĐŽŵĞƌĐŝĂůŝǌĂĚŽƐ ĞŶ ĞƐĞ ĂŹŽǀĞƌŐƌĄĮĐĂϭͿ


Margarito Carbajal Yolanda Carbajal

ƌĄĮĐĂϭWƌŽĚƵĐĐŝſŶǇǀĞŶƚĂŵƵŶĚŝĂůĚĞǀĞŚşĐƵůŽƐƉŽƌĞŵƉƌĞƐĂϮϬϭϯ

ΎŚƌǇƐůĞƌĐŽŶƐŝĚĞƌĂůĂƉƌŽĚƵĐĐŝſŶĚĞampŝĂƚampƵĞŶƚĞĞůĂďŽƌĂĐŝſŶƉƌŽƉŝĂĐŽŶĚĂƚŽƐĚĞKϮϬϭϰͿ

WƌŽĚƵĐĐŝſŶ sĞŶƚĂ

hŶĐĂƐŽŝŵƉŽƌƚĂŶƚĞĚĞĚĞƐƚĂĐĂƌĞƐĞůĚĞůĂĐŽƌĞĂŶĂǇƵŶ-ĚĂŝƉƵĞƐĞƐƚĂĞŵƉƌĞƐĂŚĂƚĞŶŝĚŽƵŶĐƌĞĐŝŵŝĞŶƚŽŝŵƉŽƌ-ƚĂŶƚĞǇƐŽƐƚĞŶŝĚŽĚƵƌĂŶƚĞůŽƐƷůƟŵŽƐĂŹŽƐŶϮϬϭϯƉƌŽ-ĚƵũŽϵйĚĞůƚŽƚĂůĚĞůŽƐǀĞŚşĐƵůŽƐŵĂŶƵĨĂĐƚƵƌĂĚŽƐĞŶĞůŵƵŶĚŽǇƚĂŵďŝĠŶƌĞĂůŝǌſĞůŵŝƐŵŽƉŽƌĐĞŶƚĂũĞĞŶůĂǀĞŶƚĂĚĞǀĞŚşĐƵůŽƐĞŶůŽƐĚŝĨĞƌĞŶƚĞƐƉĂşƐĞƐ 2 El sector automotriz en MeacutexicoŶDĠǆŝĐŽ Ğů ƐĞĐƚŽƌ ĂƵƚŽŵŽƚƌŝǌ ƚĂŵďŝĠŶ ŚĂ ƉƌĞƐĞŶƚĂĚŽƉŽĐĂĞƐƚĂďŝůŝĚĂĚĞŶƐƵĐƌĞĐŝŵŝĞŶƚŽĞŶĞůƉĞƌŝŽĚŽĚĞĂŶĄůŝ-ƐŝƐgtĂƐƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĂŶƵĂůŝǌĂĚĂƐĚĞůĂƉƌŽĚƵĐĐŝſŶƌĞŇĞũĂŶƵŶĂƐŝŐŶŝĮĐĂƟǀĂĐĂşĚĂĞŶĞůƷůƟŵŽŵĞƐĚĞϮϬϭϯǇĂƉĂƌƟƌĚĞĂŚşƵŶƌĞƉƵŶƚĞĐŽŶƐŝĚĞƌĂďůĞŚĂƐƚĂũƵŶŝŽĚĞϮϬϭϰƐƚĞŚĞĐŚŽŚĂƉƌŽǀŽĐĂĚŽƋƵĞDĠǆŝĐŽƉŽƌƉƌŝŵĞƌĂǀĞǌŚĂǇĂƐƵƉĞƌĂĚŽůĂƉƌŽĚƵĐĐŝſŶĚĞĂƵƚŽŵſǀŝůĞƐĚĞƌĂƐŝůĞŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰĐŽŶƵŶĂƉƌŽĚƵĐĐŝſŶƚŽƚĂůĚĞƵŶŵŝůůſŶϱϵϳŵŝůϱϵϰƵŶŝĚĂĚĞƐĐŽŶƚƌĂƵŶŵŝůůſŶϱϲϲŵŝůϰϵƵŶŝĚĂĚĞƐƋƵĞƉƌŽĚƵũŽĞůƉĂşƐƐƵĚĂŵĞƌŝĐĂŶŽDϮϬϭϰǇEampsϮϬϭϰͿ

WŽƌŽƚƌŽůĂĚŽůĂǀĞŶƚĂĚĞǀĞŚşĐƵůŽƐŶŽŚĂƐŝĚŽŵƵǇĞƐƚĂ-ďůĞĞŶƐƵĐŽŵƉŽƌƚĂŵŝĞŶƚŽŶĚŝǀĞƌƐŽƐŵĞƐĞƐĚĞůƷůƟŵŽĂŹŽǇŵĞĚŝŽƐĞŚĂŶƚĞŶŝĚŽƚĂƐĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽŶĞŐĂƟǀĂƐůĂŵĄƐďĂũĂƐĞƉƌĞƐĞŶƚſĞŶĞůŵĞƐĚĞĂďƌŝůĚĞϮϬϭϰĐƵĂŶ-

ĚŽůůĞŐſĂͲϴϬйŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞůĂŹŽůĂǀĞŶƚĂĚĞǀĞŚşĐƵůŽƐĞŶĞůŵĞƌĐĂĚŽŵĞǆŝĐĂŶŽĨƵĞĚĞϱϬϬŵŝůϯϲϬƵŶŝ-ĚĂĚĞƐĐŽůŽĐĂŶĚŽĂůĂŝŶĚƵƐƚƌŝĂĞŶŶŝǀĞůĞƐƐŝŵŝůĂƌĞƐĂůŽƐĚĞŚĂĐĞĚŝĞǌĂŹŽƐĞĞƐƚĂƐǀĞŶƚĂƐϰϳϭйĨƵĞƌŽŶǀĞŚşĐƵůŽƐƉƌŽĚƵĐŝĚŽƐĞŶŶƵĞƐƚƌŽƉĂşƐǇϱϮϵйĚĞŽƌŝŐĞŶĞǆƚƌĂŶũĞƌŽǀĞƌŐƌĄĮĐĂϮͿ

ƐƚĂŝŶĞƐƚĂďŝůŝĚĂĚĞŶůĂǀĞŶƚĂĚĞǀĞŚşĐƵůŽƐƐŝŶĚƵĚĂƟĞŶĞǀĂƌŝĂƐƌĂǌŽŶĞƐEŽƐŽůŽĞŶĐŽŶƚƌĂŵŽƐůĂĚĞďŝůŝĚĂĚĚĞůŵĞƌ-ĐĂĚŽŝŶƚĞƌŶŽƋƵĞƚĂŶƚŽƐĞŚĂĂƌŐƵŵĞŶƚĂĚŽĞŶŶƷŵĞƌŽƐƉĂƐĂĚŽƐĚĞĞƐƚĂƌĞǀŝƐƚĂϮƐŝŶŽƚĂŵďŝĠŶĂŚŽƌĂůĂĚĞďŝůŝĚĂĚĞ ŝŶĞƐƚĂďŝůŝĚĂĚ ĚĞůŵĞƌĐĂĚŽ ĞǆƚĞƌŶŽ ƉƵĞƐ ƐƚĂĚŽƐhŶŝ-ĚŽƐƉƌŝŶĐŝƉĂůŵĞƌĐĂĚŽƉĂƌĂůŽƐǀĞŚşĐƵůŽƐƉƌŽĚƵĐŝĚŽƐĞŶDĠǆŝĐŽĂƵŶĐƵĂŶĚŽĞŶĞůƐĞŐƵŶĚŽƚƌŝŵĞƐƚƌĞĚĞůĂŹŽƌĞ-ŐŝƐƚƌſƵŶŝŶĐƌĞŵĞŶƚŽĂŶƵĂůŝǌĂĚŽĞŶƐƵƉƌŽĚƵĐƚŽĚĞϰϬйĚƵƌĂŶƚĞ Ğů ƉƌŝŵĞƌ ƚƌŝŵĞƐƚƌĞ ĚĞ ĞƐƚĞ ĂŹŽ ƉƌĞƐĞŶƚſ ƵŶĂĨƵĞƌƚĞĐŽŶƚƌĂĐĐŝſŶĚĞϮϭй

WŽƌŽƚƌŽ ůĂĚŽĂůĂŶĂůŝǌĂƌĞůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞ ůĂƉƌŽ-ĚƵĐĐŝſŶĚĞǀĞŚşĐƵůŽƐƉŽƌŵĞƌĐĂĚŽĚĞĚĞƐƟŶŽǀĞƌŐƌĄĮĐĂϯͿƐĞŽďƐĞƌǀĂƋƵĞĞŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϯůĂƐƚĂƐĂƐĚĞ ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ƉĂƌĂŵĞƌĐĂĚŽ ŝŶƚĞƌŶŽĨƵĞƌŽŶƐƵƉĞƌŝŽƌĞƐĂůĂƐƉƌĞƐĞŶƚĂĚĂƐƉŽƌůĂƉƌŽĚƵĐĐŝſŶĚĞŵĞƌĐĂĚŽĚĞĞǆƉŽƌƚĂĐŝſŶůŽƋƵĞƐŝŶĚƵĚĂĞƐƌĞŇĞũŽƚŽĚĂ-

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dŽǇŽƚĂϭϮй

2 Veacutease Morales y Carbajal 2014 y 2012



ƌĄĮĐĂϮDĠǆŝĐŽWƌŽĚƵĐĐŝſŶǇǀĞŶƚĂĚĞǀĞŚşĐƵůŽƐϮϬϭϯͲũƵŶŝŽĚĞϮϬϭϰ

dĂƐĂĚĞĐƌĞĐŝŵŝĞŶƚŽĂŶƵĂůŝǌĂĚĂͿ

ampƵĞŶƚĞĞůĂďŽƌĂĐŝſŶƉƌŽƉŝĂĐŽŶĚĂƚŽƐĚĞDϮϬϭϰͿ

ƌĄĮĐĂϯDĠǆŝĐŽWƌŽĚƵĐĐŝſŶĚĞǀĞŚşĐƵůŽƐƉĂƌĂŵĞƌĐĂĚŽŝŶƚĞƌŶŽǇĚĞĞǆƉŽƌƚĂĐŝſŶϮϬϭϯͲũƵŶŝŽĚĞϮϬϭϰ


ampƵĞŶƚĞĞůĂďŽƌĂĐŝſŶƉƌŽƉŝĂĐŽŶĚĂƚŽƐĚĞůĂDϮϬϭϯǇϮϬϭϰͿ

ǀşĂĚĞůĂƐŝƚƵĂĐŝſŶĚĞŝŶĞƐƚĂďŝůŝĚĂĚƉŽƌůĂƋƵĞŚĂĂƚƌĂǀĞ-ƐĂĚŽ ůĂ ĞĐŽŶŽŵşĂ ĚĞ ƐƚĂĚŽƐ hŶŝĚŽƐ ƐƚĂ ƐŝƚƵĂĐŝſŶ ƐĞƌĞǀŝĞƌƚĞĂƉĂƌƟƌĚĞŽĐƚƵďƌĞĚĞϮϬϭϯ

ƵŶƋƵĞĞŶĞƐƚĞƐĞŶƟĚŽůĂƉƌŽƉŽƌĐŝſŶĚĞǀĞŚşĐƵůŽƐĞƐŵƵ-ĐŚŽŵĄƐƌĞƉƌĞƐĞŶƚĂƟǀĂĐƵĂŶĚŽƐĞƚƌĂƚĂĚĞ ůĂƉƌŽĚƵĐĐŝſŶ

ƉĂƌĂŵĞƌĐĂĚŽĞǆƚĞƌŶŽƉƵĞƐĞƐ ĐŽŶƐŝĚĞƌĂďůĞŵĞŶƚĞ ƐƵƉĞ-ƌŝŽƌ Ă ůĂ ĚĞƐƟŶĂĚĂ ĂůŵĞƌĐĂĚŽ ŝŶƚĞƌŶŽ Ŷ Ğů ƉƌŝŵĞƌ ƐĞ-ŵĞƐƚƌĞƐĚĞϮϬϭϰ ƐĞŚĂŶŵĂŶƵĨĂĐƚƵƌĂĚŽĞŶŶƵĞƐƚƌŽƉĂşƐƉŽĐŽŵĄƐĚĞϭϯŵŝůůŽŶĞƐĚĞǀĞŚşĐƵůŽƐƉĂƌĂůŽƐŵĞƌĐĂĚŽƐĚĞĞǆƉŽƌƚĂĐŝſŶĐŽŶƚƌĂƐŽůŽϮϳϭŵŝůĚĞƐƟŶĂĚŽƐĂůŵĞƌĐĂĚŽŶĂĐŝŽŶĂů

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sĞŶƚĂƐĂůƉƷďůŝĐŽ

DĞƌĐĂĚŽŝŶƚĞƌŶŽ DĞƌĐĂĚŽĚĞĞǆƉŽƌƚĂĐŝſŶ

WƌŽĚƵĐĐŝſŶƚŽƚĂů



hŶƉƌŽďůĞŵĂƋƵĞĐŽŶƟŶƷĂƉƌĞƐĞŶƚĞǇƋƵĞŶŽƟĞŶĞƉĂƌĂĐƵĂŶĚŽƉƵĞĚĂƉƌĞƐĞŶƚĂƌƵŶĂƐŝƚƵĂĐŝſŶĚŝĨĞƌĞŶƚĞĞƐůĂĞǆ-ĐĞƐŝǀĂ ĚĞƉĞŶĚĞŶĐŝĂ ĚĞů ŵĞƌĐĂĚŽ ĞƐƚĂĚŽƵŶŝĚĞŶƐĞ ƉƵĞƐůĂĐŽŶĐĞŶƚƌĂĐŝſŶĚĞůĂĞǆƉŽƌƚĂĐŝſŶĚĞǀĞŚşĐƵůŽƐŚĂĐŝĂůŽƐƐƚĂĚŽƐhŶŝĚŽƐƐĞŐƵŝƌĄƐŝĞŶĚŽƵŶƌŝĞƐŐŽůĂƚĞŶƚĞŵŝĞŶƚƌĂƐĞƐĂĞĐŽŶŽŵşĂŶŽƚĞŶŐĂƵŶĂĨƌĂŶĐĂǇƐſůŝĚĂƌĞĐƵƉĞƌĂĐŝſŶĞůĂƐĞǆƉŽƌƚĂĐŝŽŶĞƐƚŽƚĂůĞƐĚĞǀĞŚşĐƵůŽƐĞŶĞůƉƌŝŵĞƌƐĞ-ŵĞƐƚƌĞĚĞϮϬϭϰϳϭйƚƵǀŽĐŽŵŽĚĞƐƟŶŽĞůŵĞƌĐĂĚŽĚĞ

ĞƐĞƉĂşƐǇϭϬйĞůĐĂŶĂĚŝĞŶƐĞĐŝĨƌĂƐƐƵƉĞƌŝŽƌĞƐĞŶĐƵĂƚƌŽǇĚŽƐƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐ Ă ůĂƐŽďƚĞŶŝĚĂƐ ĞŶĞůŵŝƐŵŽƉĞƌŝŽĚŽĚĞůĂŹŽĂŶƚĞƌŝŽƌĞƐƚŽ ƐŝŶĚƵĚĂĞƐ ƌĞƐƵůƚĂĚŽĚĞůĂƐĚŝƐŵŝŶƵĐŝŽŶĞƐƋƵĞƐĞŚĂŶƉƌĞƐĞŶƚĂĚŽĞŶůŽƐŵĞƌĐĂĚŽƐůĂƟŶŽĂŵĞƌŝĐĂŶŽǇĞƵƌŽƉĞŽƉƵĞƐĞŶůŽƐƉƌŝŵĞƌŽƐƐĞŝƐŵĞ-ƐĞƐĚĞϮϬϭϰϭϬǇϱйĚĞůƚŽƚĂůĚĞǀĞŚşĐƵůŽƐƉƌŽĚƵĐŝĚŽƐĞŶĞƐƚĞƉĂşƐƚƵǀŝĞƌŽŶĐŽŵŽĚĞƐƟŶŽĞƐŽƐŵĞƌĐĂĚŽƐƌĞƐƉĞĐƟ-ǀĂŵĞŶƚĞDϮϬϭϰͿ

3 Sobre estos temas veacutease (Morales y Carbajal 2014 y 2012)

ƵĂĚƌŽϮDĠǆŝĐŽWƌŽĚƵĐĐŝſŶƉŽƌĞŵƉƌĞƐĂǇƉŽƌƟƉŽĚĞŵĞƌĐĂĚŽĞŶĞƌŽͲũƵŶŝŽĚĞϮϬϭϰ

hŶŝĚĂĚĞƐͿ


WƌŽĚƵĐĐŝſŶƉĂƌĂŵĞƌĐĂĚŽĞǆƚĞƌŶŽ

WƌŽĚƵĐĐŝſŶƉĂƌĂŵĞƌĐĂĚŽŝŶƚĞƌŶŽ

ŚƌǇƐůĞƌ ϮϰϯϮϲϮ ϮϮϵϴϲϱ ϭϯϯϵϳ

ampŽƌĚDŽƚŽƌ Ϯϯϭϳϳϭ ϮϮϱϮϵϰ ϲϰϳϳ

ĞŶĞƌĂůDŽƚŽƌƐ ϯϱϯϳϭϮ ϮϵϬϴϲϱ ϲϮϴϰϳ

ŽŶĚĂ ϰϴϮϮϰ ϯϯϮϲϭ ϭϰϵϲϯ

DĂǌĚĂ Ϯϱϰϲϲ ϮϮϰϰϭ ϯϬϮϱ

EŝƐƐĂŶ ϰϭϮϯϭϮ Ϯϳϵϲϵϱ ϭϯϮϲϭϳ

dŽǇŽƚĂ ϯϰϰϬϰ ϯϰϰϬϰ Ϭ

sŽůŬƐǁĂŐĞŶ Ϯϰϴϰϰϯ ϮϭϬϱϱϯ ϯϳϴϵϬ

dŽƚĂů ϭϱϵϳϱϵϰ ϭϯϮϲϯϳϴ ϮϳϭϮϭϲ

ampƵĞŶƚĞĞůĂďŽƌĂĐŝſŶƉƌŽƉŝĂĐŽŶĚĂƚŽƐĚĞůĂDϮϬϭϰͿ

ampŝŶĂůŵĞŶƚĞĂůŐƵŶŽƐĚĂƚŽƐƉŽƌĞŵƉƌĞƐĂĚĂŶĞǀŝĚĞŶĐŝĂĚĞƋƵĞůŽƐŵĂǇŽƌĞƐƉƌŽĚƵĐƚŽƌĞƐĚĞǀĞŚşĐƵůŽƐĞŶDĠǆŝĐŽƐŝ-ŐƵĞŶƐŝĞŶĚŽEŝƐƐĂŶĞŶĞƌĂůDŽƚŽƌƐsŽůŬƐǁĂŐĞŶŚƌǇƐ-ůĞƌ Ǉ ampŽƌĚ ƉƵĞƐ ĞƐƚĂƐ ĐŝŶĐŽ ĞŵƉƌĞƐĂƐŚĂŶĚŽŵŝŶĂĚŽĞůĞŶƐĂŵďůĂĚŽĚĞǀĞŚşĐƵůŽƐŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰĞƐƚĂƐĞŵƉƌĞƐĂƐƉƌŽĚƵũĞƌŽŶĞůϵϯйĚĞůƚŽƚĂůĚĞůŽƐǀĞŚşĐƵ-ůŽƐŵĂŶƵĨĂĐƚƵƌĂĚŽƐĞŶĞůƉĂşƐEŝƐƐĂŶĞƐĞůůşĚĞƌĞŶŵĞƌ-ĐĂĚŽ ŝŶƚĞƌŶŽ ƐĞŐƵŝĚŽĚĞĞŶĞƌĂůDŽƚŽƌƐŵŝĞŶƚƌĂƐƋƵĞŚƌǇƐůĞƌ ampŽƌĚǇsŽůŬƐǁĂŐĞŶĚĞƐƟŶĂŶůĂŵĂǇŽƌƉĂƌƚĞĚĞƐƵƉƌŽĚƵĐĐŝſŶĂůŽƐŵĞƌĐĂĚŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐǀĞƌĐƵĂĚƌŽϮͿ

Conclusiones ^ŝŶĚƵĚĂĞůƐĞĐƚŽƌĂƵƚŽŵŽƚƌŝǌĞƐƵŶŽĚĞůŽƐŵĄƐĚŝŶĄŵŝ-ĐŽƐĐŽŵŽƉƵĞĚĞǀĞƌƐĞĂůŽůĂƌŐŽĚĞĞƐƚĞĚŽĐƵŵĞŶƚŽƐŝŶĞŵďĂƌŐŽ ĚƵƌĂŶƚĞ ůŽƐ ƷůƟŵŽƐŵĞƐĞƐ ŚĂ ĞƐƚĂĚŽ ĐƵďŝĞƌƚŽĚĞ ƵŶĂ ŐƌĂŶ ŝŶĐĞƌƟĚƵŵďƌĞ ƉƵĞƐ ůĂ ǀŽůĂƟůŝĚĂĚ ƋƵĞ ŚĂŶ

ƉƌĞƐĞŶƚĂĚŽ ĂůŐƵŶŽƐ ƉĂşƐĞƐ ĞŶ ƐƵ ƉƌŽĚƵĐĐŝſŶ ŶŽƐ ĚĞũĂŶǀĞƌƋƵĞĂƷŶĞƐƚĄůĞũŽƐĚĞĂůĐĂŶǌĂƌůĂĞƐƚĂďŝůŝĚĂĚƋƵĞŚĂďşĂƉƌĞƐĞŶƚĂĚŽĞŶĂŹŽƐĂŶƚĞƌŝŽƌĞƐĂůĂƌĂŶZĞĐĞƐŝſŶ

WĂƌĂĞů ĐĂƐŽĚĞDĠǆŝĐŽĞŶƉĂƌƟĐƵůĂƌ ůĂ ƐŝƚƵĂĐŝſŶŶŽŚĂƐŝĚŽĚŝĨĞƌĞŶƚĞ ƉƵĞƐ ůĂ ŐƌĂŶĚĞƉĞŶĚĞŶĐŝĂƋƵĞƟĞŶĞ ĐŽŶĞůŵĞƌĐĂĚŽ ĞƐƚĂĚŽƵŶŝĚĞŶƐĞ ůŽ ǀƵĞůǀĞŵƵǇ ǀƵůŶĞƌĂďůĞ ĂůŽƐĞŵďĂƚĞƐƋƵĞƉƵĞĚĂƐƵĨƌŝƌĞƐƚĂĞĐŽŶŽŵşĂĂĚĞŵĄƐůĂƐĐŽŶƚƌŽǀĞƌƐŝĂƐ ƋƵĞ ƐĞ ŚĂŶ ƐƵƐĐŝƚĂĚŽ ĚĞŵĂŶĞƌĂ ƌĞĐŝĞŶƚĞĐŽŶƉĂşƐĞƐůĂƟŶŽĂŵĞƌŝĐĂŶŽƐƌĂƐŝůǇƌŐĞŶƟŶĂ3ͿŚĂŶĚŝ-ĮĐƵůƚĂĚŽĂƷŶŵĄƐĞƐĂƚĂŶĂŶƐŝĂĚĂĚŝǀĞƌƐŝĮĐĂĐŝſŶĚĞůŵĞƌ-ĐĂĚŽĞǆƚĞƌŶŽ

WŽƌŽƚƌŽůĂĚŽůĂƐĞǆƉĞĐƚĂƟǀĂƐƉĂƌĂƌĞĂĐƟǀĂƌĞůŵĞƌĐĂĚŽŝŶƚĞƌŶŽĚĞǀĞŚşĐƵůŽƐƐĞǀƵĞůǀĞŶŵĄƐĚƵĚŽƐĂƐƐŝĚĞĂĐƵĞƌ-ĚŽ ĐŽŶ D ϮϬϭϯͿ ůŽƐ ĞƐƉĞĐŝĂůŝƐƚĂƐ ĞŶ ĞĐŽŶŽŵşĂ ĚĞů



ƐĞĐƚŽƌƉƌŝǀĂĚŽĐŽŶƐƵůƚĂĚŽƐƉŽƌĞůĂŶĐŽĚĞDĠǆŝĐŽĞŶƐƵĞŶĐƵĞƐƚĂĚĞũƵůŝŽĚĞϮϬϭϰŚĂŶƌĞĚƵĐŝĚŽůĂĞǆƉĞĐƚĂƟǀĂĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůWĂϮϱϲйǇƉƌŽŶŽƐƟĐĂŶƵŶĂŝŶŇĂĐŝſŶŐĞŶĞƌĂůĚĞϯϳϵйƉĂƌĂϮϬϭϰ

ReferenciasAMIA (2014) Boletiacuten de informacioacuten estadiacutestica para ju-

nio de 2014 Asociacioacuten Mexicana de la Industria Au-tomotriz Meacutexico Disponible en lthttpwwwamiacommxgt (18 de julio 2014)

AMIA (2013) Boletiacuten de informacioacuten estadiacutestica para ju-nio de 2013 Asociacioacuten Mexicana de la Industria Au-tomotriz Meacutexico Disponible en lthttpwwwamiacommxgt (18 de julio 2014)

ANFAVEA (2014) Estadiacutesticas de la Asociacioacuten Nacio-nal de Fabricantes de Automoacuteviles Brasil Disponi-ble en lthttpwwwanfaveacombrgt (18 de julio 2014)

Morales M y Carbajal Y (2014) ldquoEl intercambio bilateral Meacutexico-Brasil en el marco del ACE 55rdquo en Economiacutea Actual Vol V No 3 UAEM julio-septiembre

Morales F y Carbajal S (2012) ldquoLa peacuterdida de un eslaboacuten maacutes el conflicto automotriz entre Argentina y Meacutexicordquo en Economiacutea Actual Vol VII No 2 UAEM enero-marzo

OICA (2014) Estadiacutesticas Organizacioacuten Internacional de Constructores de Automoacuteviles httpwwwoicanetcategoryproduction-statistics (5 de agosto 2014)



IntroduccioacutenŶĞůŵĞƐĚĞŵĂǇŽĚĞůƉƌĞƐĞŶƚĞĂŹŽĨƵĞƉƵďůŝĐĂĚŽĞůŝŶ-ĨŽƌŵĞ ĚĞ gtĂ ŝŶǀĞƌƐŝſŶĞǆƚƌĂŶũĞƌĂĞŶŵĠƌŝĐĂgtĂƟŶĂǇĞůĂƌŝďĞϮϬϭϯWgtϮϬϭϰͿĞůĐƵĂůƐĞŹĂůĂƋƵĞůĂŶǀĞƌƐŝſŶǆƚƌĂŶũĞƌĂ ŝƌĞĐƚĂ Ϳ ĂůĐĂŶǌĂĚĂ ƉŽƌ ůĂ ƌĞŐŝſŶ ĨƵĞ ĚĞϭϴϴϭϬϭŵŝůůŽŶĞƐĚĞĚſůĂƌĞƐŵĚĚͿĐŝĨƌĂƋƵĞƌĞƉƌĞƐĞŶƚĂƵŶŝŶĐƌĞŵĞŶƚŽĚĞϲйĞŶĐŽŵƉĂƌĂĐŝſŶĂůϮϬϭϮĂƐşĐŽŵŽƵŶŵĄǆŝŵŽŚŝƐƚſƌŝĐŽƉĂƌĂůĂƌĞŐŝſŶƐƚŽƐŇƵũŽƐĚĞŝŶǀĞƌ-ƐŝſŶ ƐĞ ĚŝƐƚƌŝďƵǇĞƌŽŶ ĞŶŵĠƌŝĐĂ ĚĞů ^Ƶƌ ϳϯϭϯйͿ Ǉ ĞŶĞŶƚƌŽĂŵĠƌŝĐĂǇDĠǆŝĐŽϮϲϴϳйͿĞŶƚĂŶƚŽƋƵĞĞůĂƌŝďĞĨƵĞůĂƌĞŐŝſŶƋƵĞŵĞŶŽƐŇƵũŽƐĚĞĐĂƉŝƚĂůĐĂƉƚſϯϮϭйͿ

ůŽďũĞƟǀŽĚĞĞƐƚĞĂƌơĐƵůŽĞƐŵŽƐƚƌĂƌĞůĚĞƐĞŵƉĞŹŽĚĞůĂƉĂƌĂůĂƌĞŐŝſŶůĂƟŶŽĂŵĞƌŝĐĂŶĂϮǇ ĞŶƉĂƌƟĐƵůĂƌ ƉĂƌĂůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂĐŽŶĞůĮŶĚĞƌĞĂůŝǌĂƌƵŶĂĐŽŵƉĂƌĂĐŝſŶĞŶƚƌĞůŽƐŇƵũŽƐĚĞŝŶǀĞƌƐŝſŶƋƵĞĨƵĞƌŽŶƌĞĐŝďŝĚŽƐǇůŽƐĞůĞ-ŵĞŶƚŽƐƋƵĞĚĞƚĞƌŵŝŶĂƌŽŶůĂĞŶĞůĐĂƐŽŵĞǆŝĐĂŶŽ

ŶƉƌŝŵĞƌůƵŐĂƌ ƐĞĚĞƐĐƌŝďĞĞůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞůĂŝŶǀĞƌ-ƐŝſŶĞŶůĂƌĞŐŝſŶůĂƟŶŽĂŵĞƌŝĐĂŶĂƉĂƌĂĐŽŶŽĐĞƌůŽƐƐĞĐƚŽƌĞƐďĞŶĞĮĐŝĂĚŽƐůĂƐĞƐƚƌĂƚĞŐŝĂƐǇůŽƐƉƌŝŶĐŝƉĂůĞƐŝŶǀĞƌƐŝŽŶŝƐƚĂƐŶƐĞŐƵŝĚĂƐĞĚĞƐĐƌŝďĞĞůƉĂŶŽƌĂŵĂƉĂƌĂĞůĐĂƐŽŵĞǆŝĐĂ-

ŶŽhŶƚĞƌĐĞƌƉƵŶƚŽƐĞŹĂůĂůŽƐĚĞƚĞƌŵŝŶĂŶƚĞƐĚĞůĂĞƐƉĞ-ĐŝĂůŝǌĂĐŝſŶƉƌŽĚƵĐƟǀĂĞŶĐƵĂŶƚŽĂ ůĂƌĞĐĞƉĐŝſŶĚĞĞŶŵĠƌŝĐĂgtĂƟŶĂampŝŶĂůŵĞŶƚĞƐĞĞƐƚĂďůĞĐĞŶůĂƐĐŽŶĐůƵƐŝŽŶĞƐĚĞůĚŽĐƵŵĞŶƚŽ

1 IED en Ameacuterica Latina 2013 componentes estrategias e inversionistasĞƐĚĞĮŶĂůĞƐĚĞůĂƉƌŝŵĞƌĂĚĠĐĂĚĂĚĞůƐŝŐůŽyyůĂĂƚƌĂĐ-ĐŝſŶ ĚĞ ůĂ ĞŶ ůĂ ƌĞŐŝſŶ ŚĂ ƐŝĚŽ ĞŶĐĂďĞǌĂĚĂ ƉŽƌ ůĂĞĐŽŶŽŵşĂ ďƌĂƐŝůĞŹĂ ĐŽŶ ŵŽŶƚŽƐ ĂŶƵĂůĞƐ ĚĞ ƌĞĐĞƉĐŝſŶƋƵĞŇƵĐƚƷĂŶĞŶƚƌĞ ůŽƐϰϱŵŝůŵĚĚǇϲϲŵŝůŵĚĚŝĐŚĂƉĂƌƟĐŝƉĂĐŝſŶ ĞƐ ĞǀŝĚĞŶƚĞ ĞŶ Ğů ƷůƟŵŽ ĂŹŽ ƌĂƐŝů ĐĂƉƚſĞůϯϱϭϰйĚĞů ƚŽƚĂůĚĞ ůĂ ƌĞĐŝďŝĚĂĞŶ ůĂ ƌĞŐŝſŶĂƵŶ-ƋƵĞĞƐƚĞŵŽŶƚŽĨƵĞϲйŵĞŶŽƌĂůƌĞŐŝƐƚƌŽĚĞůĂŹŽĂŶƚĞƌŝŽƌ ĚĞŵĄƐĚĞůĂĞĐŽŶŽŵşĂďƌĂƐŝůĞŹĂůĂƐƉƌŝŶĐŝƉĂůĞƐĞĐŽŶŽ-ŵşĂƐƌĞĐĞƉƚŽƌĂƐĚĞ ĞŶ ůĂƌĞŐŝſŶĨƵĞƌŽŶDĠǆŝĐŽĐŽŶŵĄƐĚĞϯϴŵŝůŵĚĚĞƐĚĞĐŝƌĞůϮϭϬϭйĚĞůĂƚŽƚĂůƉĂƌĂŵĠƌŝĐĂgtĂƟŶĂŚŝůĞĐŽŶϮϬŵŝůŵĚĚϭϭϭϮйĚĞůĂƚŽ-ƚĂůͿŽůŽŵďŝĂĐŽŶϭϲϳŵŝůŵĚĚϵϮϬйͿǇƌŐĞŶƟŶĂĐŽŶϵŵŝůŵĚĚϰϵϴйǀĠĂƐĞŐƌĄĮĐĂϭͿ

Inversioacuten Extranjera Directaen Ameacuterica Latina 2013

DĂƌşĂƐƚŚĞƌDŽƌĂůĞƐampĂũĂƌĚŽƌŝƐƟĂŶZWůĂƚĂ^ŽƚŽϭ

1 Investigadora del CRIM de la UNAM correo electroacutenico moralesfcorreocrimunammx Egresado de la Licenciatura en Relaciones Econoacutemicas Internacionales de la Facultad de Economiacutea de la UAEMex Correo electroacutenico cristianplatasmecom

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ƌĄĮĐĂϭWƌŝŶĐŝƉĂůĞƐĞĐŽŶŽŵşĂƐƌĞĐĞƉƚŽƌĂƐĚĞĞŶŵĠƌŝĐĂgtĂƟŶĂ

ŵŝůůŽŶĞƐĚĞĚſůĂƌĞƐͿ

ampƵĞŶƚĞWgtϮϬϭϰͿ

WĂƌĂůĂWgtϮϬϭϰͿĞůĐƌĞĐŝŵŝĞŶƚŽĚĞůĂŝŶǀĞƌƐŝſŶĞŶůĂƌĞŐŝſŶƚƵǀŽĐŽŵŽĚĞƚŽŶĂŶƚĞ ůĂĐŽŵƉƌĂĚĞ ůĂĐĞƌǀĞĐĞƌşĂŵĞǆŝĐĂŶĂ DŽĚĞůŽ ƉŽƌ ƉĂƌƚĞ ĚĞ ƵŶĂ ƚƌĂŶƐŶĂĐŝŽŶĂů ŶĞǀͿůĂĐƵĂůĚŝŽƵŶŝŵƉƵůƐŽĚĞƉŽĐŽŵĄƐĚĞϭϯŵŝůŵĚĚƐŝŶ ůŽƐ ĐƵĂůĞƐ ĞůŵŽŶƚŽ ĚĞ ŝŶǀĞƌƐŝſŶ ƌĞŐŝƐƚƌĂĚŽ ŚƵďŝĞƌĂƐŝĚŽŵĞŶŽƌĂůĂŹŽƉĂƐĂĚŽgtĂŝŶǀĞƌƐŝſŶĞŶůĂƌĞŐŝſŶƚƵǀŽƵŶŵĂǇŽƌĚŝŶĂŵŝƐŵŽĞŶĞůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞůĂŹŽǇĂƋƵĞĚĞƐƉƵĠƐĞůĂŶƵŶĐŝŽĚĞů^ŝƐƚĞŵĂĚĞůĂZĞƐĞƌǀĂampĞĚĞ-ƌĂůĚĞ ůŽƐƐƚĂĚŽƐhŶŝĚŽƐ ampͿƐŽďƌĞ ůĂĚŝƐŵŝŶƵĐŝſŶĚĞƐƵ ƉƌŽŐƌĂŵĂ ĚĞ ĞƐơŵƵůŽƐ ĐƵĂŶƟƚĂƟǀŽƐ ĐŽŶĚƵũŽ Ă ƵŶĂŵĞŶŽƌĂƚƌĂĐĐŝſŶĚĞŇƵũŽƐĚĞŝŶǀĞƌƐŝſŶĞŶůĂƐĞĐŽŶŽŵşĂƐĞŵĞƌŐĞŶƚĞƐ3 WĂƌĂ Ğů ƐĞŐƵŶĚŽ ƐĞŵĞƐƚƌĞ ůĂƐ ƉƌĞǀŝƐŝŽŶĞƐƐŽďƌĞůŽƐƉůĂŶĞƐĨƵƚƵƌŽƐĚĞůĂƐĞŵƉƌĞƐĂƐƚƌĂŶƐŶĂĐŝŽŶĂůĞƐĂƉŽƐƚĂƌŽŶĞŶůĂĞƐƚĂďŝůŝĚĂĚĚĞůĐƌĞĐŝŵŝĞŶƚŽĂůĂƌŐŽƉůĂǌŽĚĞůĂƐĞĐŽŶŽŵşĂƐĚĞůĂƌĞŐŝſŶǇůĂĞǆƉůŽƚĂĐŝſŶĚĞůŽƐƌĞ-ĐƵƌƐŽƐŶĂƚƵƌĂůĞƐ

Ğ ůŽƐ ĐŽŵƉŽŶĞŶƚĞƐƋƵĞ ŝŶƚĞŐƌĂŶ Ă ůĂ ĞƐĚĞĐŝƌ ůŽƐĂƉŽƌƚĞƐĚĞĐĂƉŝƚĂůůŽƐƉƌĠƐƚĂŵŽƐĞŶƚƌĞĞŵƉƌĞƐĂƐǇůĂƌĞŝŶ-ǀĞƌƐŝſŶĚĞƵƟůŝĚĂĚĞƐĞůƉƌŝŵĞƌŽĨƵĞĞůĐŽŵƉŽŶĞŶƚĞƉƌŝŶ-ĐŝƉĂůĐŽŶƵŶϰϮйĚĞůƚŽƚĂůĚĞŇƵũŽƐĚĞůĂĞŶĐŽŶƚƌĂƐƚĞĐŽŶĞůĂŹŽĂŶƚĞƌŝŽƌ ĚŽŶĚĞůĂƌĞŝŶǀĞƌƐŝſŶĚĞƵƟůŝĚĂĚĞƐŚĂ-ďşĂ ƐŝĚŽĞů ĐŽŵƉŽŶĞŶƚĞ ĨƵŶĚĂŵĞŶƚĂů ƐƚĞ ĐĂŵďŝŽ ƚĂŵ-

ďŝĠŶĞƐƚĄĂƐŽĐŝĂĚŽĂ ůĂĐŽŵƉƌĂĚĞ ůĂĞŵƉƌĞƐĂŵĞǆŝĐĂŶĂĂŶƚĞƐŵĞŶĐŝŽŶĂĚĂ

ŽŶƌĞƐƉĞĐƚŽĂůŽƐƉƌŝŶĐŝƉĂůĞƐŝŶǀĞƌƐŝŽŶŝƐƚĂƐĞŶůĂƌĞŐŝſŶůĂhŶŝſŶƵƌŽƉĞĂĞŶĐĂďĞǌĂůĂůŝƐƚĂĐŽŶĞůϰϱйĚĞůĂǇƐƚĂĚŽƐhŶŝĚŽƐƐĞĞŶĐƵĞŶƚƌĂĞŶĞůƐĞŐƵŶĚŽƉƵĞƐƚŽĐŽŶĞůϮϲйĚĞůƚŽƚĂůĚĞŇƵũŽƐĚĞŝŶǀĞƌƐŝſŶĞŶƚƌŽĚĞůďůŽƋƵĞĞƵ-ƌŽƉĞŽĚĞƐƚĂĐĂŶůŽƐWĂşƐĞƐĂũŽƐĐŽŵŽƉƌŝŶĐŝƉĂůĞŵŝƐŽƌĚĞĐĂƉŝƚĂůĞƐƉĂƌĂƌĂƐŝůǇĠůŐŝĐĂƉĂƌĂĞůĐĂƐŽŵĞǆŝĐĂŶŽĞŶĂŵďŽƐĐĂƐŽƐĞůĂƉŽƌƚĞĚĞĞƐƚĂƐĚŽƐĞĐŽŶŽŵşĂƐĞƵƌŽƉĞĂƐĨƵĞĚĞƉŽĐŽŵĄƐĚĞϭϯŵŝůŵĚĚƌĞƐƉĞĐƟǀĂŵĞŶƚĞŶŝǀĞůƌĞŐŝŽŶĂůĞůďůŽƋƵĞĞƵƌŽƉĞŽĂƉŽƌƚſĞůϰϱйĚĞůĂƚŽƚĂůƋƵĞƌĞĐŝďŝſůĂƌĞŐŝſŶƐƵĚĂŵĞƌŝĐĂŶĂǇĞůϱϰйĚĞůĂƐŝŶǀĞƌ-ƐŝŽŶĞƐƋƵĞĐĂƉƚſůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂŶƚĂŶƚŽƋƵĞůŽƐƐƚĂĚŽƐhŶŝĚŽƐĨƵĞƌŽŶĞůƐĞŐƵŶĚŽŝŶǀĞƌƐŝŽŶŝƐƚĂƉĂƌĂĞŶ-ƚƌŽĂŵĠƌŝĐĂĐŽŶĞůϯϬйĚĞůĂŝŶǀĞƌƐŝſŶƚŽƚĂůƉĂƌĂDĠǆŝĐŽϯϮйͿǇ^ƵĚĂŵĠƌŝĐĂϮϰйͿhŶĐƚĂĚϮϬϭϰͿ

ĚŝĐŝŽŶĂůŵĞŶƚĞǇĂĚĞƐĚĞĞůĂŹŽƉĂƐĂĚŽƐĞŶŽƚĂďĂůĂŝŶ-ŇƵĞŶĐŝĂƋƵĞƟĞŶĞŶůŽƐƉƌŽƉŝŽƐƉĂşƐĞƐĚĞůĂƌĞŐŝſŶĐŽŵŽƉƌŝŶĐŝƉĂůĞƐĞŵŝƐŽƌĞƐĚĞĐĂƉŝƚĂůĞŶůĂƐĞĐŽŶŽŵşĂƐůĂƟŶŽĂ-ŵĞƌŝĐĂŶĂƐ ůĂ ƉĂƌƟĐŝƉĂĐŝſŶĚĞ ůŽƐ ĐĂƉŝƚĂůĞƐ ůĂƟŶŽĂŵĞƌŝ-ĐĂŶŽƐ ĨƵĞ ĚĞů ϭϳйĚĞů ƚŽƚĂů ĚĞ ůĂ ƌĞĐŝďŝĚĂ hŶĐƚĂĚ

ϳϬϬϬϬ

ϲϬϬϬϬ

ϱϬϬϬϬ

ϰϬϬϬϬ

ϯϬϬϬϬ

ϮϬϬϬϬ

ϭϬϬϬϬ

ϬϮϬϬϴപപപപപപപപϮϬϬϵപപപപപപപപപϮϬϭϬപപപപപപപപപϮϬϭϭപപപപപപപപപϮϬϭϮപപപപപപപപപϮϬϭϯ

ŹŽ

ƌĂƐŝů DĠǆŝĐŽ ŚŝůĞ ŽůŽŵďŝĂ ƌŐĞŶƟŶĂ


Mariacutea Esther Morales Cristian RA Plata

ϮϬϭϰͿ ĞƐƚĂĐĂ ůĂ ƉĂƌƟĐŝƉĂĐŝſŶ ĚĞ ůĂƐ ŵƵůƟůĂƟŶĂƐϰ ĞŶĞŶƚƌŽĂŵĠƌŝĐĂ ƋƵŝĞŶĞƐ ĨƵĞƌŽŶĞů ƉƌŝŶĐŝƉĂů ŝŶǀĞƌƐŝŽŶŝƐƚĂĐŽŶĞůϯϵйĚĞůĂƚŽƚĂůƐşĐŽŵŽĞŶůĂĞĐŽŶŽŵşĂĞĐƵĂ-ƚŽƌŝĂŶĂĚŽŶĚĞůĂŝŶǀĞƌƐŝſŶŵƵůƟůĂƟŶĂĨƵĞĚĞůϰϲйĚĞůƚŽ-ƚĂůĚĞůĂƌĞĐŝďŝĚĂ

ƐƚĂĞǀŝĚĞŶĐŝĂĚĞƋƵĞŵĠƌŝĐĂgtĂƟŶĂƐĞĐŽŶƐƟƚƵǇĞĐŽŵŽƵŶŽĚĞ ůŽƐƉƌŝŶĐŝƉĂůĞƐ ŝŶǀĞƌƐŝŽŶŝƐƚĂƐĞŶ ůĂ ƌĞŐŝſŶŵƵĞƐ-ƚƌĂ ůĂ ĐŽŶƐŽůŝĚĂĐŝſŶ ĚĞ ůĂƐ ĞŵƉƌĞƐĂƐŵƵůƟůĂƟŶĂƐ ĐŽŵŽŝŵƉŽƌƚĂŶƚĞƐ ĐŽŵƉĞƟĚŽƌĞƐ ŐůŽďĂůĞƐ Ǉ ƐƵƐ ĞƐƚƌĂƚĞŐŝĂƐ ĚĞĂĐĐĞƐŽĂů ĮŶĂŶĐŝĂŵŝĞŶƚŽ ǇĂƋƵĞ ůĂƐ ĐŽŵƉĂŹşĂƐ ůĂƟŶŽĂ-ŵĞƌŝĐĂŶĂƐĞŵŝƟĞƌŽŶƵŶĂŵĂǇŽƌĐĂŶƟĚĂĚĚĞďŽŶŽƐƉĂƌĂĞůĮŶĂŶĐŝĂŵŝĞŶƚŽĞŶĞůĞǆƚƌĂŶũĞƌŽWgtϮϬϭϰͿ

ŽŶƌĞƐƉĞĐƚŽĂ ůĂĚŝƐƚƌŝďƵĐŝſŶƐĞĐƚŽƌŝĂůĚĞ ůĂ ǀĠĂƐĞŐƌĄĮĐĂϮĂͿǇĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶĞůĂŹŽĂŶƚĞƌŝŽƌ ĂƵŶƋƵĞůŽƐƐĞƌǀŝĐŝŽƐĨƵĞƌŽŶĞůƐĞĐƚŽƌŵĄƐďĞŶĞĮĐŝĂĚŽƉŽƌůĂŝŶǀĞƌ-ƐŝſŶĞǆƚƌĂŶũĞƌĂĞŶůĂƐĞĐŽŶŽŵşĂƐůĂƟŶŽĂŵĞƌŝĐĂŶĂƐĐŽŶĞůϯϴйĚĞůƚŽƚĂůĞůƐĞŐƵŶĚŽƐĞĐƚŽƌĂŚŽƌĂĐŽƌƌĞƐƉŽŶĚĞĂůĂƐŵĂŶƵĨĂĐƚƵƌĂƐĐŽŶĞůϯϲйĚĞůĂƚŽƚĂůǇĮŶĂůŵĞŶƚĞůŽƐƌĞĐƵƌƐŽƐ ŶĂƚƵƌĂůĞƐ ĐŽŶ Ğů Ϯϲй Ɛ ŝŵƉŽƌƚĂŶƚĞ ĐŽŵĞŶƚĂƌƋƵĞƐŝďŝĞŶ ůĂĚŝƐƚƌŝďƵĐŝſŶĚĞ ůĂ ŝŶǀĞƌƐŝſŶĂŶŝǀĞůƐĞĐƚŽ-ƌŝĂůƟĞŶĞ ƐƵƐŵĂƟĐĞƐƉŽƌ ƌĞŐŝŽŶĞƐǇƉŽƌƉĂşƐĞƐĞǆŝƐƚĞŶƉƵŶƚŽƐĂ ĐŽŶƐŝĚĞƌĂƌ ůƉƌŝŵĞƌŽĞƐƚĄ ǀŝŶĐƵůĂĚŽĂůŚĞĐŚŽĚĞƋƵĞ ĚƵƌĂŶƚĞ ůĂƐ ƷůƟŵĂƐĚĠĐĂĚĂƐ Ğů ƐĞĐƚŽƌ ƐĞƌǀŝĐŝŽƐƐĞŚĂďĞŶĞĮĐŝĂĚŽĚĞůŽƐĐĂƉŝƚĂůĞƐĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůĂĞƐƚĂďŝůŝĚĂĚĞŶĞůĐƌĞĐŝŵŝĞŶƚŽĞĐŽŶſŵŝĐŽĚĞůŽƐƉĂşƐĞƐůĂƟŶŽĂŵĞƌŝĐĂŶŽƐ Ǉ ƋƵĞ ƐĞ ǀŝŶĐƵůĂ Ăů ĐƌĞĐŝŵŝĞŶƚŽ ĞŶ ĞůĐŽŶƐƵŵŽĚĞůĂƐƉĞƌƐŽŶĂƐƐƚĞŚĞĐŚŽĞƐƚĄƌĞŇĞũĂĚŽĞŶĞůĂƵŵĞŶƚŽĚĞůĂĐŽŵƉƌĂĚĞƚĞůĠĨŽŶŽƐĐĞůƵůĂƌĞƐĂƉĞƌƚƵƌĂĚĞĐƵĞŶƚĂƐďĂŶĐĂƌŝĂƐǇĂĐĐĞƐŽĂĐŽŵƉƌĂƐĚĞƐƵƉĞƌŵĞƌĐĂĚŽƐĂĚĞŵĄƐ ĚĞ ůŽƐ ĐĂŵďŝŽƐ ƚĞĐŶŽůſŐŝĐŽƐ Ǉ ƌĞŐƵůĂƚŽƌŝŽƐ Ğŵ-ƉƌĞŶĚŝĚŽƐƉŽƌĂůŐƵŶĂƐĞĐŽŶŽŵşĂƐǇƋƵĞďĞŶĞĮĐŝĂŶĂůĂƐƚƌĂŶƐŶĂĐŝŽŶĂůĞƐ ŝŶƚĞƌĞƐĂĚĂƐ ĞŶ ŝŶǀĞƌƟƌ ĞŶ ůŽƐŵĞƌĐĂĚŽƐůĂƟŶŽĂŵĞƌŝĐĂŶŽƐWgtϮϬϭϰͿ

ůƐĞŐƵŶĚŽƉƵŶƚŽĞƐƋƵĞĞŶĞůƷůƟŵŽĂŹŽ ůĂƐŵĂŶƵĨĂĐ-ƚƵƌĂƐĚĞƐƉůĂǌĂƌŽŶĂůŽƐƌĞĐƵƌƐŽƐŶĂƚƵƌĂůĞƐĐŽŵŽƐĞŐƵŶĚŽƐĞĐƚŽƌĞƐƚƌĂƚĠŐŝĐŽƐƚĞŚĞĐŚŽƐĞǀŝŶĐƵůĂĂůĂĂĚƋƵŝƐŝĐŝſŶĐŽǇƵŶƚƵƌĂůͿĚĞůĂĞƌǀĞĐĞƌşĂDŽĚĞůŽĂƐşĐŽŵŽĂůĂĚŝƐŵŝ-ŶƵĐŝſŶĚĞůŽƐƉƌĞĐŝŽƐĚĞůĂƐŵĂƚĞƌŝĂƐƉƌŝŵĂƐĂŶŝǀĞůŐůŽďĂů

^ŽďƌĞĞƐƚĞƷůƟŵŽĨĂĐƚŽƌ ůĂWgtϮϬϭϰͿĚĞƐƚĂĐĂƋƵĞĂĚĞ-ŵĄƐĚĞ ůĂĞƐĐĂƐĂĚŝǀĞƌƐŝĮĐĂĐŝſŶĚĞůƐĞĐƚŽƌ ŵĂǇŽƌŵĞŶƚĞĐŽŶĐĞŶƚƌĂĚŽĞŶůŽƐŚŝĚƌŽĐĂƌďƵƌŽƐǇŵŝŶĞƌşĂůŽƐĞůĞǀĂĚŽƐĐŽƐƚŽƐĚĞĞǆƚƌĂĐĐŝſŶƚĂŵďŝĠŶŚĂŶĐŽŶƚƌŝďƵŝĚŽĞŶ ůĂƐĞƐ-ƚƌĂƚĞŐŝĂƐĚĞůŽƐŝŶǀĞƌƐŝŽŶŝƐƚĂƐĞŶůĂƌĞŐŝſŶĂĮŶĚĞƚĞŶĞƌĂƵŵĞŶƚŽƐĞŶůĂƌĞŶƚĂďŝůŝĚĂĚĚĞůĐĂƉŝƚĂů

La IED en Meacutexico en 2013gtĂ ĞŶDĠǆŝĐŽĞŶĞůϮϬϭϯĨƵĞĚĞϯϴϮϴϲŵĚĚĞƐĚĞ-Đŝƌ ƵŶĐƌĞĐŝŵŝĞŶƚŽĚĞůϭϵϰйƌĞƐƉĞĐƚŽĂůĂŹŽĂŶƚĞƌŝŽƌ^ϮϬϭϰͿgtĂŵĂǇŽƌşĂĚĞ ůŽƐƐĞĐƚŽƌĞƐĚĞ ůĂĞĐŽŶŽŵşĂŵĞǆŝ-ĐĂŶĂƌĞŐŝƐƚƌĂƌŽŶƵŶĂƵŵĞŶƚŽĞŶůĂƐĞŶƚƌĂĚĂƐĚĞƐŝŶĞŵďĂƌŐŽ ůĂ ŝŶĚƵƐƚƌŝĂŵĂŶƵĨĂĐƚƵƌĞƌĂ ƌĞĐŝďŝſ Ğů ϳϴй ĚĞůƚŽƚĂů ĚĞ ůĂ ŝŶǀĞƌƐŝſŶ ƌĞĐŝďŝĚĂ ĞŶ ůĂ ĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂϱ ǀĠĂƐĞŐƌĄĮĐĂϮďͿWŽƌƐƵƉƵĞƐƚŽĞƐƚĞĚĂƚŽĐŽǇƵŶƚƵƌĂůƐĞĚĞďĞĂůĂĐŽŵƉƌĂĚĞůĂĞƌǀĞĐĞƌşĂƌƵƉŽDŽĚĞůŽĂŶƚĞƐŵĞŶĐŝŽŶĂĚĂĂƵŶƋƵĞĞŶƐƵĐŽŶũƵŶƚŽůĂŝŶĚƵƐƚƌŝĂĚĞďĞďŝ-ĚĂƐǇƚĂďĂĐŽƌĞĐŝďŝſϭϱϰϬϬŵĚĚƐĞŐƵŝĚĂĚĞůĂŝŶĚƵƐƚƌŝĂĂƵƚŽŵŽƚƌŝǌĐŽŶϯϱϭϴŵĚĚ^ϮϬϭϰͿ

ĚŝĨĞƌĞŶĐŝĂĚĞůĂƚĞŶĚĞŶĐŝĂƌĞŐŝŽŶĂůǇŶƵĞǀĂŵĞŶƚĞĚĞƐ-ƚĂĐĂŶĚŽ ůĂ ĐŽŵƉƌĂ ĚĞ ůĂ ĐĞƌǀĞĐĞƌşĂŵĞǆŝĐĂŶĂ ĐŽŵŽ ƵŶĨĂĐƚŽƌ ĐŽǇƵŶƚƵƌĂů ĚĞ ůĂ ŝŶǀĞƌƐŝſŶ ƌĞĐŝďŝĚĂ ĞŶ ϮϬϭϯ ůŽƐƐĞƌǀŝĐŝŽƐĨƵĞƌŽŶĞůƐĞŐƵŶĚŽƐĞĐƚŽƌďĞŶĞĮĐŝĂĚŽƉŽƌůŽƐĐĂ-ƉŝƚĂůĞƐĞǆƚƌĂŶũĞƌŽƐŶůĂŐƌĄĮĐĂϮĂǇϮĐƉƵĞĚĞŽďƐĞƌǀĂƌ-ƐĞƋƵĞĞƐƚĞƐĞĐƚŽƌĞƐĞůƉƌŝŵĞƌŽƉĂƌĂĞůĐĂƐŽĚĞŵĠƌŝĐĂgtĂƟŶĂǇ^ƵĚĂŵĠƌŝĐĂĐŽŶƵŶƉŽƌĐĞŶƚĂũĞĚĞĂůƌĞĚĞĚŽƌĚĞůϰϬйĚĞůĂƌĞĐŝďŝĚĂĞŶĂŵďŽƐĐĂƐŽƐEŽŽďƐƚĂŶƚĞƉĂƌĂůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂůĂƌĞĐĞƉĐŝſŶĚĞĐĂƉŝƚĂůĞƐĨŽƌĄŶĞŽƐƉĂƌĂĞůƐĞĐƚŽƌƐĞƌǀŝĐŝŽƐǇĚĞƌĞĐƵƌƐŽƐŶĂƚƵƌĂůĞƐĞƐŵĞŶŽƐĚĞƐƚĂĐĂďůĞ ƋƵĞ ĐŽŶ ƌĞƐƉĞĐƚŽ Ă ůĂ ŵĂŶƵĨĂĐƚƵƌĂ WĂƌĂ ĞůĐĂƐŽĚĞůŽƐƐĞƌǀŝĐŝŽƐ ůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂĐĂƉƚſŇƵũŽƐĚĞĞƋƵŝǀĂůĞŶƚĞƐĂůϭϰйĚĞůƚŽƚĂůƌĞĐŝďŝĚŽƉŽƌĞůƉĂşƐĚĞƐƚĂĐĂŶĚŽ Ğů ĐŽŵĞƌĐŝŽ ƉĂƌĂ ƟĞŶĚĂƐ ĚĞ ĂƵƚŽƐĞƌǀŝĐŝŽ ǇĚĞƉĂƌƚĂŵĞŶƚĂůĞƐͿ ĂƐş ĐŽŵŽ ůĂƐ ƚĞůĞĐŽŵƵŶŝĐĂĐŝŽŶĞƐ ŶƚĂŶƚŽƋƵĞůŽƐƌĞĐƵƌƐŽƐŶĂƚƵƌĂůĞƐĂďƐŽƌďŝĞƌŽŶĞůϴйĚĞůĂƉƌŝŶĐŝƉĂůŵĞŶƚĞƉĂƌĂůĂƐĂĐƟǀŝĚĂĚĞƐĚĞŵŝŶĞƌşĂ

ŽŶƌĞƐƉĞĐƚŽĂůŽƐĐŽŵƉŽŶĞŶƚĞƐĚĞůĂǇĂůŝŐƵĂůƋƵĞĞůƉĂŶŽƌĂŵĂƌĞŐŝŽŶĂůůĂƟŶŽĂŵĞƌŝĐĂŶŽĞůϰϵϵйĚĞůĂŝŶǀĞƌ-ƐŝſŶƌĞĐŝďŝĚĂƉŽƌ ůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂƐĞĚĞďŝſĂŶƵĞ-

4 Las empresas multilatinas son empresas con capital de origen en alguno de los paiacuteses de Ameacuterica Latina y que invierten en la regioacuten o fuera de ella MIK]MZLWKWVTW[LIW[LMTI-MTXWZKMVIRMLMXIZQKQXIKQ~VLMTIQVL][ZQIUIV]NIK]ZMZI[MZyILMT13[WJZMMTWITLMTI1-WIT



ƌĄĮĐĂϮŝƐƚƌŝďƵĐŝſŶƐĞĐƚŽƌŝĂůĚĞůĂϮϬϭϯ


ǀĂƐ ŝŶǀĞƌƐŝŽŶĞƐϮϳϴй ĨƵĞƉŽƌ ƌĞŝŶǀĞƌƐŝſŶĚĞƵƟůŝĚĂĚĞƐǇϮϮϮйƐĞĐŽŶƐƟƚƵǇſƉŽƌƉƌĠƐƚĂŵŽƐĞŶƚƌĞĞŵƉƌĞƐĂƐĞĞƐƚŽƐƚƌĞƐĐŽŵƉŽŶĞŶƚĞƐĞůƋƵĞƌĞŐŝƐƚƌſŵĂǇŽƌĞƐŵŽĚŝĮ-ĐĂĐŝŽŶĞƐĞŶ ƐƵŵŽŶƚŽ ĐŽŶ ƌĞƐƉĞĐƚŽĂů ĂŹŽĂŶƚĞƌŝŽƌ ĨƵĞůĂ ƌĞŝŶǀĞƌƐŝſŶĚĞƵƟůŝĚĂĚĞƐ ůĂƐĐƵĂůĞƐ ƌĞƉƌĞƐĞŶƚĂƌŽŶƵŶϰϱϯйĚĞůƚŽƚĂůĚĞůĂŝŶǀĞƌƐŝſŶƌĞĐŝďŝĚĂĞŶϮϬϭϮ^ϮϬϭϰͿ

ů ŽƌŝŐĞŶ ĚĞ ůŽƐ ŇƵũŽƐ ĚĞ ĞŶ ůĂ ĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂƐŝŐƵŝſ ůĂ ƚĞŶĚĞŶĐŝĂ ƌĞŐŝŽŶĂů ǇĂ ƋƵĞ ŵĂǇŽƌŝƚĂƌŝĂŵĞŶƚĞƉƌŽǀŝŶŽĚĞƵƌŽƉĂϱϰйͿƉƌŝŶĐŝƉĂůŵĞŶƚĞĚĞĠůŐŝĐĂƋƵĞĂƉŽƌƚſϭϯϮϬϬŵĚĚůƐĞŐƵŶĚŽůƵŐĂƌůŽŽĐƵƉĂƌŽŶůŽƐƐƚĂ-ĚŽƐhŶŝĚŽƐϯϮйͿƋƵĞŝŶǀŝƌƟĞƌŽŶϭϭϮϬϬŵĚĚǇůĂƚĞƌĐĞƌĂƉŽƐŝĐŝſŶĨƵĞŽĐƵƉĂĚĂƉŽƌĞůƌĞƐƚŽĚĞůŵƵŶĚŽϳйͿƐŝŶĞŵ-

ďĂƌŐŽĚĞďĞŶĚĞƐƚĂĐĂƌƐĞůĂƐŝŶǀĞƌƐŝŽŶĞƐũĂƉŽŶĞƐĂƐĚĞŵĄƐĚĞϭϲϬϬŵĚĚƋƵĞƐĞĚĞƐƟŶĂƌŽŶƉƌĄĐƟĐĂŵĞŶƚĞĂůƐĞĐƚŽƌŵĂŶƵĨĂĐƚƵƌĞƌŽƉĂƌƟĐƵůĂƌŵĞŶƚĞĂůĂŝŶĚƵƐƚƌŝĂĂƵƚŽŵŽƚƌŝǌ^ϮϬϭϰWgtϮϬϭϰͿ

ĚĞŵĄƐĞƐŝŵƉŽƌƚĂŶƚĞŵĞŶĐŝŽŶĂƌƋƵĞƐŝďŝĞŶůĂŝŶǀĞƌƐŝſŶĞǆƚƌĂŶũĞƌĂĚŝƌĞĐƚĂƋƵĞƌĞĐŝďŝſůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂĚƵ-ƌĂŶƚĞĞůĂŹŽϮϬϭϯĨƵĞŵĄƐĚĞůĚŽďůĞƋƵĞĞůĂŹŽĂŶƚĞƌŝŽƌ ĞƐƚŽƐĞĚĞďĞĂƵŶĨĂĐƚŽƌĐŽǇƵŶƚƵƌĂůǀŝŶĐƵůĂĚŽĂ ůĂĐŽŵ-ƉƌĂĚĞƌƵƉŽDŽĚĞůŽŽŶĞůůŽƉƌĄĐƟĐĂŵĞŶƚĞůĂŝŶĚƵƐƚƌŝĂĐĞƌǀĞĐĞƌĂŵĞǆŝĐĂŶĂƋƵĞĚĂĞŶŵĂŶŽƐĚĞůĂƐĞŵƉƌĞƐĂƐĞǆ-ƚƌĂŶũĞƌĂƐǇĂƋƵĞĚƵƌĂŶƚĞϮϬϭϬĞŝŶĞŬĞŶŚĂďşĂĂĚƋƵŝƌŝ-ĚŽĂůŶĞŐŽĐŝŽĚĞĐĞƌǀĞǌĂĚĞƌƵƉŽampD^ĚĞŵĄƐƐŝƐĞ

ϮĂŵĠƌŝĐĂgtĂƟŶĂ

ϮĐ^ƵĚĂŵĠƌŝĐĂ

ϮďDĠǆŝĐŽ

Ϯϲйϴй ϭϰй

ϯϲй ϳϴй

ϯϮй

Ϯϱй

ϰϯй

ϯϴй

^ĞƌǀŝĐŝŽƐ

DĂŶƵĨĂĐƚƵƌĂƐ

ZĞĐƵƌƐŽƐŶĂƚƵƌĂůĞƐ



ĚĞĚƵĐĞůĂĐŽŵƉƌĂĚĞŶĞǀϭϯϮϬϬŵĚĚͿĞůƐĂůĚŽĚĞůĂĂƷŶĂƐşĞƐƚĂƌşĂƉŽƌĂƌƌŝďĂĚĞůƌĞŐŝƐƚƌŽĚĞůĂŹŽϮϬϭϮ^ŝŶ ĚƵĚĂ ĞŶ Ğů ƐĞĐƚŽƌ ĚĞ ůĂƐŵĂŶƵĨĂĐƚƵƌĂƐ ůĂ ŝŶĚƵƐƚƌŝĂĂƵƚŽŵŽƚƌŝǌŵĂŶƟĞŶĞůĂĞƐƚĂďŝůŝĚĂĚĞŶůĂƌĞĐĞƉĐŝſŶĚĞŝŶ-ǀĞƌƐŝŽŶĞƐƉƌƵĞďĂĚĞĞůůŽĞƐůĂĂƉĞƌƚƵƌĂĚĞŶƵĞǀĂƐƉůĂŶ-ƚĂƐEŝƐƐĂŶͲZĞŶĂƵůƚĞŶŐƵĂƐĐĂůŝĞŶƚĞƐŽŶĚĂĞŶĞůĂǇĂDĂǌĚĂĞŶ^ĂůĂŵĂŶĐĂǇsŽůŬƐǁĂŐĞŶĞŶWƵĞďůĂĂĚĞŵĄƐĚĞůĂƐĂŵƉůŝĂĐŝſŶĚĞŽƉĞƌĂĐŝŽŶĞƐĞŶůĂƐƉůĂŶƚĂƐĚĞampŽƌĚĞŶĞƌŵŽƐŝůůŽǇĞŶĞƌĂůDŽƚŽƌĞŶ^ĂŶgtƵŝƐWŽƚŽƐşǇƵĂŶĂ-ũƵĂƚŽWgtϮϬϭϰͿ

ů ƐĞĐƚŽƌ ĚĞ ƐĞƌǀŝĐŝŽƐ ƉĂƌƟĐƵůĂƌŵĞŶƚĞ Ğů ĚĞ ƚĞůĞĐŽŵƵ-ŶŝĐĂĐŝŽŶĞƐ ĂƵŶƋƵĞ ĐŽŶƟŶƷĂ ŵĂŶƚĞŶŝĞŶĚŽ Ğů ĚŝŶĂŵŝƐŵŽƉƌĞƐĞŶƚĂĚŽĚĞƐĚĞŝŶŝĐŝŽƐĚĞůƐŝŐůŽyyĞƐƚĄĂůĂĞǆƉĞĐƚĂƟǀĂĚĞůŽƋƵĞƉƵĞĚĞĂĐŽŶƚĞĐĞƌĐŽŶůĂƉƵĞƐƚĂĞŶŵĂƌĐŚĂĚĞůĂƐůĞǇĞƐƐĞĐƵŶĚĂƌŝĂƐƋƵĞĂĐŽŵƉĂŹĂŶĂůĂƌĞĨŽƌŵĂĚĞůƐĞĐƚŽƌ DĂǇŽƌĞƐ ƉĞƌƐƉĞĐƟǀĂƐ ƉƌĞƐĞŶƚĂ Ğů ƐĞĐƚŽƌ ĞŶĞƌŐĠƟĐŽ ƋƵĞĂďƌĞ ůĂĞŶƚƌĂĚĂĂĐĂƉŝƚĂůĞƐƉƌŝǀĂĚŽƐŶĂĐŝŽŶĂůĞƐǇĞǆƚƌĂŶ-ũĞƌŽƐͿƉĂƌĂ ůĂƐ ŝŶĚƵƐƚƌŝĂƐƉĞƚƌŽůĞƌĂǇĞůĠĐƚƌŝĐĂĞŶDĠǆŝĐŽĂƵŶƋƵĞĞƐƉƌŽďĂďůĞƋƵĞƚŽĚĂǀşĂĨĂůƚĞŶƵŶƉĂƌĚĞĂŹŽƐƉĂƌĂǀĞƌŵĂƚĞƌŝĂůŝǌĂĚĂƐĞƐƚĂƐŝŶǀĞƌƐŝŽŶĞƐĞŶĞůƐĞĐƚŽƌ

3 La especializacioacuten sectorial productiva en la recepcioacuten de IEDgtĂWgtϮϬϭϯǇϮϬϭϰͿŚĂĞŶĨĂƟǌĂĚŽĞŶƵŶƉĞƌĮůĚĞĞƐƉĞ-ĐŝĂůŝǌĂĐŝſŶƐĞĐƚŽƌŝĂůƉƌŽĚƵĐƟǀĂĚĞƌŝǀĂĚŽĚĞ ůĂ ƌĞĐĞƉĐŝſŶĚĞŝŶǀĞƌƐŝŽŶĞƐĞǆƚƌĂŶũĞƌĂƐĞŶůĂƐĞĐŽŶŽŵşĂƐůĂƟŶŽĂŵĞƌŝ-ĐĂŶĂƐgtĂƐŝŶǀĞƌƐŝŽŶĞƐŽƌŝĞŶƚĂĚĂƐĂůĂďƷƐƋƵĞĚĂĚĞƌĞĐƵƌ-ƐŽƐŶĂƚƵƌĂůĞƐƐĞŚĂŶĐŽŶĐĞŶƚƌĂĚŽĞŶůŽƐƉĂşƐĞƐĂŶĚŝŶŽƐůĂƐĐƵĂůĞƐĞƐƚƵǀŝĞƌŽŶŝŶĐĞŶƟǀĂĚĂƐĞŶůŽƐƷůƟŵŽƐĂŹŽƐƉŽƌĞů ĂůƚŽƉƌĞĐŝŽĚĞ ůĂƐŵĂƚĞƌŝĂƐƉƌŝŵĂƐƵƌĂŶƚĞĞůƷůƟŵŽĂŹŽ ƐſůŽ ŚŝůĞ Ǉ WĞƌƷ ƌĞĐŝďŝĞƌŽŶ ŵŽŶƚŽƐ ĚĞ ŝŶǀĞƌƐŝſŶƉŽƌĚĞďĂũŽĂůŽƐƌĞĐŝďŝĚŽƐĞŶϮϬϭϮϮϬϮϬϬŵĚĚǇϭϬϭϬϬŵĚĚƌĞƐƉĞĐƟǀĂŵĞŶƚĞĞŶϮϬϭϯĞŶĐŽŵƉĂƌĂĐŝſŶĐŽŶůŽƐϮϴϱϬϬǇϭϮϮϬϬŵĚĚƌĞŐŝƐƚƌĂĚŽƐĞŶϮϬϭϮͿ^ĂůǀŽĞůĐĂƐŽĚĞŚŝůĞǇsĞŶĞǌƵĞůĂƋƵĞŶŽƟĞŶĞŶƌĞŐŝƐƚƌŽƐĚĞůĂŝŶǀĞƌ-ƐŝſŶƉŽƌƐĞĐƚŽƌĞƐƐſůŽĐƵĂĚŽƌĨƵĞĞůƷŶŝĐŽĚĞůŽƐƉĂşƐĞƐĂŶĚŝŶŽƐƋƵĞƌĞĐŝďŝſŵĂǇŽƌƉĂƌĂŽƚƌŽƐĞĐƚŽƌĚŝĨĞƌĞŶƚĞĂ ůŽƐ ƌĞĐƵƌƐŽƐŶĂƚƵƌĂůĞƐ Ğů ƐĞĐƚŽƌ ƐĞƌǀŝĐŝŽƐ ĨƵĞ ĞůŵĄƐďĞŶĞĮĐŝĂĚŽͿ

gtĂƐŝŶǀĞƌƐŝŽŶĞƐŽƌŝĞŶƚĂĚĂƐĂůĂďƷƐƋƵĞĚĂĚĞŵĞƌĐĂĚŽƐƐĞĐŽŶĐĞŶƚƌĂŶ ĞŶ ůŽƐ ƉĂşƐĞƐŵĄƐ ŐƌĂŶĚĞƐ ƌĂƐŝů ǇDĠǆŝĐŽ

ĂĚĞŵĄƐĚĞůŽƐƉĂşƐĞƐƐƵĚĂŵĞƌŝĐĂŶŽƐƐƚŽƐŝŶǀĞƌƐŝŽŶŝƐƚĂƐŚĂŶĂƉƌŽǀĞĐŚĂĚŽĞůďƵĞŶĚĞƐĞŵƉĞŹŽĞĐŽŶſŵŝĐŽǇĞůƉŽ-ĚĞƌĂĚƋƵŝƐŝƟǀŽĚĞůĂĐůĂƐĞŵĞĚŝĂŶĞƐƚĞĐĂƐŽůĂƉƌĞŵŝ-ƐĂƐĞĐŽŵƉƌƵĞďĂƉĂƌĂůĂĞĐŽŶŽŵşĂďƌĂƐŝůĞŹĂĐƵǇŽƐĞĐƚŽƌƐĞƌǀŝĐŝŽƐ ĨƵĞĞůŵĄƐďĞŶĞĮĐŝĂĚŽ ĐŽŶĞů ϰϬϳйĚĞ ůĂ ƚŽƚĂůĞŝŐƵĂůĨŽƌŵĂůĂƐďƷƐƋƵĞĚĂĚĞŵĞƌĐĂĚŽƐƐĞĂƉůŝĐĂŵĂǇŽƌŝƚĂƌŝĂŵĞŶƚĞ ƉĂƌĂ Ğů ƐĞĐƚŽƌ ĚĞ ƐĞƌǀŝĐŝŽƐ ĐŽŵĞƌĐŝŽŵŝŶŽƌŝƐƚĂƚĞůĞĐŽŵƵŶŝĐĂĐŝŽŶĞƐŝŶĨƌĂĞƐƚƌƵĐƚƵƌĂĞƚĐͿǇƐĞŽďƐĞƌǀĂĞŶůĂŐƌĄĮĐĂϮĐ

ůƚĞƌĐĞƌƉĂƚƌſŶĚĞĞƐƉĞĐŝĂůŝǌĂĐŝſŶůŽĐŽŶƐƟƚƵǇĞŶDĠǆŝĐŽǇĞŶƚƌŽĂŵĠƌŝĐĂĞĐŽŶŽŵşĂƐĚŽŶĚĞůĂǀŝŶĐƵůĂĐŝſŶĞĐŽŶſ-ŵŝĐĂͲĐŽŵĞƌĐŝĂůĐŽŶůŽƐƐƚĂĚŽƐhŶŝĚŽƐŚĂŝŶĐĞŶƟǀĂĚŽůĂĞƐƚƌĂƚĞŐŝĂ ĚĞ ůĂ ďƷƐƋƵĞĚĂ ĚĞ ĞĮĐŝĞŶĐŝĂ ĞŶ ƉůĂƚĂĨŽƌŵĂƐĚĞ ĞǆƉŽƌƚĂĐŝſŶ Ǉ ĐŽŶƐĞĐƵĞŶƚĞŵĞŶƚĞ ůŽƐ ďĂũŽƐ ĐŽƐƚŽƐƐĂůĂƌŝĂůĞƐ Ŷ ĞƐƚĞ ĐĂƐŽ ůĂ ƉƌĞŵŝƐĂ ĞƐ ĐŽŵƉƌŽďĂďůĞ ĞŶĞůƷůƟŵŽĂŹŽĚĂĚŽƋƵĞĞůƐĞĐƚŽƌďĞŶĞĮĐŝĂĚŽĨƵĞůĂŵĂ-ŶƵĨĂĐƚƵƌĂ ƉĂƌĂ ůĂ ĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂŵĂƐ ŶŽ ĂƐş ƉĂƌĂĞŶƚƌŽĂŵĠƌŝĐĂ ǇĂƋƵĞ ůŽƐ ƐĞƌǀŝĐŝŽƐ ĐĂƉƚĂƌŽŶĞů ϲϲйĚĞůĂhŶĐƚĂĚϮϬϭϰͿĞƐĚĞĮŶĂůĞƐĚĞůŽƐĂŹŽƐŶŽǀĞŶƚĂĞůƐĞĐƚŽƌĚĞůŽƐƐĞƌǀŝĐŝŽƐŵĞǆŝĐĂŶŽŚĂƉƌĞƐĞŶƚĂĚŽƵŶĚŝ-ŶĂŵŝƐŵŽĞŶůĂĐĂƉƚĂĐŝſŶĚĞĐĂƉŝƚĂůĞƐƉĂƌĂůĂƐŝŶĚƵƐƚƌŝĂƐďĂŶĐĂƌŝĂĚĞ ƚĞůĞĐŽŵƵŶŝĐĂĐŝŽŶĞƐǇ ĐŽŵĞƌĐŝŽ ^ŝďŝĞŶĞƐĐŝĞƌƚŽƋƵĞůĂƐŵĂŶƵĨĂĐƚƵƌĂƐǇƉĂƌƟĐƵůĂƌŵĞŶƚĞůĂŝŶĚƵƐƚƌŝĂĂƵƚŽŵŽƚƌŝǌĐŽŵŽƐĞŵĞŶĐŝŽŶſĂŶƚĞƌŝŽƌŵĞŶƚĞƉƌĞƐĞŶƚĂŶƵŶĂĞƐƚĂďŝůŝĚĂĚĐŽŶƌĞƐƉĞĐƚŽĂůĂĐĂƉƚĂĐŝſŶĚĞ

ConclusionesŶϮϬϭϯůĂŚĂĐŝĂůĂƌĞŐŝſŶĚĞŵĠƌŝĐĂgtĂƟŶĂĂůĐĂŶǌſƵŶŶƵĞǀŽŵĄǆŝŵŽŚŝƐƚſƌŝĐŽĂů ŝŶĐƌĞŵĞŶƚĂƌƵŶϴϭйƌĞƐ-ƉĞĐƚŽĂůĂŹŽĂŶƚĞƌŝŽƌĚĞƐĐĂƌƚĂŶĚŽĂ ůŽƐƉĂşƐĞƐĚĞůĂƌŝ-ďĞͿƐƚĞƌĞŐŝƐƚƌſƚƵǀŽĐŽŵŽĞůĞŵĞŶƚŽĞƐĞŶĐŝĂůůĂĂĚƋƵŝ-ƐŝĐŝſŶĚĞůĂĐĞƌǀĞĐĞƌşĂŵĞǆŝĐĂŶĂƌƵƉŽDŽĚĞůŽƉŽƌƵŶĂĞŵƉƌĞƐĂďĞůŐĂǆĐůƵǇĞŶĚŽĞƐƚĞƐƵĐĞƐŽůŽƐŇƵũŽƐĚĞŚƵďŝĞƌĂŶĚŝƐŵŝŶƵŝĚŽƌĞƐƉĞĐƚŽĂϮϬϭϮƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌůĂĐĂşĚĂĞŶůŽƐƉƌĞĐŝŽƐĚĞůŽƐƌĞĐƵƌƐŽƐŶĂƚƵƌĂůĞƐǇƵŶĂĚŝƐ-ŵŝŶƵĐŝſŶĞŶĞůĐƌĞĐŝŵŝĞŶƚŽĞĐŽŶſŵŝĐŽĚĞůĂƌĞŐŝſŶϮϱйĞŶϮϬϭϯĐŽŶƚƌĂϯйĞŶϮϬϭϮͿ

ŶDĠǆŝĐŽůĂŵŽƐƚƌſƵŶŝŶĐƌĞŵĞŶƚŽĂƵŶĞůŝŵŝŶĂŶĚŽůĂƚƌĂŶƐĂĐĐŝſŶƋƵĞŝŶǀŽůƵĐƌſĂƌƵƉŽDŽĚĞůŽgtĂƐŵĂŶƵ-ĨĂĐƚƵƌĂƐĐŽŶƟŶƷĂŶƐŝĞŶĚŽĞůƐĞĐƚŽƌŵĄƐďĞŶĞĮĐŝĂĚŽƉŽƌůĂ ƐĞĚĞƐƚĂĐĂĞů ĐƌĞĐŝŵŝĞŶƚŽĚĞ ŝŶǀĞƌƐŝŽŶĞƐŚĂĐŝĂ ůĂ



ŝŶĚƵƐƚƌŝĂĂƵƚŽŵŽƚƌŝǌǇĞůƐĞĐƚŽƌĚĞďĞďŝĚĂƐǇĂůŝŵĞŶƚŽƐgtŽƐ ƐĞƌǀŝĐŝŽƐ ƚĂŵďŝĠŶŚĂŶ ŝŶĐƌĞŵĞŶƚĂĚŽ ƐƵƐŵŽŶƚŽƐĚĞƉƌŝŶĐŝƉĂůŵĞŶƚĞĞŶĞůƌƵďƌŽĚĞůĂƐƚĞůĞĐŽŵƵŶŝĐĂĐŝŽŶĞƐǇƐĞƌǀŝĐŝŽƐĮŶĂŶĐŝĞƌŽƐ

^ŝŶĞŵďĂƌŐŽůŽƐƉĂƚƌŽŶĞƐĚĞĞŶDĠǆŝĐŽƉŽĚƌşĂŶĐĂŵ-ďŝĂƌƐŝŐŶŝĮĐĂƟǀĂŵĞŶƚĞĞŶůŽƐƉƌſǆŝŵŽƐĂŹŽƐĂŶƚĞůĂƐƌĞ-ĨŽƌŵĂƐĚĞůŽƐƐĞĐƚŽƌĞƐĞŶĞƌŐĠƟĐŽǇĚĞƚĞůĞĐŽŵƵŶŝĐĂĐŝŽ-ŶĞƐƋƵĞŝŶǀŽůƵĐƌĂŶƉĂƌĂĞůƉƌŝŵĞƌŽůĂĂƉĞƌƚƵƌĂƉŽƌƉƌŝ-ŵĞƌĂǀĞǌĂůĂǇ ƉĂƌĂĞůƐĞŐƵŶĚŽůĂƉŽƐŝďŝůŝĚĂĚĚĞƵŶĂŵĂǇŽƌĂƚƌĂĐĐŝſŶĚĞŝŶǀĞƌƐŝŽŶĞƐĚĞďŝĚŽĂůĂƐƌĞŐƵůĂĐŝŽŶĞƐĞŶŵĂƚĞƌŝĂĚĞĐŽŵƉĞƚĞŶĐŝĂĞĐŽŶſŵŝĐĂŶĂŵďŽƐĐĂƐŽƐůĂĂƉƵĞƐƚĂĚĞůŐŽďŝĞƌŶŽĨƵĞĂďƌŝƌĞůŵĞƌĐĂĚŽĂůĂĐŽŵƉĞ-ƚĞŶĐŝĂƉƌŝǀĂĚĂĞŝŶƚĞƌŶĂĐŝŽŶĂůĐŽŶůĂŝĚĞĂĚĞĂƵŵĞŶƚĂƌůĂĐŽŵƉĞƟƟǀŝĚĂĚŵĞũŽƌĂƌůĂĐĂůŝĚĂĚĚĞůŽƐƐĞƌǀŝĐŝŽƐǇďŝĞŶĞƐƉƌŽĚƵĐŝĚŽƐƉĞƌŽƐŽďƌĞƚŽĚŽĞŵƉƵũĂƌĂůĐƌĞĐŝŵŝĞŶƚŽĞĐŽ-ŶſŵŝĐŽƐƚĞƷůƟŵŽĂƌŐƵŵĞŶƚŽĂƷŶĞƐĚĞďĂƟďůĞƉƵĞƐƚŽƋƵĞĂůŐƵŶŽƐĂŶĂůŝƐƚĂƐĞƐƟŵĂŶƋƵĞĂůŵĞŶŽƐůĂŝŶǀĞƌƐŝſŶĞŶĞůƐĞĐƚŽƌĞŶĞƌŐĠƟĐŽƐŽůŽƉŽĚƌşĂŚĂĐĞƌĐƌĞĐĞƌĞŶƚƌĞƵŶŽǇĚŽƐƉƵŶƚŽƐƉŽƌĐĞŶƚƵĂůĞƐĞůWƌŽĚƵĐƚŽŶƚĞƌŶŽƌƵƚŽĚĞůƉĂşƐŚĂĐŝĂĞůĮŶĂůĚĞůĂĐƚƵĂůƐĞǆĞŶŝŽĐŽŶŽŵşĂŚŽǇ ϮϬϭϰͿ

BibliografiacuteaCEPAL (2013) La Inversioacuten Extranjera Directa en Ameacuterica Latina

y el Caribe 2012 (LCG2571-P) Santiago de ChileCEPAL (2014) La Inversioacuten Extranjera Directa en Ameacuterica Latina

y el Caribe 2013 (LCG2613-P) Santiago de ChileEconomiacuteahoy (2014) ldquoLa reforma energeacutetica de Meacutexico

atraeraacute 10000 millones de doacutelares en inversioacuten foraacuteneardquo en El Economista Ameacuterica [httpwwweconomiahoymxeconomia-eAm-mexiconoticias60056600814La-reforma-energetica-de-Mexico-atraera-10000-mi-llones-de-dolares-de-inversion-foraneahtmlKku-8prEaP1lswAb] lt180714gt

Secretariacutea de Economiacutea (2014) Flujos totales de IED hacia Meacute-

xico 1999-2013 Estadiacutestica oficial de los flujos de IED hacia Meacutexico [En liacutenea] Disponible en httpwwweco-nomiagobmxcomunidad-negocioscompetitividad-normatividadinversion-extranjera-directaestadistica-oficial-de-ied-en-mexico Consultada 30072014

UNCTAD (2014) ldquoAnnex Tablesrdquo in Word Investment Report

2014 Investing in the SDGs an action plan New York and Genova UN



Introduccioacuten ůĚĞƐĞŵƉĞŹŽĚĞůŵĞƌĐĂĚŽ ůĂďŽƌĂůŵĞǆŝĐĂŶŽĚĞƉƌŽĨĞ-ƐŝŽŶŝƐƚĂƐƐĞŚĂĐĂƌĂĐƚĞƌŝǌĂĚŽƉŽƌ ůĂŐĞŶĞƌĂĐŝſŶƉĂƵůĂƟ-ŶĂĚĞƵŶƉƌŽĐĞƐŽĚĞƐĂƚƵƌĂĐŝſŶĞŶůĂƐŽĐƵƉĂĐŝŽŶĞƐǇůŽƐƐĞĐƚŽƌĞƐƋƵĞŵĄƐƌĞƋƵŝĞƌĞŶĚĞůĂƐĐŽŵƉĞƚĞŶĐŝĂƐǇŚĂďŝ-ůŝĚĂĚĞƐĚĞůŽƐĞŐƌĞƐĂĚŽƐƵŶŝǀĞƌƐŝƚĂƌŝŽƐƐƚŽŚĂƐŝĚŽĐŽŶ-ƐĞĐƵĞŶĐŝĂĚĞƵŶĂĐĞůĞƌĂĚŽǇĚŝŶĄŵŝĐŽƉƌŽĐĞƐŽĚĞĨŽƌŵĂ-ĐŝſŶĚĞƉƌŽĨĞƐŝŽŶĂůĞƐƉŽƌƉĂƌƚĞĚĞ ůĂƐ ŝŶƐƟƚƵĐŝŽŶĞƐĚĞĞĚƵĐĂĐŝſŶƐƵƉĞƌŝŽƌ ĨƌĞŶƚĞĂƵŶĚĞƐĞŵƉĞŹŽƉƌĞĐĂƌŝŽĚĞůĂĞĐŽŶŽŵşĂƉĂƌĂŐĞŶĞƌĂƌ ůŽƐĞŵƉůĞŽƐƌĞƋƵĞƌŝĚŽƐƐƚĂƐŝƚƵĂĐŝſŶƐĞŚĂǀŝƐƚŽĂŐƌĂǀĂĚĂĞŶůŽƐƷůƟŵŽƐĂŹŽƐĐŽŵŽĐŽŶƐĞĐƵĞŶĐŝĂĚĞůŽƐĞĨĞĐƚŽƐĚĞůĂƌĂŶƌŝƐŝƐǇĚĞůĞƐƚĂŶ-ĐĂŵŝĞŶƚŽĚĞůĂĞĐŽŶŽŵşĂŵĞǆŝĐĂŶĂdŽĚŽĞƐƚŽŶŽƐſůŽŚĂŽďůŝŐĂĚŽĂ ůŽƐĞŐƌĞƐĂĚŽƐƵŶŝǀĞƌƐŝƚĂƌŝŽƐĂĞŵƉůĞĂƌƐĞĞŶƉƌŽƉŽƌĐŝŽŶĞƐĐƌĞĐŝĞŶƚĞƐĞŶŽĐƵƉĂĐŝŽŶĞƐĚĞŵĞŶŽƌĐĂ-ůŝĚĂĚ ƐŝŶŽƚĂŵďŝĠŶƐĞŚĂƚƌĂĚƵĐŝĚŽĞŶƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞ ůĂƐ ƌĞŵƵŶĞƌĂĐŝŽŶĞƐ Ǉ ĞŶ ƵŶĂŵĂǇŽƌ ĚŝĮĐƵůƚĂĚ ƉĂƌĂĂĐĐĞĚĞƌĂƵŶĞŵƉůĞŽ

ůŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽĚĞ ůŽƐƉƌŽĨĞƐŝŽŶĂůĞƐĚĞ ůĂĞĐŽŶŽ-ŵşĂŶŽŚĂƐŝĚŽĂũĞŶŽĂĞƐƚĂƐŝƚƵĂĐŝſŶǇƐŝďŝĞŶĐĂĚĂƵŶĂĚĞůĂƐƉƌŽĨĞƐŝŽŶĞƐŵƵĞƐƚƌĂƉĂƌƟĐƵůĂƌŝĚĂĚĞƐĞŶĐƵĂŶƚŽĂƐƵ ĞŶƚŽƌŶŽ ůĂďŽƌĂů ĞƐ ƵŶĂ ƌĞĂůŝĚĂĚ ůĂ ƉƌĞĐĂƌŝǌĂĐŝſŶ ĚĞůĞŵƉůĞŽƉƌŽĨĞƐŝŽŶĂůĚĞůŽƐĞĐŽŶŽŵŝƐƚĂƐůŽĐƵĂůƐĞƉƵĞĚĞĐŽŶƐƚĂƚĂƌ Ă ƚƌĂǀĠƐĚĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐĚĞ ůĂƐ ǀĂƌŝĂďůĞƐĚĞůŵĞƌĐĂĚŽůĂďŽƌĂů

WŽƌůŽĂŶƚĞƌŝŽƌĞƐƚĞĂƌơĐƵůŽƟĞŶĞƉŽƌŽďũĞƟǀŽĚĞƐĐƌŝďŝƌůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞů ĞŵƉůĞŽĚĞ ůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐ ĞŶĞĐŽŶŽ-ŵşĂĂŶŝǀĞůŶĂĐŝŽŶĂůĚƵƌĂŶƚĞĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůϮϬϭϰŶĞůƉƌŝŵĞƌĂƉĂƌƚĂĚŽƐĞƉƌĞƐĞŶƚĂŶůĂƐĐĂƌĂĐƚĞƌşƐƟĐĂƐĚĞůĞŵƉůĞŽƉƌŽĨĞƐŝŽŶĂůĞŶDĠǆŝĐŽĞŶĞůƐĞŐƵŶĚŽƐĞĚĞƐĐƌŝ-ďĞŶůĂƐǀĂƌŝĂďůĞƐŵĄƐŝŵƉŽƌƚĂŶƚĞƐĚĞůĂŽĐƵƉĂĐŝſŶĚĞůŽƐĞĐŽŶŽŵŝƐƚĂƐǇĮŶĂůŵĞŶƚĞůĂƐĐŽŶĐůƵƐŝŽŶĞƐ

1 Caracteriacutesticas del mercadode trabajo profesional en Meacutexico ůƉĂşƐĐƵĞŶƚĂĂůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞϮϬϭϰĐŽŶϭϭϵϳϭϯϮϬϯŚĂďŝƚĂŶƚĞƐ KEWK ϮϬϭϰͿ ƵŶĂ WŽďůĂĐŝſŶ ĐŽŶſŵŝĐĂ-ŵĞŶƚĞĐƟǀĂWͿĚĞϴϴϱϵϱϴϮϵĚĞůŽƐĐƵĂůĞƐϳϱŵŝůůŽ-ŶĞƐƐŽŶƉƌŽĨĞƐŝŽŶŝƐƚĂƐĞĂĐƵĞƌĚŽĂůĂŶĐƵĞƐƚĂEĂĐŝŽŶĂůĚĞKĐƵƉĂĐŝſŶǇŵƉůĞŽEϮϬϭϰͿƉĂƌĂĞůŵŝƐŵŽƉĞ-ƌŝŽĚŽůŽƐƐĞĐƚŽƌĞƐĞĐŽŶſŵŝĐŽƐƋƵĞĐŽŶĐĞŶƚƌĂŶĞůŵĂǇŽƌŶƷŵĞƌŽĚĞƉĞƌƐŽŶĂƐŽĐƵƉĂĚĂƐĞŶĞůƉĂşƐ ƐŽŶŽŵĞƌĐŝŽĐŽŶϴϳŵŝůůŽŶĞƐdƌĂŶƐĨŽƌŵĂĐŝſŶϳϱŵŝůůŽŶĞƐǇŐƌŝĐƵů-ƚƵƌĂϱϲŵŝůůŽŶĞƐ

ĞŶƚƌĄŶĚŽƐĞĞŶĞůĞƐƚƵĚŝŽĚĞůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐŵĞǆŝĐĂŶŽƐĐƵĂĚƌŽϭͿůĂƐĐĂƌƌĞƌĂƐĐŽŶĞůŵĂǇŽƌŶƷŵĞƌŽĚĞŽĐƵƉĂĚŽƐĂůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůĂŹŽĞŶĐƵƌƐŽƐŽŶĂƋƵĞůůĂƐƋƵĞĞƐƚĄŶƌĞůĂĐŝŽŶĂĚĂƐĐŽŶĞůĄƌĞĂĞĐŽŶſŵŝĐĂĂĚŵŝŶŝƐƚƌĂƟǀĂǇĐŽŶůĂĚŽĐĞŶĐŝĂƐŝƚƵĂĐŝſŶůſŐŝĐĂƐŝƐĞŽďƐĞƌǀĂĞůƐĞĐƚŽƌĚĞŵĂǇŽƌ

Caracteriacutesticas de la ocupacioacutende los profesionistas en economiacutea

Meacutexico 2014DĂƌşĂĚĞůĂƌŵĞŶ^ĂůŐĂĚŽsĞŐĂ^ĂƌĂYƵŝƌŽǌƵĞŶĐaϭ

8ZWNM[WZM[LM TIIK]TILLM-KWVWUyILM TI=)-5+WZZMW[MTMKZ~VQKWKI[I(aIPWWKWUUà[IZIYK(aIPWWKWUU`)OZILMKMUW[ TIparticipacioacuten del alumno Jhonatan Rojas alumno becario del verano de la ciencia

SECCIOacuteN ESPECIAL



SECCIOacuteN ESPECIALSECCIOacuteN ESPECIAL

ĞŵƉůĞĂďŝůŝĚĂĚ ƐĞƌǀŝĐŝŽƐͿ Ǉ ůĂ ĞƐƚƌƵĐƚƵƌĂ ƉŽďůĂĐŝŽŶĂů ĚĞůƉĂşƐƋƵĞĐŽŶĐĞŶƚƌĂƐƵŵĂǇŽƌƉŽďůĂĐŝſŶĞŶůŽƐĚĞŵĂŶĚĂŶ-ƚĞƐĚĞĞĚƵĐĂĐŝſŶďĄƐŝĐĂǇŵĞĚŝĂƐƵƉĞƌŝŽƌ ŶĐƵĂŶƚŽĂůĂƐƉƌŽĨĞƐŝŽŶĞƐĐŽŶŵĞŶŽƌĞŵƉůĞĂďŝůŝĚĂĚǇƋƵĞƐĞĐĂƌĂĐƚĞƌŝǌĂŶƉŽƌƐĞƌŵĄƐĞƐƉĞĐŝĂůŝǌĂĚĂƐĞŶĐƵĂŶƚŽĂ ůĂŽĐƵƉĂĐŝſŶƐŽŶdĞŽůŽŐşĂ^ĞƌǀŝĐŝŽƐĚĞůdƌĂŶƐƉŽƌƚĞǇĞƉŽƌƚĞƐ

ůƐĞƌĞůƐĂůĂƌŝŽĞůĞůĞŵĞŶƚŽĨƵŶĚĂŵĞŶƚĂůƉĂƌĂ ůĂƐĂƟƐ-ĨĂĐĐŝſŶĚĞůĂƐŶĞĐĞƐŝĚĂĚĞƐƐĞĞƐƉĞƌĂƌşĂƋƵĞůŽƐŝŶŐƌĞƐŽƐĚĞ ůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐĞƐƚƵǀŝĞƌĂŶĚĞĂĐƵĞƌĚŽĂ ƐƵ ĨŽƌŵĂ-

ƵĂĚƌŽϭWƌŽĨĞƐŝŽŶĞƐĐŽŶŵĂǇŽƌǇŵĞŶŽƌŶƷŵĞƌŽĚĞŽĐƵƉĂĚŽƐĞŶDĠǆŝĐŽϮϬϭϰ

ĂƌƌĞƌĂƐ DŝůĞƐĚĞƉĞƌƐŽŶĂƐ ĞůŽƐĐƵĂůĞƐƐĞŽĐƵƉĂŶĞŶůŽƋƵĞĞƐƚƵĚŝĂƌŽŶй

ĚŵŝŶŝƐƚƌĂĐŝſŶ ϳϱϱϵϵϬ ϳϬϬ

ŽŶƚĂďŝůŝĚĂĚǇampŝƐĐĂůŝǌĂĐŝſŶ ϳϯϵϴϰϱ ϴϭϱ

ĞƌĞĐŚŽ ϲϴϳϵϰϴ ϴϮϰ

ampŽƌŵĂĐŝſŶŽĐĞŶƚĞ Ϯϵϴϳϵϵ ϵϰϭ

ĞƉŽƌƚĞƐ ϳϬϴϬ ϵϮϳ

^ĞƌǀŝĐŝŽƐĚĞůdƌĂŶƐƉŽƌƚĞ ϲϭϲϲ ϯϬϮ

dĞŽůŽŐşĂ ϳϬϴϬ ϴϰϳ

ampƵĞŶƚĞůĂďŽƌĂĐŝſŶƉƌŽƉŝĂĐŽŶĚĂƚŽƐĚĞůEϮϬϭϰ

ĐŝſŶǇĐĂƉĂĐŝƚĂĐŝſŶĞƐĚĞĐŝƌ ĞůĐĂƉŝƚĂůǇƟĞŵƉŽĞŵƉůĞĂĚŽĞŶĚŝĐŚĂĨŽƌŵĂĐŝſŶƐĞǀĞƌşĂƌĞŇĞũĂĚŽĞŶŵĞũŽƌĞƐƐĂůĂƌŝŽƐ^ŝƐĞƚŽŵĂĞŶĐƵĞŶƚĂƋƵĞĞůŝŶŐƌĞƐŽƉƌŽŵĞĚŝŽĚĞůŽƐƉƌŽ-ĨĞƐŝŽŶŝƐƚĂƐŵĞǆŝĐĂŶŽƐĞƐĚĞΨϭϬϯϱϵǇĞůĄƌĞĂĐŽŶĞůŵĞũŽƌƐĂůĂƌŝŽĞƐůĂĚĞƌƋƵŝƚĞĐƚƵƌĂhƌďĂŶŝƐŵŽǇŝƐĞŹŽĐŽŶƵŶĂƌĞŵƵŶĞƌĂĐŝſŶƉƌŽŵĞĚŝŽĚĞΨϭϮϭϵϭŵŝĞŶƚƌĂƐƋƵĞůĂƉĞŽƌƌĞŵƵŶĞƌĂĚĂ ĞƐ ůĂ ĚĞ ĚƵĐĂĐŝſŶ ĐŽŶ ΨϴϲϮϮ ƐĞ ŽďƐĞƌǀĂ ƋƵĞůŽƐƐƵĞůĚŽƐĚĞůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐŶŽĐƵŵƉůĞŶĐŽŶůĂƐĞǆƉĞĐƚĂƟǀĂƐ ĚĞ ůĂ ĐĂƉĂĐŝƚĂĐŝſŶ Ǉ ĨŽƌŵĂĐŝſŶ ŽďƚĞŶŝĚĂƐEϮϬϭϰͿsĞƌŐƌĄĮĐĂϭͿ

ƌĄĮĐĂϭWƌŽŵĞĚŝŽĚĞŝŶŐƌĞƐŽŵĞŶƐƵĂůƉƌŽĨĞƐŝŽŶŝƐƚĂƐDĠǆŝĐŽϮϬϭϰ

ƉĞƐŽƐĐŽƌƌŝĞŶƚĞƐͿ


ů ƉƌŝŵĞƌ ƚƌŝŵĞƐƚƌĞ ĚĞ ϮϬϭϰ Ğů ƉŽƌĐĞŶƚĂũĞ ĚĞ ŵƵũĞƌĞƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐ ŽĐƵƉĂĚĂƐ ĞŶ Ğů ƉĂşƐ ĨƵĞ ĚĞů ϰϰϮй gtĂƐĄƌĞĂƐ ƉƌŽĨĞƐŝŽŶĂůĞƐ ĞŶ ĚŽŶĚĞ ůĂƐ ŵƵũĞƌĞƐ ƌĞƉƌĞƐĞŶƚĂŶŵĄƐĚĞůĂŵŝƚĂĚĚĞůƚŽƚĂůĚĞƉƌŽĨĞƐŝŽŶŝƐƚĂƐŽĐƵƉĂĚŽƐƐŽŶ

ĚƵĐĂĐŝſŶŝĞŶĐŝĂƐŝŽůſŐŝĐĂƐŝĞŶĐŝĂƐĚĞůĂ^ĂůƵĚǇƵ-ŵĂŶŝĚĂĚĞƐĐŽŶĚŝĐŝſŶƋƵĞĐŽŝŶĐŝĚĞĐŽŶ ůĂŽĐƵƉĂĐŝſŶĚĞůĂŵƵũĞƌĞŶĂĐƟǀŝĚĂĚĞƐƋƵĞƚƌĂĚŝĐŝŽŶĂůŵĞŶƚĞůĂƐŽĐŝĞĚĂĚŚĂĐŽŶƐŝĚĞƌĂĚŽĐŽŵŽĨĞŵĞŶŝŶĂƐ

ĐŽŶŽŵşĂƌƚĞƐ

ŝĞŶĐŝĂƐ^ŽĐŝĂůĞƐEĂĐŝŽŶĂů

ŝĞŶĐŝĂƐĚĞůĂ^ĂůƵĚƵŵĂŶŝĚĂĚĞƐ

ĐŽŶſŵŝĐĂƐĚŵŝŶŝƐƚƌĂƟǀĂƐŝĞŶĐŝĂƐŝŽůſŐŝĐĂƐ

ŶŐĞŶŝĞƌşĂƐŝĞŶĐŝĂƐampşƐŝĐŽDĂƚĞŵĄƟĐĂƐ

ƌƋƵŝƚĞĐƚƵƌĂhƌďĂŶŝƐŵŽǇŝƐĞŹŽ

ϴϲϮϮ

ϴϵϭϯ

ϵϴϭϯ

ϭϬϯϱϵ

ϭϬϰϲϮ

ϭϬϰϳϭ

ϭϬϰϬϮ

ϭϭϮϯϴ

ϭϭϰϰϱ

ϭϭϵϳϯ

ϭϮϭϵϭ


Mariacutea del Carmen Salgado Sara Quiroz SECCIOacuteN ESPECIAL

ƌĄĮĐĂϮKĐƵƉĂĐŝſŶĚĞůŽƐĐŽŶŽŵŝƐƚĂƐDĠǆŝĐŽϮϬϭϰ

ƉĂƌƟĐŝƉĂĐŝſŶƉŽƌĐĞŶƚƵĂůͿ


Ŷ ƚĠƌŵŝŶŽƐ ŐĞŶĞƌĂůĞƐ ƐĞƉƵĞĚĞĚĞĐŝƌ ƋƵĞ ůĂ ƐŝƚƵĂĐŝſŶůĂďŽƌĂůĚĞůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐŶŽĞƐĂũĞŶĂĂůĂĚĞůƌĞƐƚŽĚĞůŽƐƚƌĂďĂũĂĚŽƌĞƐŵĞǆŝĐĂŶŽƐƋƵĞƐĞĞŶĨƌĞŶƚĂŶĂ ůĂƐŵŝƐ-ŵĂƐĚŝĮĐƵůƚĂĚĞƐĞŶůĂŽďƚĞŶĐŝſŶĚĞƵŶĞŵƉůĞŽǇƐĂůĂƌŝŽƐďĂũŽƐ

2 Caracteriacutesticas del mercadode trabajo de los Economistas ů ŵĞƌĐĂĚŽ ĚĞ ƚƌĂďĂũŽ ĚĞ ůŽƐ ĞĐŽŶŽŵŝƐƚĂƐϮ ƉƌŽƉŽƌĐŝŽŶĂŽƉŽƌƚƵŶŝĚĂĚĞƐĚĞĞŵƉůĞŽĞŶ ŝŶƐƟƚƵĐŝŽŶĞƐƉƷďůŝĐĂƐĞŶƟ-ĚĂĚĞƐĮŶĂŶĐŝĞƌĂƐŽĞŶĞŵƉƌĞƐĂƐƉƌŝǀĂĚĂƐWƵĞĚĞŶĞŶĐŽŶ-ƚƌĂƌƵŶĂƐĂůŝĚĂůĂďŽƌĂůĐŽŵŽĨƵŶĐŝŽŶĂƌŝŽĚĞůƐƚĂĚŽŽĞŶůŽƐŽƌŐĂŶŝƐŵŽƐŝŶƚĞƌŶĂĐŝŽŶĂůĞƐdĂŵďŝĠŶƐĞƌĞƋƵŝĞƌĞŶƐƵƐƐĞƌ-ǀŝĐŝŽƐĐŽŵŽĐŽŶƐƵůƚŽƌ ĂŶĂůŝƐƚĂĮŶĂŶĐŝĞƌŽŽĂƐĞƐŽƌĮƐĐĂůgtĂƐ ŝŶƐƟƚƵĐŝŽŶĞƐĚŽĐĞŶƚĞƐƚĂŶƚŽƉƷďůŝĐĂƐĐŽŵŽƉƌŝǀĂĚĂƐƐƵĞůĞŶĐŽŶƚƌĂƚĂƌĂĞƐƚŽƐƉƌŽĨĞƐŝŽŶĂůĞƐĐŽŵŽĚŽĐĞŶƚĞƐ

ŶĞůƉƌŝŵĞƌƚƌŝŵĞƐƚƌĞĚĞůϮϬϭϰĞŶDĠǆŝĐŽƐĞĞŶĐŽŶƚƌĂ-ďĂŶĞŵƉůĞĂĚŽƐϳϲϱϯϳĞĐŽŶŽŵŝƐƚĂƐĞƐƚĞŶŝǀĞůĚĞŽĐƵƉĂ-ĐŝſŶůŽƐƉŽƐŝĐŝŽŶĂĞŶĞůůƵŐĂƌϮϵĐŽŶƌĞƐƉĞĐƚŽĂůĞƐƚƵĚŝŽĚĞϲϭƉƌŽĨĞƐŝŽŶĞƐĂŶĂůŝǌĂĚĂƐƉŽƌůĂŶĐƵĞƐƚĂEĂĐŝŽŶĂůĚĞKĐƵƉĂĐŝſŶǇŵƉůĞŽĞƐĚĞĐŝƌůŽƐĞĐŽŶŽŵŝƐƚĂƐƐĞĞŶĐƵĞŶ-ƚƌĂŶƉŽƌĂƌƌŝďĂĚĞůĂŵĞĚŝĂĞŶŽĐƵƉĂĐŝſŶĚĞůĂƐƉƌŽĨĞƐŝŽ-ŶĞƐĂŶŝǀĞůŶĂĐŝŽŶĂůǇĂƋƵĞϴϰĚĞĐĂĚĂϭϬϬƐĞĞŶĐƵĞŶƚƌĂŶŽĐƵƉĂĚŽƐŶĂůŝǌĂŶĚŽůĂƐĄƌĞĂƐĚĞŽĐƵƉĂĐŝſŶĞŶůĂƐƋƵĞůĂďŽƌĂŶĞƐƚŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐ ŐƌĄĮĐĂϮͿ ƐŽŶĚŽƐ ůĂƐƋƵĞĚĞƐƚĂĐĂŶůĂĚĞŽƚƌŽƐĐŽŶĞůϱϲϮйǇůĂĚĞƉƌŽĨĞƐŽƌĞƐĚĞŶŝǀĞůŵĞĚŝŽƐƵƉĞƌŝŽƌǇ ƐƵƉĞƌŝŽƌĐŽŶƵŶϭϭϮйƐƚŽƐ ƌĞ-ƐƵůƚĂĚŽƐŝŶĚŝĐĂŶƋƵĞŶŽĞǆŝƐƚĞƵŶĂŽĐƵƉĂĐŝſŶĂĐŽƌĚĞĐŽŶůŽƐĞƐƚƵĚŝŽƐƌĞĐŝďŝĚŽƐǇĂƋƵĞƐŽůŽϮϯйĂƵǆŝůŝĂƌĞƐĞŶĂĚ-ŵŝŶŝƐƚƌĂĐŝſŶϴϯйĚŝƌĞĐƚŽƌĞƐǇŐĞƌĞŶƚĞƐĮŶĂŶĐŝĞƌŽƐϳϵйǇ ĐŽŶƚĂĚŽƌĞƐ ĂƵĚŝƚŽƌĞƐ ϳйͿ ƐĞ ĞŵƉůĞĂŶ ĞŶ ĂĐƟǀŝĚĂĚĞƐƌĞůĂĐŝŽŶĂĚĂƐĐŽŶƐƵƉƌŽĨĞƐŝſŶ

2 La licenciatura de Economiacutea forma para realizar funciones de investigacioacuten econoacutemica y aplicar los principios y teoriacuteas de la economiacutea formular soluciones a los problemas econoacutemicos presentes y con caraacutecter prospectivo para lo cual es necesario una soacutelida formacioacuten matemaacutetica y estadiacutestica capacidad de anaacutelisis de la realidad econoacutemica y social contemporaacutenea pensamiento criacutetico que les permita evaluar la poliacutetica econoacutemica nacional y aportar cambios (Observatorio laboral 2014)

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WŽƌ ůŽƋƵĞƌĞƐƉĞĐƚĂĂ ůĂ ƌĞŵƵŶĞƌĂĐŝſŶƋƵĞƉĞƌĐŝďĞŶ ůŽƐĞĐŽŶŽŵŝƐƚĂƐĞůƐĂůĂƌŝŽƉƌŽŵĞĚŝŽŵĞŶƐƵĂůĞƐĚĞΨϭϭϱϳϭ^ŝŶĞŵďĂƌŐŽŚĂĐŝĞŶĚŽƵŶĂŶĄůŝƐŝƐĚĞůƐƵĞůĚŽĚĞůŽƐĞĐŽŶŽ-ŵŝƐƚĂƐƋƵĞƉĞƌŵŝƚĂŽďƐĞƌǀĂƌůĂƐǀĂƌŝĂĐŝŽŶĞƐƋƵĞĞǆŝƐƚĞŶĞŶƚƌĞĞƐƚŽƐĚĞƉĞŶĚŝĞŶĚŽĚĞůĂĂŶƟŐƺĞĚĂĚĐĂƉĂĐŝƚĂĐŝſŶǇƐĞĐƚŽƌĚŽŶĚĞůĂďŽƌĂŶƐĞƉƵĞĚĞŶĐůĂƐŝĮĐĂƌĞŶůƚŽƐĞůƉƌŽŵĞĚŝŽĚĞů ŝŶŐƌĞƐŽŵĞŶƐƵĂůĚĞůϭϬйĚĞ ůŽƐŽĐƵƉĂĚŽƐƋƵĞŵĄƐŐĂŶĂŶΨϮϬϬϬϬͿDĞĚŝŽƐůĂŵĞĚŝĂĚĞůŝŶŐƌĞƐŽŵĞŶƐƵĂůĚĞƚŽĚŽƐůŽƐŽĐƵƉĂĚŽƐΨϴϬϬϬͿĂũŽƐĞůƉƌŽ-ŵĞĚŝŽĚĞůŝŶŐƌĞƐŽŵĞŶƐƵĂůĚĞůϭϬйĚĞůŽƐŽĐƵƉĂĚŽƐƋƵĞŵĞŶŽƐŐĂŶĂŶΨϯϬϬϬͿEϮϬϭϰͿ

ůϴϱйĚĞůŽƐĞĐŽŶŽŵŝƐƚĂƐƚƌĂďĂũĂŶĐŽŵŽĞŵƉůĞĂĚŽƐƐƵ-ďŽƌĚŝŶĂĚŽƐǇƌĞŵƵŶĞƌĂĚŽƐĞůϭϬйůŽŚĂĐĞŶƉŽƌĐƵĞŶƚĂƉƌŽƉŝĂ Ǉ ƐſůŽ ϱй ƐŽŶ ĞŵƉůĞĂĚŽƌĞƐ ^ŝĞŶĚŽ ƐƵ ƉƌŝŶĐŝƉĂůĨƵĞŶƚĞĚĞƚƌĂďĂũŽĞůƐĞĐƚŽƌƉƷďůŝĐŽƋƵĞĂŐƌƵƉĂĂůϲϲйĚĞůŽƐ ĞĐŽŶŽŵŝƐƚĂƐ ĞŵƉůĞĂĚŽƐ Ɛ ƵŶĂ ƉƌŽĨĞƐŝſŶ ĐŽŶ ƉŽĐĂƌŽƚĂĐŝſŶůĂďŽƌĂůǇĂƋƵĞĞůϳϰйĚĞůŽƐĞĐŽŶŽŵŝƐƚĂƐŽĐƵƉĂ-ĚŽƐŚĂŶĚƵƌĂĚŽŵĄƐĚĞƚƌĞƐĂŹŽƐĞŶƐƵƉƵĞƐƚŽĚĞƚƌĂďĂũŽKďƐĞƌǀĂƚŽƌŝŽůĂďŽƌĂůϮϬϭϰͿ

ƐƚŽƐĚĂƚŽƐƉĞƌŵŝƚĞŶĂĮƌŵĂƌƋƵĞĞƐƵŶĂůŝĐĞŶĐŝĂƚƵƌĂƋƵĞƟĞŶĞ ĂůŐƵŶĂƐ ǀĞŶƚĂũĂƐ ĚĞŶƚƌŽĚĞůŵĞƌĐĂĚŽ ůĂďŽƌĂů ŽŶƌĞƐƉĞĐƚŽ Ă ůĂ ŽĨĞƌƚĂŶĂĐŝŽŶĂů ĚĞďŝĚŽ Ăů ŶƷŵĞƌŽ ƌĞĚƵĐŝ-ĚŽĚĞĞŐƌĞƐĂĚŽƐĂŶŝǀĞůŶĂĐŝŽŶĂů ϯϵϬϬĞŶƉƌŽŵĞĚŝŽĂůĂŹŽͿ ƐŽďƌĞ ƚŽĚŽ Ɛŝ ƐĞ ĐŽŵƉĂƌĂ ĐŽŶ ƉƌŽĨĞƐŝŽŶĞƐ ĐŽŵŽĂĚŵŝŶŝƐƚƌĂĐŝſŶϰϱϱϭϮͿǇĚĞƌĞĐŚŽϰϮϱϲϲͿƋƵĞĐŽŶĐĞŶ-ƚƌĂŶĞůŵĂǇŽƌŶƷŵĞƌŽĚĞŐƌĂĚƵĂĚŽƐĞŶĞůƉĂşƐgtĂĚŝǀĞƌ-ƐŝĮĐĂĐŝſŶĞŶĐƵĂŶƚŽĂůŽƐƉƵĞƐƚŽƐƋƵĞƉƵĞĚĞŶŽĐƵƉĂƌ ĞƐ ƉƌŽĚƵĐƚŽĚĞůĂĨŽƌŵĂĐŝſŶĂĐĂĚĠŵŝĐĂǇƐƵŝŶĐŽƌƉŽƌĂĐŝſŶĂůŽƐĚŝĨĞƌĞŶƚĞƐƐĞĐƚŽƌĞƐĚĞ ůĂƉƌŽĚƵĐĐŝſŶƉƌŝŶĐŝƉĂůŵĞŶƚĞĞůĚĞƐĞƌǀŝĐŝŽƐ^ŝŶĞŵďĂƌŐŽƚĂŵďŝĠŶĞƐƵŶĂƉƌŽĨĞƐŝſŶĐŽŶƉŽĐĂƐ ŽƉŽƌƚƵŶŝĚĂĚĞƐ ƉĂƌĂ Ğů ĂƵƚŽĞŵƉůĞŽ ĐŽŶ ƐĂůĂƌŝŽƐďĂũŽƐĚĂĚĂůĂĐĂƉĂĐŝƚĂĐŝſŶǇĨŽƌŵĂĐŝſŶĂƉĞƐĂƌĚĞĞƐƚĂƌ

ƉŽƌĂƌƌŝďĂĚĞůƉƌŽŵĞĚŝŽĚĞůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐĚĞůƉĂşƐͿǇƋƵĞƐŝŐƵĞĚĞƉĞŶĚŝĞŶĚŽĚĞůĂŐĞŶĞƌĂĐŝſŶĚĞĞŵƉůĞŽƐĚĞůƐĞĐƚŽƌƉƷďůŝĐŽ

ConclusionesgtŽƐĞĐŽŶŽŵŝƐƚĂƐƟĞŶĞŶ ůĂ ĐĂƌĂĐƚĞƌşƐƟĐĂĚĞƉŽĚĞƌĚŝǀĞƌ-ƐŝĮĐĂƌƐĞĚĞŶƚƌŽĚĞůŵĞƌĐĂĚŽĚĞƚƌĂďĂũŽĚĞďŝĚŽĂƋƵĞƐƵĨŽƌŵĂĐŝſŶ ůĞƐ ƉĞƌŵŝƚĞ ŶŽ ƐŽůŽ ĞŵƉůĞĂƌƐĞ ĞŶ Ğů ĄŵďŝƚŽĞĐŽŶſŵŝĐŽ ĂĚŵŝŶŝƐƚƌĂƟǀŽ ƐŝŶŽ ŝŶĐƵƌƐŝŽŶĂƌ ĞŶ ĞƐƉĂĐŝŽƐĐŽŵŽůĂĞĚƵĐĂĐŝſŶƋƵĞƐŝďŝĞŶŶŽƌĞĐŝďĞŶůĂƉƌĞƉĂƌĂĐŝſŶĂĚĞĐƵĂĚĂƉĂƌĂĞůůŽůĂƐŶĞĐĞƐŝĚĂĚĞƐĚĞůƐŝƐƚĞŵĂĞĚƵĐĂƟǀŽǇůĂĨĂůƚĂĚĞŽƉŽƌƚƵŶŝĚĂĚĞƐůĂďŽƌĂůĞƐĞŶƐƵĄƌĞĂĚĞůĐŽŶŽ-ĐŝŵŝĞŶƚŽůŽƐŽƌŝůůĂĂĞŵƉůĞĂƌƐĞĞŶĞƐƚĞƟƉŽĚĞĂĐƟǀŝĚĂĚĞƐ

WĂƌƟĞŶĚŽĚĞůƐĂůĂƌŝŽĚĞůƟƉŽĚĞŽĐƵƉĂĐŝſŶĂůƋƵĞĂĐĐĞ-ĚĞŶǇĚĞ ůĂĚĞƉĞŶĚĞŶĐŝĂŚĂĐŝĂĞůĞŵƉůĞŽŐĞŶĞƌĂĚŽƉŽƌĞůƐĞĐƚŽƌƉƷďůŝĐŽƐĞƉƵĞĚĞĚĞĐŝƌƋƵĞůĂƐĐŽŶĚŝĐŝŽŶĞƐĚĞůĞŵƉůĞŽĚĞůŽƐĞĐŽŶŽŵŝƐƚĂƐƐĞŚĂŶƉƌĞĐĂƌŝǌĂĚŽĞůŝŶǀĞƌƟƌĐŝŶĐŽĂŹŽƐĞŶĨŽƌŵĂĐŝſŶǇĐĂƉĂĐŝƚĂĐŝſŶůĞƐĚĞďĞƌşĂĂƐĞŐƵ-ƌĂƌĞŵƉůĞŽƐǇƐĂůĂƌŝŽƐĚŝŐŶŽƐƋƵĞůĞƐƉĞƌŵŝƚĂŶƐĂƟƐĨĂĐĞƌĂĚĞĐƵĂĚĂŵĞŶƚĞƐƵƐŶĞĐĞƐŝĚĂĚĞƐǇƉŽƐŝĐŝŽŶĂƌƐĞĞŶĞůĄŵ-ďŝƚŽƐŽĐŝĂůƋƵĞůĞƐĐŽƌƌĞƐƉŽŶĚĞ

Ŷ ƚĠƌŵŝŶŽƐ ŐĞŶĞƌĂůĞƐ ƐĞ ŽďƐĞƌǀĂ ƋƵĞ Ğů ƉĂşƐ ƉƌĞĐŝƐĂƌĞƚŽŵĂƌ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĞĐŽŶſŵŝĐŽ Ă ƚĂƐĂƐ ƐŽƐƚĞŶŝĚĂƐ ǇŵĄƐ ĞůĞǀĂĚĂƐ ƉĂƌĂ ĞƐƚĂƌ ĞŶ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ ĂƉƌŽǀĞĐŚĂƌƉƌŽĚƵĐƟǀĂŵĞŶƚĞĞůĐƌĞĐŝĞŶƚĞŇƵũŽĚĞƉƌŽĨĞƐŝŽŶŝƐƚĂƐƋƵĞĞŐƌĞƐĂŶĚĞůŽƐƐŝƐƚĞŵĂƐĚĞĞĚƵĐĂĐŝſŶƐƵƉĞƌŝŽƌ

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----

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ũĞƌĂŝƌĞ

ĐƚĂŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎΎ

ϴϲϮϮϬ

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ϭϭϲ

ϭϭϯ

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WŽƌĐĞŶ

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1ŶĚŝĐĞĚĞůĂWƌŽĚƵ

ĐĐŝſŶDĂŶ

ƵĨĂĐƚƵƌĞƌĂΎ

ϵϲϮϭ

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ƌƚĂĐŝŽŶĞ

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sĂƌŝĂ

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1ŶĚŝĐĞĚĞsĞ

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sĂƌŝĂ

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1ŶĚŝĐĞĚĞsĞ

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ĠĮĐŝƚĞŶ


йͿ

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йͿ

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WŽƌĐĞŶ

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ĐĐŝſŶDĂŶ

ƵĨĂĐƚƵƌĞƌĂ

ϰϵϮϬ

ϮϲϯϬ

ϲϮϯϬ

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WĞŽĚ

ƵĐƚŽŶ

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ampƵĞŶ

ƚĞΎͿŶ

ĚŝĐĂĚŽ

ƌĞƐŽ

ďƚĞŶ

ŝĚŽƐĞŶŽ

ƌĞĂƵ

ŽĨgtĂď

Žƌ^ƚĂƟƐƟĐ

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ϭΎΎͿŝŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĞŶƵ

ƌĞĂƵ

ĐŽŶŽ

ŵŝĐŶĂ

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ĞǆƉŽƌƚĂĐŝŽŶ

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ƉŽƌƚĂĐŝŽŶĞ

ƐƐŽŶ

ĚĞƐĞƐƚĂĐŝŽŶ

ĂůŝǌĂ

ĚŽƐ

Directorio UAEMex DirectorioFacultad de Economiacutea

Dr en D Jorge Olvera GarciacuteaRector

Dr Alfredo Barrera BacaSecretario de Docencia

Dra Aacutengeles Ma del Rosario Peacuterez BernalSecretaria de Investigacioacuten y

Estudios Avanzados

Mtro Joseacute Benjamiacuten Bernal SuaacuterezSecretario de Rectoriacutea

Mtra Ivette Tinoco GarciacuteaSecretaria de Difusioacuten Cultural

Mtro Ricardo Joya CepedaSecretario de Extensioacuten y Vinculacioacuten

Mtro Javier Gonzaacutelez MartiacutenezSecretario de Administracioacuten

Dr Manuel Hernaacutendez LunaSecretario de Planeacioacuten y

Desarrollo Institucional

Dr Hiram Rauacutel Pintildea LibienAbogado General

Lic Juan Portilla EstradaDirector General de

Comunicacioacuten Universitaria

Lic Jorge Bernaacuteldez GarciacuteaSecretario Teacutecnico de la Rectoriacutea

Mtra Yolanda E Ballesteros SentiesSecretaria de Cooperacioacuten Internacional

Mtro Emilio Tovar PeacuterezDirector General de Centros Universitarios

y Unidades Acadeacutemicas Profesionales

M en E Joel Martiacutenez BelloDirector

L en E Octavio C Bernal RamosSubdirector Acadeacutemico

L en AF Mariacutea de Lourdes Casas HinojosaSubdirectora Administrativa

M en E Juvenal Rojas MercedCoordinador de Investigacioacuten y Estudios Avanzados

L en REI Jeanett Campos ChaacutevezCoordinacioacuten de Difusioacuten Cultural

MEUR Esteban Felipe Saacutenchez TorresCoordinacioacuten de Extensioacuten y Vinculacioacuten

L en REI Esmeralda Herrera RomeroCoordinacioacuten de Planeacioacuten y Desarrollo Institucional

MEUR Wendy Ovando AldanaCoordinacioacuten de la Licenciatura en Economiacutea

MD N Noelly Karla Sarracino JimeacutenezCoordinacioacuten de la Licenciatura

en Relaciones Econoacutemicas Internacionales

LAF Yelitza Marina Valdespino JimeacutenezCoordinacioacuten de la Licenciatura en Actuariacutea

M en C I Gabriela Munguiacutea VaacutezquezCoordinacioacuten de la Licenciatura en Negocios

Internacionales Bilinguumle

L en E Esteban Hernaacutendez GuzmaacutenJefe del Departamento de Control Escolar

L en E Eloy Carbajal FloresJefe del Departamento de Servicio Social

L en E Mariacutea GuadalupeRamiacuterez Pareja

Jefa del Departamento de Seguimiento Profesionaly Seguimiento de Egresados

ECONOMIacuteA ACTUALŹŽϳEŽϯũƵůŝŽͲƐĞƉƟĞŵďƌĞĚĞϮϬϭϰĞƐƵŶĂƉƵďůŝĐĂĐŝſŶƚƌŝŵĞƐƚƌĂůĞĚŝƚĂĚĂƉƵďůŝĐĂĚĂǇĚŝƐƚƌŝďƵŝĚĂƉŽƌůĂhŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞůƐƚĂĚŽĚĞDĠǆŝĐŽĂƚƌĂǀĠƐĚĞůĞŶƚƌŽĚĞŶǀĞƐƟŐĂĐŝſŶĞŶŝĞŶĐŝĂƐĐŽŶſŵŝĐĂƐͿĚĞůĂampĂĐƵůƚĂĚĚĞĐŽŶŽŵşĂĞƌƌŽĚĞŽĂƚĞƉĞĐƐŶŝƵĚĂĚhŶŝǀĞƌƐŝƚĂ-ƌŝĂW ϱϬϭϭϬdŽůƵĐĂƐƚĂĚŽĚĞDĠǆŝĐŽdĞůĠĨŽŶŽƐϬϭϳϮϮͿϮϭϰϵϰϭϭǇϮϭϯϭϯϳϱŵĂĚŝĂǌΛĐŽůƉŽƐŵǆŵĂĚŝĂǌĐΛƵĂĞŵĞǆŵǆĚŝƚŽƌƌĞƐƉŽŶƐĂďůĞDŝŐƵĞůŶŐĞůşĂǌĂƌƌĞŹŽZĞƐĞƌǀĂĚĞĞƌĞĐŚŽƐĂůhƐŽǆĐůƵƐŝǀŽEŽϬϰͲϮϬϬϵͲϬϲϭϳϭϰϱϮϭϵϬϬͲϭϬϮ^^EϮϬϬϳͲϬϵϵϯĂŵďŽƐŽƚŽƌŐĂĚŽƐƉŽƌĞůŶƐƟƚƵƚŽEĂĐŝŽŶĂůĚĞůĞƌĞĐŚŽĚĞƵƚŽƌ gtŝĐŝƚƵĚĚĞdşƚƵůŽǇŽŶƚĞŶŝĚŽEŽϭϰϵϮϰŽƚŽƌŐĂĚŽƉŽƌůĂŽŵŝƐŝſŶĂůŝĮĐĂĚŽƌĂĚĞWƵďůŝĐĂĐŝŽŶĞƐǇZĞǀŝƐƚĂƐůƵƐƚƌĂĚĂƐĚĞůĂ^ĞĐƌĞƚĂƌşĂĚĞŽďĞƌŶĂĐŝſŶŵƉƌĞƐĂƉŽƌgtŝƚŚŽltŽůŽƌ ^ĚĞs sŝĂůŝĚĂĚůĂƐdŽƌƌĞƐEŽϲϬϱŽů^ĂŶƚĂDĂƌşĂĚĞůĂƐZŽƐĂƐW ϱϬϭϰϬdŽůƵĐĂƐƚĂĚŽĚĞDĠǆŝĐŽƐƚĞŶƷŵĞƌŽƐĞƚĞƌŵŝŶſĚĞŝŵƉƌŝŵŝƌĞůϭϱĚĞƐĞƉƟĞŵďƌĞĚĞϮϬϭϰĐŽŶƵŶƟƌĂũĞĚĞϯϬϬĞũĞŵƉůĂƌĞƐ

gtĂƐŽƉŝŶŝŽŶĞƐĞǆƉƌĞƐĂĚĂƐƉŽƌůŽƐĂƵƚŽƌĞƐŶŽŶĞĐĞƐĂƌŝĂŵĞŶƚĞƌĞŇĞũĂŶůĂƉŽƐƚƵƌĂĚĞůĞĚŝƚŽƌĚĞůĂƉƵďůŝĐĂĐŝſŶŽĚĞůĂŶƐƟƚƵĐŝſŶ

^ĞĂƵƚŽƌŝǌĂůĂƌĞƉƌŽĚƵĐĐŝſŶǇŽƵƟůŝǌĂĐŝſŶĚĞůŽƐŵĂƚĞƌŝĂůĞƐŚĂĐŝĞŶĚŽŵĞŶĐŝſŶĚĞůĂĨƵĞŶƚĞ

dŽĚŽƐůŽƐĂƌơĐƵůŽƐŝŶĐůƵŝĚŽƐĞŶĞůŶƷŵĞƌŽϬϯĂŹŽϬϳũƵůŝŽͲƐĞƉƟĞŵďƌĞĚĞϮϬϭϰĚĞůĂZĞǀŝƐƚĂĐŽŶŽŵşĂĐƚƵĂůŚĂŶƐŝĚŽƐŽŵĞƟĚŽƐĂĚŝĐƚĂŵĞŶĚĞĂĐƵĞƌĚŽĐŽŶůŽƐůŝŶĞĂŵŝĞŶƚŽƐĞƐƚĂďůĞĐŝĚŽƐĞŶĚŝĐŚĂƌĞǀŝƐƚĂǇĂƉƌŽďĂĚŽƐƉĂƌĂƐƵƉƵďůŝĐĂĐŝſŶĞŶůŽƐdĂůůĞƌĞƐĚĞŶĄůŝƐŝƐĚĞŽǇƵŶƚƵƌĂĐŽŶſŵŝĐĂƌĞĂůŝǌĂĚŽƐůŽƐĚşĂƐϭϰǇϮϴĚĞĂŐŽƐƚŽĚĞϮϬϭϰĞŶĞůĄƌĞĂĚĞƉŽƐŐƌĂĚŽĚĞůĂampĂĐƵůƚĂĚĚĞĐŽŶŽŵşĂĚĞůĂhŶŝǀĞƌƐŝĚĂĚƵƚſŶŽŵĂĚĞůƐƚĂĚŽĚĞDĠǆŝĐŽǇĞŶůŽƐƋƵĞƉĂƌƟĐŝƉĂŶĚĞĨŽƌŵĂƌĞŐƵůĂƌůŽƐĐŽůĂďŽƌĂĚŽƌĞƐĚĞĚŝĐŚĂƉƵďůŝĐĂĐŝſŶ

IacutendiceŹŽ ϳ EƷŵ ϯ ũ Ƶ ů ŝ Ž Ͳ ƐĞƉƚ ŝĞŵďƌĞ ĚĞ ϮϬϭϰ

Presentacioacuten

ĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂǇĞŵƉůĞŽĞŶůĂƌĞŐŝſŶĐĞŶƚƌŽĚĞDĠǆŝĐŽgtŽƐĚĂƚŽƐĂũƵŶŝŽĚĞϮϬϭϰLeobardo de Jesuacutes Almonte y Yolanda Carbajal Suaacuterez

ǆƉĞĐƚĂƟǀĂƐĚĞĐƌĞĐŝŵŝĞŶƚŽĚĞůWƉĂƌĂDĠǆŝĐŽĞŶϮϬϭϰReyna Vergara Gonzaacutelez y Miguel Aacutengel Diacuteaz Carrentildeo

ĐƟǀŝĚĂĚĞĐŽŶſŵŝĐĂǇĚĞƐĞŵƉůĞŽĞŶDĠǆŝĐŽĂůƉƌŝŵĞƌƐĞŵĞƐƚƌĞĚĞϮϬϭϰJuvenal Rojas Merced y Ricardo Rodriacuteguez Marcial

ůƐĞĐƚŽƌĂƵƚŽŵŽƚƌŝǌĞŶĞůDƵŶĚŽǇĞŶDĠǆŝĐŽhŶĂƌĞǀŝƐŝſŶĂůŽƐĚĂƚŽƐĚĞƉƌŽĚƵĐĐŝſŶǇǀĞŶƚĂƐϮϬϭϯͲũƵŶŝŽĚĞϮϬϭϰMargarito Carbajal Suaacuterez y Yolanda Carbajal

ŶǀĞƌƐŝſŶǆƚƌĂŶũĞƌĂŝƌĞĐƚĂĞŶŵĠƌŝĐĂgtĂƟŶĂϮϬϭϯDĂƌşĂƐƚŚĞƌDŽƌĂůĞƐampĂũĂƌĚŽǇƌŝƐƟĂŶZWůĂƚĂ^ŽƚŽ

Seccioacuten Especial

ĂƌĂĐƚĞƌşƐƟĐĂƐĚĞůĂŽĐƵƉĂĐŝſŶĚĞůŽƐƉƌŽĨĞƐŝŽŶŝƐƚĂƐĞŶĞĐŽŶŽŵşĂDĠǆŝĐŽϮϬϭϰMariacutea del Carmen Salgado Vega y Sara Quiroz Cuenca

Indicadores Econoacutemicos

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ϱϴϴ

ϱϱϱ

ϱϯϱ

ϱϯϯ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϯϯϱ

Ϯϲϲ

Ϯϭϳ

ϭϴϴ

ϭϵϵ

ϭϴϬ

ϭϲϴ

Ϭϰϲ

Ϭϰϰ

ϬϰϮ

Ϭϰϯ


ũĞƌĂŝƌĞ

ĐƚĂD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ύϯϭ

ϲϯ

Ϯϳϴϳ

ϭϲϳϰ

ϮϮϲϯ

ϮϯϴϬ

ϭϱϲϮ

ϯϱϭϵ

ϮϬϬϲ

ϯϱϵ

ϲϱϭ

ϱϴϮ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϯϴϱ

Ϯϵϱ

ϭϳϭ

ϮϬϬ

ϮϬϴ

ϭϮϱ

Ϯϳϱ

ϭϱϳ

ϬϮϵ

Ϭϱϭ

Ϭϰϳ


ĞůŽƐ


ϳϭϵ

ϳϲϴ

ϱϰϯ

ϰϰϬ

ϰϮϰ

ϰϮϰ

ϯϳϱ

377

ϯϳϴ

ϯϯϲ

ϯϭϲ

ŶĚŝĐĂĚŽ

ƌůŽďĂ

ůĚĞůĂĐƟ

ǀŝĚĂ

ĚĐŽŶ

ſŵŝĐĂ

ͿΎďĂƐĞϮϬ

ϬϯϭϬ

ϭϬϳ

ϵϵϰϲ

ϭϬϬϯϱ

ϭϬϰϲϱ

ϭϬϴϲϳ

ϭϭϬϵϮ

ϭϭϮϭϱ

ϭϬϴϱϳ

ϭϬϲϵϲ

ϭϭϮϭϱ

ϭϭϬϴϬ

sĂƌŝĂ

ĐŝſŶ

ĚĞů

Ϯϵϰ

Ͳϭϱϵ

Ϭϴϵ

ϰϮϵ

ϯϴϰ

ϮϬϳ

ϭϭϭ

ͲϬϱϭ

Ϭϳϯ

Ϭϵϭ

ϯϬϯ

ampƵĞŶ

ƚĞŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĚĞΎͿE

ΎΎͿ

ĂŶǆŝĐŽΎΎ


ŽŵşĂϭ

KE^

D

E

KZ

^

KEMDK^

gt^d

KD

yKϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞWĞ

ƐŽƐͿΎĂ

ƐĞϮϬϬ

ϴϭϬϰ

ϭϬϴ

ϭϬϱ

ϴϮϵ

ϭϬϭ

ϴϬϬ

ϭϬϵ

ϱϮϮ

ϭϭϯ

ϲϬϭ

ϭϭϳ

ϰϵϱ

------

----

----

------

----

----

------

-

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϰϰϭ

ϭϲϱ

Ͳϯϴϭ

ϳϱϴ

ϯϳϮ

ϯϰϯ

------

----

----

------

----

----

------

-

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎ

ϴϵϲϯ

ϵϰϵϬ

ϳϵϮϮ

ϵϰϯϭ

ϭϬϯϲϯ

ϭϬϱϮϳ

------

----

----

------

----

----

------

-

ŶĚŝĐĂĚŽ

ƌdƌŝŵ


ǀŝĚĂ

ĚĐŽŶ


ͿΎ

ϭϬϭϱϵ

ϵϵϴϮ

ϭϬϭϴϵ

ϭϬϴϰϱ

ϭϭϭϬϭ

ϭϭϱϭϳ

ϭϭϲϴϬ

ϭϭϯϲϰ

ϭϭϰϱϰ

ϭϭϲϴϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ĚĞůd

ϱϭϰ

Ͳϭϳϰ

ϮϬϳ

ϲϰϰ

Ϯϯϲ

ϯϳϱ

ϭϰϭ

Ϯϵϭ

ϯϯϭ

ϭϰϭ

------

-


ůŽŶ

ƐƵŵŝĚŽƌď

ĂƐĞϮϬ

ϭϬсϭ

ϬϬͿϭͿΎΎ

ϴϲϳϲ

ϵϮϬϴ

ϵϰϴϴ

ϵϵϵϭ

ϭϬϯϯϵ

ϭϬϳϰϮ

ϭϭϭϰϭ

ϭϬϵϴϬ

ϭϭϬϰϳ

ϭϭϭϰϭ

ϭϭϯϬϱ

ŶŇĂ

ĐŝſŶ

ϭͿΎ

ϯϵϭ

ϰϲϲ

ϰϴϵ

ϰϱϲ

ϯϵϭ

ϰϮϭ

ϯϲϴ

ϰϯϱ

ϯϱϬ

ϯϱϯ

ϰϯϰ


ſŵŝĐĂŵ

ĞŶƚĞĂĐƟ

ǀĂD

ŝůůŽŶ

ĞƐĚĞƉĞ

ƌƐŽŶ

ĂƐͿΎ

ϲϬϮ

ϲϭϮ

ϲϯϳ

ϲϳϮ

ϲϴϴ

ϳϬϴ

ϳϭϳ

ϳϮϯ

ϳϭϵ

ϳϯϮ

ϳϯϰ

ĞƐĞŵƉůĞŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϱϯϵ

ϱϬϰ

ϲϵϴ

ϲϳϲ

ϲϮϭ

ϱϵϴ

ϱϴϮ

ϱϴϵ

ϲϭϰ

ϱϬϬ

ϱϴϬ

dĂƐĂĚĞ^Ƶ

ďĞŵƉůĞŽ

ΎϱϰϬ

ϱϬϯ

ϳϬϬ

ϲϰϴ

ϱϴϯ

ϱϱϯ

ϱϳϴ

ϲϭϬ

ϲϳϬ

ϰϵϬ

ϳϱϬ


ĐŝſŶ


ϯϮϳϴ

ϯϮϳϱ

ϯϮϴϯ

ϯϯϲϴ

ϯϯϳϴ

ϯϰϴϱ

ϯϰϳϱ

ϯϰϴϬ

ϯϯϲϬ

ϯϱϰϬ

ϯϱϳϬ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ



ƐƉĞĐƚŽĂůĂW

ͿΎϰϵϯ

ϱϭϬ

ϰϳϮ

ϰϴϮ

ϰϰϵ

ϰϰϲ

ϰϱϴ

ϰϵϬ

ϰϵϱ

ϰϬϱ

ϯϵϲ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ĞĐƵŶ

ĚĂƌŝŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϮϳ

ϴϯ

Ϯϲϲϰ

Ϯϰϴϰ

ϮϱϮϭ

ϮϱϮϴ

Ϯϰϲϴ

ϮϱϮϯ

ϮϰϮϮ

ϮϰϵϬ

ϮϲϭϬ

ϮϰϴϮ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ƐƉĞĐƚŽĂůĂW

ͿΎϲϭ

ϱϭ

ϲϮϵϭ

ϲϯϭϴ

ϲϮϵϯ

ϲϯϴϬ

ϲϰϲϵ

ϲϰϭϰ

ϲϰϳϵ

ϲϯϲϲ

ϲϰϳϬ

ϲϱϬϰ

ZĞŵĞƐĂƐŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎ

Ϯϭϲ

ϳϬϮ

ϮϬϲ

ϲϳϬ

ϭϳϬ

Ϭϳϳ

ϭϲϯ

ϳϱϱ

ϭϲϱ

ϴϯϴ

ϭϱϲ

ϯϳϴ

ϭϰϰ

ϲϵϲ

ϯϵϮϯϮ

ϯϳϯϲϮ

ϯϱϭϯϭ

ϯϰϱϱϰ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϮϰϮ

Ϯϭϳ

Ϯϭϱ

ϭϳϰ

ϭϲϬ

ϭϰϵ

------

----

----

------

----

----

------

-


ũĞƌĂŝƌĞ

ĐƚĂŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎΎ

ϴϲϮϮϬ

ϭϲϯ

ϮϳϮ

ϭϲϬ

ϲϰϳ

ϭϭϲ

ϭϭϯ

ϳϮϰϳϲ

ϭϱϵ

ϳϱϬ

ϭϬϮ

ϱϮϬ

ϰϰϭϵϬ

ϯϲϰϬ

ϯϳϰϭϬ

Ͳϭϳϰ

ϮϬ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϭϵϲ

ϭϳϮ

ϮϬϯ

ϭϮϯ

ϬϳϬ

ϭϱϮ

------

----

----

------

----

----

------

-


ĐĐŝſŶDĂŶ


ϵϲϮϭ

ϴϱϭϱ

ϴϵϴϲ

ϵϳϱϯ

ϭϬϭϬϬ

ϵϴϵϲ

ϭϬϬϱϬ

ϭϬϵϮϯ

ϭϭϬϮϭ

ϭϬϬϱϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϱϳϱ

ͲϭϭϱϬ

ϱϱϯ

ϴϱϯ

ϯϱϲ

ͲϮϬϭ

ϭϱϱ

Ͳϰϵϯ

Ϭϵϱ

ϭϱϱ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞĚſ

ůĂƌĞƐͿ

ϵϮϭ

ϭϲϱ

ϭϬϬ

ϵϵϲ

ϵϭϳ

ϱϳϵϵ

ϳϭϭ

ϴϭϭ

ϯϱϵ

ϴϳϯ

ϭϲϮϲϭ

ϳϬϴ

ϭϳϯϬϵ

ϲϬϵ

------

----

----

------

----

----

------

-

sĂƌŝĂ

ĐŝſŶ


ϭϬϮϴ

ϭϬϱϭ

ϭϬϭϬ

ϭϮϬϱ

ϭϱϲϵ

ϭϲϰϰ

------

----

----

------

----

----

------

-

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĞŶƵĚ

ĞŽΎϭͿ

ϭϳϳϮϲ

ϭϲϰϮϴ

ϭϳϵϴϱ

ϭϵϭϬϴ

ϮϬϱϵϰ

ϮϬϮϯϬ

ϮϬϲϰϭ

ϭϱϰϬϲ

ϭϱϭϮϯ

ϮϬϲϰϭ

ϭϱϲϲϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϮϭϲ

ͲϳϯϮ

ϵϰϴ

ϲϮϰ

ϳϳϴ

Ͳϭϳϳ

ϮϬϯ

ͲϮϭϬ

ͲϮϭϯ

ϮϬϯ

ϭϭϮ

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĂǇŽƌĞŽ

ΎϭͿ

ϭϯϵϳϴ

ϭϰϲϳϳ

ϭϰϯϬϴ

ϭϰϲϬϱ

ϭϱϬϬϮ

ϭϰϭϮϳ

ϭϰϭϲϬ

ϭϭϮϵϬ

ϭϭϲϬϬ

ϭϰϭϲϬ

ϭϭϳϮϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϳϯϵ

ϱϬϬ

ͲϮϱϭ

ϮϬϴ

ϮϳϮ

Ͳϱϴϯ

ϬϮϯ

ͲϭϬϵϯ

ͲϮϭϴ

ϬϮϯ

Ͳϭϳϲ



E

KZ

^

KEMDK^

^d

K^hEK^

EKZd

DZ

ϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐď

ĂƐĞϮϬ

ϬϵͿΎΎ

ϭϰϴϳϲ

ϴϬ

ϭϰϴϯϯ

ϲϬ

ϭϰϰϭϳ

ϵϬ

ϭϰϳϳϵ

ϰϬ

ϭϱϬϱϮ

ϰϬ

ϭϱϰϳϬ

ϳϬ

ϭϱϳϲϳ

ϭϯ

ϭϱϲϳϵ

ϳϬ

ϭϱϴϯϵ

ϯϬ

ϭϱϵϰϮ

ϯϬ

ϭϱϵϰ

ϲϲ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϭϳϵ

ͲϬϮϵ

ͲϮϴϬ

Ϯϱϭ

ϭϴϱ

Ϯϳϴ

ϭϵϮ

ϭϲϯ

ϭϵϳ

Ϯϱϵ

Ϯϯϯ

ŶŇĂ

ĐŝſŶ

йͿΎ

Ϯϴϳ

ϯϴϱ

ͲϬϯϱ

ϭϲϯ

ϯϭϳ

ϮϬϴ

ϭϱϬ

ϭϰϯ

ϭϱϳ

ϭϮϯ

ϭϰ

ĞƐĞŵƉůĞŽ

йͿΎ

ϰϲϮ

ϱϴϬ

ϵϮϴ

ϵϲϯ

ϴϵϱ

ϴϭϬ

ϳϯϱ

ϳϱϬ

ϳϮϯ

ϲϵϳ

ϲϲϳ

^ĂůĚŽĚĞ

ůĂƵĞ

ŶƚĂŽ

ƌƌŝĞŶƚĞͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϳϭϯ

ϯϵ

Ͳϲϴϭ

ϯϰ

Ͳϯϴϭ

ϲϰ

Ͳϰϰϵ

ϰϳ

Ͳϰϱϳ

ϳϯ

ͲϰϰϬ

ϰϮ

Ͳϯϳϳ

Ϯϴ

Ͳϵϲϳϱ

Ͳϵϰϯϲ

ͲϴϭϭϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϴϬ

Ͳϰϱϵ

ͲϮϲϱ

ͲϯϬϰ

ͲϯϬϰ

ͲϮϴϱ

ͲϮϯϵ

ͲϬϲϮ

ͲϬϲϬ

ͲϬϱϭ

------

-

^ĂůĚŽĚĞ

ůĂĂůĂŶ

ǌĂŽŵ

ĞƌĐŝĂů

ͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϲϵϵ

Ϭϳ

ͲϳϬϮ

ϯϬ

Ͳϯϴϯ

ϲϲ

Ͳϰϵϵ

ϯϴ

Ͳϱϱϲ

ϴϰ

Ͳϱϯϰ

ϲϲ

Ͳϰϳϰ

ϴϲ

Ͳϭϭϳ

ϰϱ

ͲϭϮϭ

ϱϰ

Ͳϭϭϯ

ϵϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϳϬ

Ͳϰϳϯ

ͲϮϲϲ

Ͳϯϯϴ

ͲϯϳϬ

Ͳϯϰϲ

ͲϯϬϭ

ͲϬϳϱ

ͲϬϳϳ

ͲϬϳϭ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϭϲϱ

Ϯϴϲ

ϭϴϰ

Ϭϯϯ

ϭϱϳ

ϴϭϵ

ϭϴϰ

ϰϰϳ

Ϯϭϭ

Ϯϴϯ

ϮϮϭ

Ϭϱϵ

ϮϮϳ

ϭϯϵ

ϱϲϱϮϳ

ϱϲϴϲϰ

ϱϳϵϬϱ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϭϭϭ

ϭϮϰϭ

ϭϬϵϱ

ϭϮϰϴ

ϭϰϬϰ

ϭϰϮϵ

ϭϰϰϭ

ϯϲϭ

ϯϱϵ

ϯϲϯ

------

-

ŵƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ϯϯϱ

ϭϵϯ

Ϯϱϰ

Ϯϲϰ

ϭϵϲ

ϭϴϱ

Ϯϯϰ

ϯϴϱ

Ϯϲϲ

ϵϲϲ

Ϯϳϰ

ϱϮϰ

Ϯϳϰ

ϲϮϱ

ϲϴϮϳϮ

ϲϵϬϭϴ

ϲϵϮϵϲ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϱϴϭ

ϭϳϭϰ

ϭϯϲϭ

ϭϱϴϲ

ϭϳϳϰ

ϭϳϳϰ

ϭϳϰϮ

ϰϯϱ

ϰϯϲ

ϰϯϱ

------

-


ĐĐŝſŶDĂŶ


ϰϵϮϬ

ϮϲϯϬ

ϲϮϯϬ

ϲϭϱϬ

ϱϴϵϬ

ϱϮϲϬ

ϱϲϱϬ

ϱϮϱϬ

ϱϲϬϬ

ϱϲϱϬ

ϱϰϵ

WĞŽĚ

ƵĐƚŽŶ


^ĞĐƚŽƌŽ


DŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞ

ſůĂƌĞƐϮ

ϬϬϵͿ

ϭϯϮϵ

ϰϭϮ

ϲϲϭϬ

ϵϬϰ

ϭϬϬϴ

ϯϭϬ

Ϭϰϭ

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ĞƐĚĞſ

ůĂƌĞƐͿΎ

ϴϵϲϯ

ϵϰϵϬ

ϳϵϮϮ

ϵϰϯϭ

ϭϬϯϲϯ

ϭϬϱϮϳ

------

----

----

------

----

----

------

-

ŶĚŝĐĂĚŽ

ƌdƌŝŵ


ǀŝĚĂ

ĚĐŽŶ


ͿΎ

ϭϬϭϱϵ

ϵϵϴϮ

ϭϬϭϴϵ

ϭϬϴϰϱ

ϭϭϭϬϭ

ϭϭϱϭϳ

ϭϭϲϴϬ

ϭϭϯϲϰ

ϭϭϰϱϰ

ϭϭϲϴϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ĚĞůd

ϱϭϰ

Ͳϭϳϰ

ϮϬϳ

ϲϰϰ

Ϯϯϲ

ϯϳϱ

ϭϰϭ

Ϯϵϭ

ϯϯϭ

ϭϰϭ

------

-


ůŽŶ

ƐƵŵŝĚŽƌď

ĂƐĞϮϬ

ϭϬсϭ

ϬϬͿϭͿΎΎ

ϴϲϳϲ

ϵϮϬϴ

ϵϰϴϴ

ϵϵϵϭ

ϭϬϯϯϵ

ϭϬϳϰϮ

ϭϭϭϰϭ

ϭϬϵϴϬ

ϭϭϬϰϳ

ϭϭϭϰϭ

ϭϭϯϬϱ

ŶŇĂ

ĐŝſŶ

ϭͿΎ

ϯϵϭ

ϰϲϲ

ϰϴϵ

ϰϱϲ

ϯϵϭ

ϰϮϭ

ϯϲϴ

ϰϯϱ

ϯϱϬ

ϯϱϯ

ϰϯϰ


ſŵŝĐĂŵ

ĞŶƚĞĂĐƟ

ǀĂD

ŝůůŽŶ

ĞƐĚĞƉĞ

ƌƐŽŶ

ĂƐͿΎ

ϲϬϮ

ϲϭϮ

ϲϯϳ

ϲϳϮ

ϲϴϴ

ϳϬϴ

ϳϭϳ

ϳϮϯ

ϳϭϵ

ϳϯϮ

ϳϯϰ

ĞƐĞŵƉůĞŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϱϯϵ

ϱϬϰ

ϲϵϴ

ϲϳϲ

ϲϮϭ

ϱϵϴ

ϱϴϮ

ϱϴϵ

ϲϭϰ

ϱϬϬ

ϱϴϬ

dĂƐĂĚĞ^Ƶ

ďĞŵƉůĞŽ

ΎϱϰϬ

ϱϬϯ

ϳϬϬ

ϲϰϴ

ϱϴϯ

ϱϱϯ

ϱϳϴ

ϲϭϬ

ϲϳϬ

ϰϵϬ

ϳϱϬ


ĐŝſŶ


ϯϮϳϴ

ϯϮϳϱ

ϯϮϴϯ

ϯϯϲϴ

ϯϯϳϴ

ϯϰϴϱ

ϯϰϳϱ

ϯϰϴϬ

ϯϯϲϬ

ϯϱϰϬ

ϯϱϳϬ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ



ƐƉĞĐƚŽĂůĂW

ͿΎϰϵϯ

ϱϭϬ

ϰϳϮ

ϰϴϮ

ϰϰϵ

ϰϰϲ

ϰϱϴ

ϰϵϬ

ϰϵϱ

ϰϬϱ

ϯϵϲ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ĞĐƵŶ

ĚĂƌŝŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϮϳ

ϴϯ

Ϯϲϲϰ

Ϯϰϴϰ

ϮϱϮϭ

ϮϱϮϴ

Ϯϰϲϴ

ϮϱϮϯ

ϮϰϮϮ

ϮϰϵϬ

ϮϲϭϬ

ϮϰϴϮ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ƐƉĞĐƚŽĂůĂW

ͿΎϲϭ

ϱϭ

ϲϮϵϭ

ϲϯϭϴ

ϲϮϵϯ

ϲϯϴϬ

ϲϰϲϵ

ϲϰϭϰ

ϲϰϳϵ

ϲϯϲϲ

ϲϰϳϬ

ϲϱϬϰ

ZĞŵĞƐĂƐŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎ

Ϯϭϲ

ϳϬϮ

ϮϬϲ

ϲϳϬ

ϭϳϬ

Ϭϳϳ

ϭϲϯ

ϳϱϱ

ϭϲϱ

ϴϯϴ

ϭϱϲ

ϯϳϴ

ϭϰϰ

ϲϵϲ

ϯϵϮϯϮ

ϯϳϯϲϮ

ϯϱϭϯϭ

ϯϰϱϱϰ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϮϰϮ

Ϯϭϳ

Ϯϭϱ

ϭϳϰ

ϭϲϬ

ϭϰϵ

------

----

----

------

----

----

------

-


ũĞƌĂŝƌĞ

ĐƚĂŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎΎ

ϴϲϮϮϬ

ϭϲϯ

ϮϳϮ

ϭϲϬ

ϲϰϳ

ϭϭϲ

ϭϭϯ

ϳϮϰϳϲ

ϭϱϵ

ϳϱϬ

ϭϬϮ

ϱϮϬ

ϰϰϭϵϬ

ϯϲϰϬ

ϯϳϰϭϬ

Ͳϭϳϰ

ϮϬ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϭϵϲ

ϭϳϮ

ϮϬϯ

ϭϮϯ

ϬϳϬ

ϭϱϮ

------

----

----

------

----

----

------

-


ĐĐŝſŶDĂŶ


ϵϲϮϭ

ϴϱϭϱ

ϴϵϴϲ

ϵϳϱϯ

ϭϬϭϬϬ

ϵϴϵϲ

ϭϬϬϱϬ

ϭϬϵϮϯ

ϭϭϬϮϭ

ϭϬϬϱϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϱϳϱ

ͲϭϭϱϬ

ϱϱϯ

ϴϱϯ

ϯϱϲ

ͲϮϬϭ

ϭϱϱ

Ͳϰϵϯ

Ϭϵϱ

ϭϱϱ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞĚſ

ůĂƌĞƐͿ

ϵϮϭ

ϭϲϱ

ϭϬϬ

ϵϵϲ

ϵϭϳ

ϱϳϵϵ

ϳϭϭ

ϴϭϭ

ϯϱϵ

ϴϳϯ

ϭϲϮϲϭ

ϳϬϴ

ϭϳϯϬϵ

ϲϬϵ

------

----

----

------

----

----

------

-

sĂƌŝĂ

ĐŝſŶ


ϭϬϮϴ

ϭϬϱϭ

ϭϬϭϬ

ϭϮϬϱ

ϭϱϲϵ

ϭϲϰϰ

------

----

----

------

----

----

------

-

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĞŶƵĚ

ĞŽΎϭͿ

ϭϳϳϮϲ

ϭϲϰϮϴ

ϭϳϵϴϱ

ϭϵϭϬϴ

ϮϬϱϵϰ

ϮϬϮϯϬ

ϮϬϲϰϭ

ϭϱϰϬϲ

ϭϱϭϮϯ

ϮϬϲϰϭ

ϭϱϲϲϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϮϭϲ

ͲϳϯϮ

ϵϰϴ

ϲϮϰ

ϳϳϴ

Ͳϭϳϳ

ϮϬϯ

ͲϮϭϬ

ͲϮϭϯ

ϮϬϯ

ϭϭϮ

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĂǇŽƌĞŽ

ΎϭͿ

ϭϯϵϳϴ

ϭϰϲϳϳ

ϭϰϯϬϴ

ϭϰϲϬϱ

ϭϱϬϬϮ

ϭϰϭϮϳ

ϭϰϭϲϬ

ϭϭϮϵϬ

ϭϭϲϬϬ

ϭϰϭϲϬ

ϭϭϳϮϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϳϯϵ

ϱϬϬ

ͲϮϱϭ

ϮϬϴ

ϮϳϮ

Ͳϱϴϯ

ϬϮϯ

ͲϭϬϵϯ

ͲϮϭϴ

ϬϮϯ

Ͳϭϳϲ



E

KZ

^

KEMDK^

^d

K^hEK^

EKZd

DZ

ϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐď

ĂƐĞϮϬ

ϬϵͿΎΎ

ϭϰϴϳϲ

ϴϬ

ϭϰϴϯϯ

ϲϬ

ϭϰϰϭϳ

ϵϬ

ϭϰϳϳϵ

ϰϬ

ϭϱϬϱϮ

ϰϬ

ϭϱϰϳϬ

ϳϬ

ϭϱϳϲϳ

ϭϯ

ϭϱϲϳϵ

ϳϬ

ϭϱϴϯϵ

ϯϬ

ϭϱϵϰϮ

ϯϬ

ϭϱϵϰ

ϲϲ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϭϳϵ

ͲϬϮϵ

ͲϮϴϬ

Ϯϱϭ

ϭϴϱ

Ϯϳϴ

ϭϵϮ

ϭϲϯ

ϭϵϳ

Ϯϱϵ

Ϯϯϯ

ŶŇĂ

ĐŝſŶ

йͿΎ

Ϯϴϳ

ϯϴϱ

ͲϬϯϱ

ϭϲϯ

ϯϭϳ

ϮϬϴ

ϭϱϬ

ϭϰϯ

ϭϱϳ

ϭϮϯ

ϭϰ

ĞƐĞŵƉůĞŽ

йͿΎ

ϰϲϮ

ϱϴϬ

ϵϮϴ

ϵϲϯ

ϴϵϱ

ϴϭϬ

ϳϯϱ

ϳϱϬ

ϳϮϯ

ϲϵϳ

ϲϲϳ

^ĂůĚŽĚĞ

ůĂƵĞ

ŶƚĂŽ

ƌƌŝĞŶƚĞͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϳϭϯ

ϯϵ

Ͳϲϴϭ

ϯϰ

Ͳϯϴϭ

ϲϰ

Ͳϰϰϵ

ϰϳ

Ͳϰϱϳ

ϳϯ

ͲϰϰϬ

ϰϮ

Ͳϯϳϳ

Ϯϴ

Ͳϵϲϳϱ

Ͳϵϰϯϲ

ͲϴϭϭϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϴϬ

Ͳϰϱϵ

ͲϮϲϱ

ͲϯϬϰ

ͲϯϬϰ

ͲϮϴϱ

ͲϮϯϵ

ͲϬϲϮ

ͲϬϲϬ

ͲϬϱϭ

------

-

^ĂůĚŽĚĞ

ůĂĂůĂŶ

ǌĂŽŵ

ĞƌĐŝĂů

ͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϲϵϵ

Ϭϳ

ͲϳϬϮ

ϯϬ

Ͳϯϴϯ

ϲϲ

Ͳϰϵϵ

ϯϴ

Ͳϱϱϲ

ϴϰ

Ͳϱϯϰ

ϲϲ

Ͳϰϳϰ

ϴϲ

Ͳϭϭϳ

ϰϱ

ͲϭϮϭ

ϱϰ

Ͳϭϭϯ

ϵϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϳϬ

Ͳϰϳϯ

ͲϮϲϲ

Ͳϯϯϴ

ͲϯϳϬ

Ͳϯϰϲ

ͲϯϬϭ

ͲϬϳϱ

ͲϬϳϳ

ͲϬϳϭ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϭϲϱ

Ϯϴϲ

ϭϴϰ

Ϭϯϯ

ϭϱϳ

ϴϭϵ

ϭϴϰ

ϰϰϳ

Ϯϭϭ

Ϯϴϯ

ϮϮϭ

Ϭϱϵ

ϮϮϳ

ϭϯϵ

ϱϲϱϮϳ

ϱϲϴϲϰ

ϱϳϵϬϱ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϭϭϭ

ϭϮϰϭ

ϭϬϵϱ

ϭϮϰϴ

ϭϰϬϰ

ϭϰϮϵ

ϭϰϰϭ

ϯϲϭ

ϯϱϵ

ϯϲϯ

------

-

ŵƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ϯϯϱ

ϭϵϯ

Ϯϱϰ

Ϯϲϰ

ϭϵϲ

ϭϴϱ

Ϯϯϰ

ϯϴϱ

Ϯϲϲ

ϵϲϲ

Ϯϳϰ

ϱϮϰ

Ϯϳϰ

ϲϮϱ

ϲϴϮϳϮ

ϲϵϬϭϴ

ϲϵϮϵϲ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϱϴϭ

ϭϳϭϰ

ϭϯϲϭ

ϭϱϴϲ

ϭϳϳϰ

ϭϳϳϰ

ϭϳϰϮ

ϰϯϱ

ϰϯϲ

ϰϯϱ

------

-


ĐĐŝſŶDĂŶ


ϰϵϮϬ

ϮϲϯϬ

ϲϮϯϬ

ϲϭϱϬ

ϱϴϵϬ

ϱϮϲϬ

ϱϲϱϬ

ϱϮϱϬ

ϱϲϬϬ

ϱϲϱϬ

ϱϰϵ

WĞŽĚ

ƵĐƚŽŶ


^ĞĐƚŽƌŽ


DŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞ

ſůĂƌĞƐϮ

ϬϬϵͿ

ϭϯϮϵ

ϰϭϮ

ϲϲϭϬ

ϵϬϰ

ϭϬϬϴ

ϯϭϬ

Ϭϰϭ

ϭϬϲϱ

ϵ---

----

------

----

----

------

----

----

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϴϴϲ

ϴϰϵ

ϳϲϬ

ϲϳϴ

ϲϱϮ

ϲϭϱ

------

----

----

------

----

----

------

-

ampƵĞŶ

ƚĞΎͿŶ

ĚŝĐĂĚŽ

ƌĞƐŽ

ďƚĞŶ

ŝĚŽƐĞŶŽ

ƌĞĂƵ

ŽĨgtĂď

Žƌ^ƚĂƟƐƟĐ

ƐϮϬϭ

ϭΎΎͿŝŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĞŶƵ

ƌĞĂƵ

ĐŽŶŽ

ŵŝĐŶĂ

ůǇƐŝƐ

ϮϬϭ



ĞƐĞŝŵ


ƐƐŽŶ


ĂůŝǌĂ

ĚŽƐ





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ƐƉĞĐƚŽĂůĂW

ͿΎϲϭ

ϱϭ

ϲϮϵϭ

ϲϯϭϴ

ϲϮϵϯ

ϲϯϴϬ

ϲϰϲϵ

ϲϰϭϰ

ϲϰϳϵ

ϲϯϲϲ

ϲϰϳϬ

ϲϱϬϰ

ZĞŵĞƐĂƐŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎ

Ϯϭϲ

ϳϬϮ

ϮϬϲ

ϲϳϬ

ϭϳϬ

Ϭϳϳ

ϭϲϯ

ϳϱϱ

ϭϲϱ

ϴϯϴ

ϭϱϲ

ϯϳϴ

ϭϰϰ

ϲϵϲ

ϯϵϮϯϮ

ϯϳϯϲϮ

ϯϱϭϯϭ

ϯϰϱϱϰ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϮϰϮ

Ϯϭϳ

Ϯϭϱ

ϭϳϰ

ϭϲϬ

ϭϰϵ

------

----

----

------

----

----

------

-


ũĞƌĂŝƌĞ

ĐƚĂŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎΎ

ϴϲϮϮϬ

ϭϲϯ

ϮϳϮ

ϭϲϬ

ϲϰϳ

ϭϭϲ

ϭϭϯ

ϳϮϰϳϲ

ϭϱϵ

ϳϱϬ

ϭϬϮ

ϱϮϬ

ϰϰϭϵϬ

ϯϲϰϬ

ϯϳϰϭϬ

Ͳϭϳϰ

ϮϬ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϭϵϲ

ϭϳϮ

ϮϬϯ

ϭϮϯ

ϬϳϬ

ϭϱϮ

------

----

----

------

----

----

------

-


ĐĐŝſŶDĂŶ


ϵϲϮϭ

ϴϱϭϱ

ϴϵϴϲ

ϵϳϱϯ

ϭϬϭϬϬ

ϵϴϵϲ

ϭϬϬϱϬ

ϭϬϵϮϯ

ϭϭϬϮϭ

ϭϬϬϱϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϱϳϱ

ͲϭϭϱϬ

ϱϱϯ

ϴϱϯ

ϯϱϲ

ͲϮϬϭ

ϭϱϱ

Ͳϰϵϯ

Ϭϵϱ

ϭϱϱ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞĚſ

ůĂƌĞƐͿ

ϵϮϭ

ϭϲϱ

ϭϬϬ

ϵϵϲ

ϵϭϳ

ϱϳϵϵ

ϳϭϭ

ϴϭϭ

ϯϱϵ

ϴϳϯ

ϭϲϮϲϭ

ϳϬϴ

ϭϳϯϬϵ

ϲϬϵ

------

----

----

------

----

----

------

-

sĂƌŝĂ

ĐŝſŶ


ϭϬϮϴ

ϭϬϱϭ

ϭϬϭϬ

ϭϮϬϱ

ϭϱϲϵ

ϭϲϰϰ

------

----

----

------

----

----

------

-

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĞŶƵĚ

ĞŽΎϭͿ

ϭϳϳϮϲ

ϭϲϰϮϴ

ϭϳϵϴϱ

ϭϵϭϬϴ

ϮϬϱϵϰ

ϮϬϮϯϬ

ϮϬϲϰϭ

ϭϱϰϬϲ

ϭϱϭϮϯ

ϮϬϲϰϭ

ϭϱϲϲϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϮϭϲ

ͲϳϯϮ

ϵϰϴ

ϲϮϰ

ϳϳϴ

Ͳϭϳϳ

ϮϬϯ

ͲϮϭϬ

ͲϮϭϯ

ϮϬϯ

ϭϭϮ

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĂǇŽƌĞŽ

ΎϭͿ

ϭϯϵϳϴ

ϭϰϲϳϳ

ϭϰϯϬϴ

ϭϰϲϬϱ

ϭϱϬϬϮ

ϭϰϭϮϳ

ϭϰϭϲϬ

ϭϭϮϵϬ

ϭϭϲϬϬ

ϭϰϭϲϬ

ϭϭϳϮϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϳϯϵ

ϱϬϬ

ͲϮϱϭ

ϮϬϴ

ϮϳϮ

Ͳϱϴϯ

ϬϮϯ

ͲϭϬϵϯ

ͲϮϭϴ

ϬϮϯ

Ͳϭϳϲ



E

KZ

^

KEMDK^

^d

K^hEK^

EKZd

DZ

ϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐď

ĂƐĞϮϬ

ϬϵͿΎΎ

ϭϰϴϳϲ

ϴϬ

ϭϰϴϯϯ

ϲϬ

ϭϰϰϭϳ

ϵϬ

ϭϰϳϳϵ

ϰϬ

ϭϱϬϱϮ

ϰϬ

ϭϱϰϳϬ

ϳϬ

ϭϱϳϲϳ

ϭϯ

ϭϱϲϳϵ

ϳϬ

ϭϱϴϯϵ

ϯϬ

ϭϱϵϰϮ

ϯϬ

ϭϱϵϰ

ϲϲ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϭϳϵ

ͲϬϮϵ

ͲϮϴϬ

Ϯϱϭ

ϭϴϱ

Ϯϳϴ

ϭϵϮ

ϭϲϯ

ϭϵϳ

Ϯϱϵ

Ϯϯϯ

ŶŇĂ

ĐŝſŶ

йͿΎ

Ϯϴϳ

ϯϴϱ

ͲϬϯϱ

ϭϲϯ

ϯϭϳ

ϮϬϴ

ϭϱϬ

ϭϰϯ

ϭϱϳ

ϭϮϯ

ϭϰ

ĞƐĞŵƉůĞŽ

йͿΎ

ϰϲϮ

ϱϴϬ

ϵϮϴ

ϵϲϯ

ϴϵϱ

ϴϭϬ

ϳϯϱ

ϳϱϬ

ϳϮϯ

ϲϵϳ

ϲϲϳ

^ĂůĚŽĚĞ

ůĂƵĞ

ŶƚĂŽ

ƌƌŝĞŶƚĞͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϳϭϯ

ϯϵ

Ͳϲϴϭ

ϯϰ

Ͳϯϴϭ

ϲϰ

Ͳϰϰϵ

ϰϳ

Ͳϰϱϳ

ϳϯ

ͲϰϰϬ

ϰϮ

Ͳϯϳϳ

Ϯϴ

Ͳϵϲϳϱ

Ͳϵϰϯϲ

ͲϴϭϭϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϴϬ

Ͳϰϱϵ

ͲϮϲϱ

ͲϯϬϰ

ͲϯϬϰ

ͲϮϴϱ

ͲϮϯϵ

ͲϬϲϮ

ͲϬϲϬ

ͲϬϱϭ

------

-

^ĂůĚŽĚĞ

ůĂĂůĂŶ

ǌĂŽŵ

ĞƌĐŝĂů

ͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϲϵϵ

Ϭϳ

ͲϳϬϮ

ϯϬ

Ͳϯϴϯ

ϲϲ

Ͳϰϵϵ

ϯϴ

Ͳϱϱϲ

ϴϰ

Ͳϱϯϰ

ϲϲ

Ͳϰϳϰ

ϴϲ

Ͳϭϭϳ

ϰϱ

ͲϭϮϭ

ϱϰ

Ͳϭϭϯ

ϵϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϳϬ

Ͳϰϳϯ

ͲϮϲϲ

Ͳϯϯϴ

ͲϯϳϬ

Ͳϯϰϲ

ͲϯϬϭ

ͲϬϳϱ

ͲϬϳϳ

ͲϬϳϭ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϭϲϱ

Ϯϴϲ

ϭϴϰ

Ϭϯϯ

ϭϱϳ

ϴϭϵ

ϭϴϰ

ϰϰϳ

Ϯϭϭ

Ϯϴϯ

ϮϮϭ

Ϭϱϵ

ϮϮϳ

ϭϯϵ

ϱϲϱϮϳ

ϱϲϴϲϰ

ϱϳϵϬϱ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϭϭϭ

ϭϮϰϭ

ϭϬϵϱ

ϭϮϰϴ

ϭϰϬϰ

ϭϰϮϵ

ϭϰϰϭ

ϯϲϭ

ϯϱϵ

ϯϲϯ

------

-

ŵƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ϯϯϱ

ϭϵϯ

Ϯϱϰ

Ϯϲϰ

ϭϵϲ

ϭϴϱ

Ϯϯϰ

ϯϴϱ

Ϯϲϲ

ϵϲϲ

Ϯϳϰ

ϱϮϰ

Ϯϳϰ

ϲϮϱ

ϲϴϮϳϮ

ϲϵϬϭϴ

ϲϵϮϵϲ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϱϴϭ

ϭϳϭϰ

ϭϯϲϭ

ϭϱϴϲ

ϭϳϳϰ

ϭϳϳϰ

ϭϳϰϮ

ϰϯϱ

ϰϯϲ

ϰϯϱ

------

-


ĐĐŝſŶDĂŶ


ϰϵϮϬ

ϮϲϯϬ

ϲϮϯϬ

ϲϭϱϬ

ϱϴϵϬ

ϱϮϲϬ

ϱϲϱϬ

ϱϮϱϬ

ϱϲϬϬ

ϱϲϱϬ

ϱϰϵ

WĞŽĚ

ƵĐƚŽŶ


^ĞĐƚŽƌŽ


DŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞ

ſůĂƌĞƐϮ

ϬϬϵͿ

ϭϯϮϵ

ϰϭϮ

ϲϲϭϬ

ϵϬϰ

ϭϬϬϴ

ϯϭϬ

Ϭϰϭ

ϭϬϲϱ

ϵ---

----

------

----

----

------

----

----

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϴϴϲ

ϴϰϵ

ϳϲϬ

ϲϳϴ

ϲϱϮ

ϲϭϱ

------

----

----

------

----

----

------

-

ampƵĞŶ

ƚĞΎͿŶ

ĚŝĐĂĚŽ

ƌĞƐŽ

ďƚĞŶ

ŝĚŽƐĞŶŽ

ƌĞĂƵ

ŽĨgtĂď

Žƌ^ƚĂƟƐƟĐ

ƐϮϬϭ

ϭΎΎͿŝŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĞŶƵ

ƌĞĂƵ

ĐŽŶŽ

ŵŝĐŶĂ

ůǇƐŝƐ

ϮϬϭ



ĞƐĞŝŵ


ƐƐŽŶ


ĂůŝǌĂ

ĚŽƐ





Estudios Avanzados













































WĞƌŝŽ

ĚŽ

dŽƚĂů

EĂĐŝŽŶĂ

ů

ŝƐƚƌŝƚŽ

ampĞĚĞ

ƌĂů

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ĂũƵĂ

ƚŽ

ŝĚĂ

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DĠǆŝĐŽ

DŽƌĞůŽƐ

WƵĞď

ůĂ

YƵĞ

ƌĠƚĂƌŽ

důĂǆĐĂůĂ

ZĞŐŝſŶ

ĞŶƚƌŽ

йƌĞ

ƐƉĞĐƚŽ

ĂůƚŽ

ƚĂů
















ϭϰϬ

ϭϯϱ

ϭϯϬ

ϭϮϱ

ϭϮϬ

ϭϭϱ

ϭϭϬ

ϭϬϱ

ϭϬϬ

ϵϱ












ϭϱϬ

ϭϰϬ

ϭϯϬ

ϭϮϬ

ϭϭϬ

ϭϬϬ









dŽƚĂů




















ǀĞŶƚƵĂůĞƐ



















































ϰϱ

ϰ

ϯϱ

3

Ϯϱ

Ϯ

ϭϱ

ϭ

Ϭϱ

Ϭ

ϮϬϭϯ ϮϬϭϰ












orgmx (508214)


del 2013











































ϲϯ

ϲϭ

ϱϵ

ϱϳ

ϱϱ

ϱϯ

ϱϭ

ϰϵ

ϰϳ

ϰϱ


ŵĂƌͲϬϵ

ũƵŶͲϬϵ

ƐĞƉͲϬϵ

ĚŝĐͲϬϵ

ŵĂƌͲϭϬ

ũƵŶͲϭϬ

ƐĞƉͲϭϬ

ĚŝĐͲϭϬ

ŵĂƌͲϭϭ

ũƵŶͲϭϭ

ƐĞƉͲϭϭ

ĚŝĐͲϭϭ

ŵĂƌͲϭϮ

ũƵŶͲϭϮ

ƐĞƉͲϭϮ

ĚŝĐͲϭϮ

ŵĂƌͲϭϯ

ũƵŶͲϭϯ

ƐĞƉͲϭϯ

ĚŝĐͲϭϯ

ŵĂƌͲϭϰ

ũƵŶͲϭϰ














ϯϬ

ϮϬ

ϭϬ

ϬϬ

ͲϭϬ

ͲϮϬ

ͲϯϬ

ͲϰϬ



























































KƚƌĂƐϯϳй

KƚƌĂƐϯϳй

ampŽƌĚϯй

ampŽƌĚϳй

ZĞŶĂƵůƚϯй

ZĞŶĂƵůƚϯй

EŝƐƐĂŶϲй

EŝƐƐĂŶϲй



ŽŶĚĂϱй

ŽŶĚĂϱй

ǇƵŶĚĂŝϵй

ǇƵŶĚĂŝϱй



Dϭϭй

Dϭϭй

dŽǇŽƚĂϭϮй

dŽǇŽƚĂϭϮй













ϰϭϮϳ

ϱ

ϰϭϯϬ

ϲ

ϰϭϯϯ

ϰ

ϰϭϯϲ

ϱ

ϰϭϯϵ

ϱ

ϰϭϰϮ

ϲ

ϰϭϰϱ

ϲ

ϰϭϰϴ

ϳ

ϰϭϱϭ

ϴ

ϰϭϱϰ

ϴ

ϰϭϱϳ

ϵ

ϰϭϲϬ

ϵ

ϰϭϲϰ

Ϭ

ϰϭϲϳ

ϭ

ϰϭϲϵ

ϵ

ϰϭϳϯ

Ϭ

ϰϭϳϲ

Ϭ

ϰϭϳϵ

ϭ

ĞŶĞͲϭϯ

ĨĞďͲϭϯ

ŵĂƌͲϭϯ

ĂďƌͲϭ

ϯ

ŵĂǇͲϭϯ

ũƵŶͲϭϯ

ũƵůͲϭ

ϯ

ĂŐŽͲϭϯ

ƐĞƉͲϭϯ

ŽĐƚͲϭ

ϯ

ŶŽǀͲϭϯ

ĚŝĐͲϭϯ

ĞŶĞͲϭϰ

ĨĞďͲϭϰ

ŵĂƌͲϭϰ

ĂďƌͲϭ

ϰ

ŵĂǇͲϭϰ

ũƵŶͲϭϰ

Ϯϱ

ϮϬ

ϭϱ

ϭϬ

ϱ

Ϭ

Ͳϱ

ͲϭϬ

Ͳϭϱ

ϱϬ

ϰϬ

ϯϬ

ϮϬ

ϭϬ

Ϭ

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hŶŝĚĂĚĞƐͿ



















































ϳϬϬϬϬ

ϲϬϬϬϬ

ϱϬϬϬϬ

ϰϬϬϬϬ

ϯϬϬϬϬ

ϮϬϬϬϬ

ϭϬϬϬϬ


ŹŽ























ϮďDĠǆŝĐŽ

Ϯϲйϴй ϭϰй

ϯϲй ϳϴй

ϯϮй

Ϯϱй

ϰϯй

ϯϴй

^ĞƌǀŝĐŝŽƐ































































ϴϲϮϮ

ϴϵϭϯ

ϵϴϭϯ

ϭϬϯϱϵ

ϭϬϰϲϮ

ϭϬϰϳϭ

ϭϬϰϬϮ

ϭϭϮϯϴ

ϭϭϰϰϱ

ϭϭϵϳϯ

ϭϮϭϵϭ










ϱϲϮй

ϭϭϮй

ϵϰй

ϴϯй

ϳϵй

ϳй






KƚƌŽƐ
















E

KZ

^

KEMDK^

Dy

KϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

Ŷ

ƵĂůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞWĞ

ƐŽƐͿΎďĂ

ƐĞϮϬϬ

ϴϭϮ

ϰϲϰ

ϵϮ

ϭϮϯϮϱ

ϴϵ

ϭϮϭϵϳ

ϱϭ

ϭϮϳϱϲ

ϯϵ

ϭϯϮϵϲ

ϰϴ

ϭϯϳϰϭ

ϮϮ

ϭϯϴϯϯ

ϰϬ

ϭϯϯϳϰ

ϰϭ

ϭϯϰϬ

ϲϳϴ

ϭϯ

ϴϱϰ

ϵϵ

ϭϯϯϬϰ

ϴϮ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϯϳϱ

ͲϭϭϮ

ͲϭϬϰ

ϰϱϴ

ϰϮϯ

ϯϯϰ

Ϭϲϳ

ϭϲϬ

ϭϰϬ

Ϭϲϲ

ϭϴϰ

WƌŽĚ

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ůŽŶ

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ĐĐŝſŶDĂŶ


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ϭϰϯϬϴ

ϭϰϲϬϱ

ϭϱϬϬϮ

ϭϰϭϮϳ

ϭϰϭϲϬ

ϭϭϮϵϬ

ϭϭϲϬϬ

ϭϰϭϲϬ

ϭϭϳϮϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϳϯϵ

ϱϬϬ

ͲϮϱϭ

ϮϬϴ

ϮϳϮ

Ͳϱϴϯ

ϬϮϯ

ͲϭϬϵϯ

ͲϮϭϴ

ϬϮϯ

Ͳϭϳϲ



E

KZ

^

KEMDK^

^d

K^hEK^

EKZd

DZ

ϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐď

ĂƐĞϮϬ

ϬϵͿΎΎ

ϭϰϴϳϲ

ϴϬ

ϭϰϴϯϯ

ϲϬ

ϭϰϰϭϳ

ϵϬ

ϭϰϳϳϵ

ϰϬ

ϭϱϬϱϮ

ϰϬ

ϭϱϰϳϬ

ϳϬ

ϭϱϳϲϳ

ϭϯ

ϭϱϲϳϵ

ϳϬ

ϭϱϴϯϵ

ϯϬ

ϭϱϵϰϮ

ϯϬ

ϭϱϵϰ

ϲϲ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϭϳϵ

ͲϬϮϵ

ͲϮϴϬ

Ϯϱϭ

ϭϴϱ

Ϯϳϴ

ϭϵϮ

ϭϲϯ

ϭϵϳ

Ϯϱϵ

Ϯϯϯ

ŶŇĂ

ĐŝſŶ

йͿΎ

Ϯϴϳ

ϯϴϱ

ͲϬϯϱ

ϭϲϯ

ϯϭϳ

ϮϬϴ

ϭϱϬ

ϭϰϯ

ϭϱϳ

ϭϮϯ

ϭϰ

ĞƐĞŵƉůĞŽ

йͿΎ

ϰϲϮ

ϱϴϬ

ϵϮϴ

ϵϲϯ

ϴϵϱ

ϴϭϬ

ϳϯϱ

ϳϱϬ

ϳϮϯ

ϲϵϳ

ϲϲϳ

^ĂůĚŽĚĞ

ůĂƵĞ

ŶƚĂŽ

ƌƌŝĞŶƚĞͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϳϭϯ

ϯϵ

Ͳϲϴϭ

ϯϰ

Ͳϯϴϭ

ϲϰ

Ͳϰϰϵ

ϰϳ

Ͳϰϱϳ

ϳϯ

ͲϰϰϬ

ϰϮ

Ͳϯϳϳ

Ϯϴ

Ͳϵϲϳϱ

Ͳϵϰϯϲ

ͲϴϭϭϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϴϬ

Ͳϰϱϵ

ͲϮϲϱ

ͲϯϬϰ

ͲϯϬϰ

ͲϮϴϱ

ͲϮϯϵ

ͲϬϲϮ

ͲϬϲϬ

ͲϬϱϭ

------

-

^ĂůĚŽĚĞ

ůĂĂůĂŶ

ǌĂŽŵ

ĞƌĐŝĂů

ͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϲϵϵ

Ϭϳ

ͲϳϬϮ

ϯϬ

Ͳϯϴϯ

ϲϲ

Ͳϰϵϵ

ϯϴ

Ͳϱϱϲ

ϴϰ

Ͳϱϯϰ

ϲϲ

Ͳϰϳϰ

ϴϲ

Ͳϭϭϳ

ϰϱ

ͲϭϮϭ

ϱϰ

Ͳϭϭϯ

ϵϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϳϬ

Ͳϰϳϯ

ͲϮϲϲ

Ͳϯϯϴ

ͲϯϳϬ

Ͳϯϰϲ

ͲϯϬϭ

ͲϬϳϱ

ͲϬϳϳ

ͲϬϳϭ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϭϲϱ

Ϯϴϲ

ϭϴϰ

Ϭϯϯ

ϭϱϳ

ϴϭϵ

ϭϴϰ

ϰϰϳ

Ϯϭϭ

Ϯϴϯ

ϮϮϭ

Ϭϱϵ

ϮϮϳ

ϭϯϵ

ϱϲϱϮϳ

ϱϲϴϲϰ

ϱϳϵϬϱ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϭϭϭ

ϭϮϰϭ

ϭϬϵϱ

ϭϮϰϴ

ϭϰϬϰ

ϭϰϮϵ

ϭϰϰϭ

ϯϲϭ

ϯϱϵ

ϯϲϯ

------

-

ŵƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ϯϯϱ

ϭϵϯ

Ϯϱϰ

Ϯϲϰ

ϭϵϲ

ϭϴϱ

Ϯϯϰ

ϯϴϱ

Ϯϲϲ

ϵϲϲ

Ϯϳϰ

ϱϮϰ

Ϯϳϰ

ϲϮϱ

ϲϴϮϳϮ

ϲϵϬϭϴ

ϲϵϮϵϲ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϱϴϭ

ϭϳϭϰ

ϭϯϲϭ

ϭϱϴϲ

ϭϳϳϰ

ϭϳϳϰ

ϭϳϰϮ

ϰϯϱ

ϰϯϲ

ϰϯϱ

------

-


ĐĐŝſŶDĂŶ


ϰϵϮϬ

ϮϲϯϬ

ϲϮϯϬ

ϲϭϱϬ

ϱϴϵϬ

ϱϮϲϬ

ϱϲϱϬ

ϱϮϱϬ

ϱϲϬϬ

ϱϲϱϬ

ϱϰϵ

WĞŽĚ

ƵĐƚŽŶ


^ĞĐƚŽƌŽ


DŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞ

ſůĂƌĞƐϮ

ϬϬϵͿ

ϭϯϮϵ

ϰϭϮ

ϲϲϭϬ

ϵϬϰ

ϭϬϬϴ

ϯϭϬ

Ϭϰϭ

ϭϬϲϱ

ϵ---

----

------

----

----

------

----

----

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϴϴϲ

ϴϰϵ

ϳϲϬ

ϲϳϴ

ϲϱϮ

ϲϭϱ

------

----

----

------

----

----

------

-

ampƵĞŶ

ƚĞΎͿŶ

ĚŝĐĂĚŽ

ƌĞƐŽ

ďƚĞŶ

ŝĚŽƐĞŶŽ

ƌĞĂƵ

ŽĨgtĂď

Žƌ^ƚĂƟƐƟĐ

ƐϮϬϭ

ϭΎΎͿŝŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĞŶƵ

ƌĞĂƵ

ĐŽŶŽ

ŵŝĐŶĂ

ůǇƐŝƐ

ϮϬϭ



ĞƐĞŝŵ


ƐƐŽŶ


ĂůŝǌĂ

ĚŽƐ





Estudios Avanzados








































ϭϱϬ

ϭϰϬ

ϭϯϬ

ϭϮϬ

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ϭϬϬ









dŽƚĂů




















ǀĞŶƚƵĂůĞƐ



















































ϰϱ

ϰ

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3

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ϭ

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ϮϬϭϯ ϮϬϭϰ












orgmx (508214)


del 2013











































ϲϯ

ϲϭ

ϱϵ

ϱϳ

ϱϱ

ϱϯ

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ϰϵ

ϰϳ

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ŵĂƌͲϬϵ

ũƵŶͲϬϵ

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ŵĂƌͲϭϬ

ũƵŶͲϭϬ

ƐĞƉͲϭϬ

ĚŝĐͲϭϬ

ŵĂƌͲϭϭ

ũƵŶͲϭϭ

ƐĞƉͲϭϭ

ĚŝĐͲϭϭ

ŵĂƌͲϭϮ

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ϯϬ

ϮϬ

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KƚƌĂƐϯϳй

KƚƌĂƐϯϳй

ampŽƌĚϯй

ampŽƌĚϳй

ZĞŶĂƵůƚϯй

ZĞŶĂƵůƚϯй

EŝƐƐĂŶϲй

EŝƐƐĂŶϲй



ŽŶĚĂϱй

ŽŶĚĂϱй

ǇƵŶĚĂŝϵй

ǇƵŶĚĂŝϱй



Dϭϭй

Dϭϭй

dŽǇŽƚĂϭϮй

dŽǇŽƚĂϭϮй













ϰϭϮϳ

ϱ

ϰϭϯϬ

ϲ

ϰϭϯϯ

ϰ

ϰϭϯϲ

ϱ

ϰϭϯϵ

ϱ

ϰϭϰϮ

ϲ

ϰϭϰϱ

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ϰϭϰϴ

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ϰϭϱϳ

ϵ

ϰϭϲϬ

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ϰϭϲϰ

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ϰϭϳϯ

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ϰϭϳϲ

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ϭ

ĞŶĞͲϭϯ

ĨĞďͲϭϯ

ŵĂƌͲϭϯ

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ϯ

ŵĂǇͲϭϯ

ũƵŶͲϭϯ

ũƵůͲϭ

ϯ

ĂŐŽͲϭϯ

ƐĞƉͲϭϯ

ŽĐƚͲϭ

ϯ

ŶŽǀͲϭϯ

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ĞŶĞͲϭϰ

ĨĞďͲϭϰ

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ϰ

ŵĂǇͲϭϰ

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Ϯϱ

ϮϬ

ϭϱ

ϭϬ

ϱ

Ϭ

Ͳϱ

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Ͳϭϱ

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ϰϬ

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hŶŝĚĂĚĞƐͿ



















































ϳϬϬϬϬ

ϲϬϬϬϬ

ϱϬϬϬϬ

ϰϬϬϬϬ

ϯϬϬϬϬ

ϮϬϬϬϬ

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ŹŽ























ϮďDĠǆŝĐŽ

Ϯϲйϴй ϭϰй

ϯϲй ϳϴй

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Ϯϱй

ϰϯй

ϯϴй

^ĞƌǀŝĐŝŽƐ































































ϴϲϮϮ

ϴϵϭϯ

ϵϴϭϯ

ϭϬϯϱϵ

ϭϬϰϲϮ

ϭϬϰϳϭ

ϭϬϰϬϮ

ϭϭϮϯϴ

ϭϭϰϰϱ

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ϱϲϮй

ϭϭϮй

ϵϰй

ϴϯй

ϳϵй

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KƚƌŽƐ
















E

KZ

^

KEMDK^

Dy

KϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

Ŷ

ƵĂůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞWĞ

ƐŽƐͿΎďĂ

ƐĞϮϬϬ

ϴϭϮ

ϰϲϰ

ϵϮ

ϭϮϯϮϱ

ϴϵ

ϭϮϭϵϳ

ϱϭ

ϭϮϳϱϲ

ϯϵ

ϭϯϮϵϲ

ϰϴ

ϭϯϳϰϭ

ϮϮ

ϭϯϴϯϯ

ϰϬ

ϭϯϯϳϰ

ϰϭ

ϭϯϰϬ

ϲϳϴ

ϭϯ

ϴϱϰ

ϵϵ

ϭϯϯϬϰ

ϴϮ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϯϳϱ

ͲϭϭϮ

ͲϭϬϰ

ϰϱϴ

ϰϮϯ

ϯϯϰ

Ϭϲϳ

ϭϲϬ

ϭϰϬ

Ϭϲϲ

ϭϴϰ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿ

ϭϭϬ

ϴϯϴ

ϵϰϰϲϮ

ϵϳϳϲϴ

ϭϭϮ

ϵϴϬ

ϭϭϰ

Ϯϴϭ

ϭϮϰ

ϴϳϱ

ϭϮϴ

ϭϰϲ

ϭϮϳ

ϰϱϱ

ϭϮϰ

ϳϬϲ

ϭϮϴ

ϯϲϲ

ϭϮϰ

ϯϮϱ


ŽƟ

ǌĂĐŝŽŶ


ΎϮϵ

ϱϯϲ

ϴϯ

ϮϮϯϴϬ

ϯϮ

ϯϮϭϮϬ

ϰϳ

ϯϴϱϱϬ

ϳϵ

ϯϳϬϳϳ

ϱϮ

ϰϯϳϬϱ

ϴϬ

ϰϮϳϮϳ

Ϭϵ

ϰϬϲϮϯ

ϯϬ

ϰϬϭϴϱ

Ϯϯ

ϰϮϳϮϳ

Ϭϵ

ϰϬϰϲϭ

ϲϬ

ŶŇĂ

ĐŝſŶ

йͿΎ

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ϲϭϴ

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ϰϮϱ

ϯϱϬ

ϰϭϭ

ϯϲϱ

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^ĂůĂƌŝŽ

DşŶŝŵ

ŽEŽŵ

ŝŶĂů

ϭϰϴ

ϴϴ

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ϱϱϳϳ

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ϲϯϬϳ

ϲϯϬϳ

ϲϯϬϳ

ϲϯϬϳ

ϲϱϱϴ

^ĂůĂƌŝŽ

ZĞĂ


ĞŶ

ĞƌĂůď

ĂƐĞϮϬϭ

ϬͿϱϲ

ϰϱ

ϱϱϭϮ

ϱϱϲϳ

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ϱϲϬϳ

ϱϲϰϭ

ϱϲϱϲ

ϱϴϬϱ

ϱϳϲϵ

ϱϲϱϲ

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^ĂůĂƌŝŽ

ZĞĂ


ůŝŵ


ϬͿϱϵ

ϯϭ

ϱϱϴϯ

ϱϲϮϰ

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ϱϯϲϯ

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1ŶĚŝĐĞĚĞŽ

ŶĮĂŶ

ǌĂĚĞůŽŶ

ƐƵŵŝĚŽƌď

ĂƐĞϮϬ

ϬϯͿΎΎ

ϭϬϱϲϭ

ϴϰϬϲ

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ϵϭϮϬ

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ϵϰϭϬ

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ϴϴϳϵ

ĞƐĞŵƉůĞŽ

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ϰϴϴ

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dĂƐĂĚĞ^Ƶ

ďĞŵƉůĞŽ

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ϴϰϵ

ϴϱϳ

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ϴϰϰ

ϴϲϭ

ϴϭϰ

ϴϯϲ


ĐŝſŶ


ϮϳϬϰ

ϮϳϮϲ

ϮϴϮϬ

Ϯϴϭϵ

ϮϴϴϮ

Ϯϴϳϵ

ϮϴϯϮ

Ϯϴϱϳ

Ϯϳϵϱ

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ſŵŝĐĂŵ

ĞŶƚĞĐƟ

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ŝůůŽŶ

ĞƐĚĞƉĞ

ƌƐŽŶ

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WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ƌŝŵĂƌŝŽй


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WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ĞĐƵŶ

ĚĂƌŝŽ

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ƐƉĞĐƚŽĂůĂW

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Ϯϵϲϳ

ϳϱϵ

ϳϳϮ

ϳϳϬ

ϳϯϭ

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐĚŝƌŝŐŝĚĂ

ƐĂhhй


ůͿϴϬ

ϵϴ

ϴϬϰϱ

ϴϬϰϲ

ϳϵϵϳ

ϳϳϱϳ

ϳϳϱϮ

ϳϴϳϴ

ϳϴϲϱ

ϳϴϬϯ

ϴϬϰϮ

ϳϵϱϵ

ŵƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ϯϴϭϵϱ

ϯϬϴϲϬ

Ϯϯϰϯϴ

ϯϬϭϰϴ

ϯϱϬϴϰ

ϯϳϬϳϱ

ϯϴϭϮϭ

ϵϳϱϲ

ϵϳϮϴ

ϵϳϬϮ

ϵϮϬϲ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϯϱϰϰ

ϯϮϲϳ

Ϯϯϵϳ

Ϯϲϲϴ

ϯϬϳϬ

Ϯϵϲϵ

Ϯϵϳϱ

ϳϲϱ

ϳϴϬ

ϳϱϲ

ϳϰϭ

ŵƉŽ

ƌƚĂĐŝŽŶĞ


ƚĞƐĂ

hhйƌĞ


ůͿϱϮ

Ϯϵ

ϱϮϭϬ

ϱϭϬϵ

ϱϬϵϱ

ϱϮϰϱ

ϱϮϴϮ

ϱϭϳϭ

ϱϭϯϭ

ϱϬϳϵ

ϱϭϵϱ

ϱϬϱϯ

ZĞŵĞƐĂƐD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϮϲϬϱ

Ϯϱϭϰ

ϮϭϮϰ

ϮϭϮϳ

ϮϮϳϴ

ϮϮϰϰ

ϮϭϲϬ

ϱϴϴ

ϱϱϱ

ϱϯϱ

ϱϯϯ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϯϯϱ

Ϯϲϲ

Ϯϭϳ

ϭϴϴ

ϭϵϵ

ϭϴϬ

ϭϲϴ

Ϭϰϲ

Ϭϰϰ

ϬϰϮ

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ũĞƌĂŝƌĞ

ĐƚĂD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ύϯϭ

ϲϯ

Ϯϳϴϳ

ϭϲϳϰ

ϮϮϲϯ

ϮϯϴϬ

ϭϱϲϮ

ϯϱϭϵ

ϮϬϬϲ

ϯϱϵ

ϲϱϭ

ϱϴϮ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

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Ϯϵϱ

ϭϳϭ

ϮϬϬ

ϮϬϴ

ϭϮϱ

Ϯϳϱ

ϭϱϳ

ϬϮϵ

Ϭϱϭ

Ϭϰϳ


ĞůŽƐ


ϳϭϵ

ϳϲϴ

ϱϰϯ

ϰϰϬ

ϰϮϰ

ϰϮϰ

ϯϳϱ

377

ϯϳϴ

ϯϯϲ

ϯϭϲ

ŶĚŝĐĂĚŽ

ƌůŽďĂ

ůĚĞůĂĐƟ

ǀŝĚĂ

ĚĐŽŶ

ſŵŝĐĂ

ͿΎďĂƐĞϮϬ

ϬϯϭϬ

ϭϬϳ

ϵϵϰϲ

ϭϬϬϯϱ

ϭϬϰϲϱ

ϭϬϴϲϳ

ϭϭϬϵϮ

ϭϭϮϭϱ

ϭϬϴϱϳ

ϭϬϲϵϲ

ϭϭϮϭϱ

ϭϭϬϴϬ

sĂƌŝĂ

ĐŝſŶ

ĚĞů

Ϯϵϰ

Ͳϭϱϵ

Ϭϴϵ

ϰϮϵ

ϯϴϰ

ϮϬϳ

ϭϭϭ

ͲϬϱϭ

Ϭϳϯ

Ϭϵϭ

ϯϬϯ

ampƵĞŶ

ƚĞŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĚĞΎͿE

ΎΎͿ

ĂŶǆŝĐŽΎΎ


ŽŵşĂϭ

KE^

D

E

KZ

^

KEMDK^

gt^d

KD

yKϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞWĞ

ƐŽƐͿΎĂ

ƐĞϮϬϬ

ϴϭϬϰ

ϭϬϴ

ϭϬϱ

ϴϮϵ

ϭϬϭ

ϴϬϬ

ϭϬϵ

ϱϮϮ

ϭϭϯ

ϲϬϭ

ϭϭϳ

ϰϵϱ

------

----

----

------

----

----

------

-

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϰϰϭ

ϭϲϱ

Ͳϯϴϭ

ϳϱϴ

ϯϳϮ

ϯϰϯ

------

----

----

------

----

----

------

-

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎ

ϴϵϲϯ

ϵϰϵϬ

ϳϵϮϮ

ϵϰϯϭ

ϭϬϯϲϯ

ϭϬϱϮϳ

------

----

----

------

----

----

------

-

ŶĚŝĐĂĚŽ

ƌdƌŝŵ


ǀŝĚĂ

ĚĐŽŶ


ͿΎ

ϭϬϭϱϵ

ϵϵϴϮ

ϭϬϭϴϵ

ϭϬϴϰϱ

ϭϭϭϬϭ

ϭϭϱϭϳ

ϭϭϲϴϬ

ϭϭϯϲϰ

ϭϭϰϱϰ

ϭϭϲϴϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ĚĞůd

ϱϭϰ

Ͳϭϳϰ

ϮϬϳ

ϲϰϰ

Ϯϯϲ

ϯϳϱ

ϭϰϭ

Ϯϵϭ

ϯϯϭ

ϭϰϭ

------

-


ůŽŶ

ƐƵŵŝĚŽƌď

ĂƐĞϮϬ

ϭϬсϭ

ϬϬͿϭͿΎΎ

ϴϲϳϲ

ϵϮϬϴ

ϵϰϴϴ

ϵϵϵϭ

ϭϬϯϯϵ

ϭϬϳϰϮ

ϭϭϭϰϭ

ϭϬϵϴϬ

ϭϭϬϰϳ

ϭϭϭϰϭ

ϭϭϯϬϱ

ŶŇĂ

ĐŝſŶ

ϭͿΎ

ϯϵϭ

ϰϲϲ

ϰϴϵ

ϰϱϲ

ϯϵϭ

ϰϮϭ

ϯϲϴ

ϰϯϱ

ϯϱϬ

ϯϱϯ

ϰϯϰ


ſŵŝĐĂŵ

ĞŶƚĞĂĐƟ

ǀĂD

ŝůůŽŶ

ĞƐĚĞƉĞ

ƌƐŽŶ

ĂƐͿΎ

ϲϬϮ

ϲϭϮ

ϲϯϳ

ϲϳϮ

ϲϴϴ

ϳϬϴ

ϳϭϳ

ϳϮϯ

ϳϭϵ

ϳϯϮ

ϳϯϰ

ĞƐĞŵƉůĞŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϱϯϵ

ϱϬϰ

ϲϵϴ

ϲϳϲ

ϲϮϭ

ϱϵϴ

ϱϴϮ

ϱϴϵ

ϲϭϰ

ϱϬϬ

ϱϴϬ

dĂƐĂĚĞ^Ƶ

ďĞŵƉůĞŽ

ΎϱϰϬ

ϱϬϯ

ϳϬϬ

ϲϰϴ

ϱϴϯ

ϱϱϯ

ϱϳϴ

ϲϭϬ

ϲϳϬ

ϰϵϬ

ϳϱϬ


ĐŝſŶ


ϯϮϳϴ

ϯϮϳϱ

ϯϮϴϯ

ϯϯϲϴ

ϯϯϳϴ

ϯϰϴϱ

ϯϰϳϱ

ϯϰϴϬ

ϯϯϲϬ

ϯϱϰϬ

ϯϱϳϬ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ



ƐƉĞĐƚŽĂůĂW

ͿΎϰϵϯ

ϱϭϬ

ϰϳϮ

ϰϴϮ

ϰϰϵ

ϰϰϲ

ϰϱϴ

ϰϵϬ

ϰϵϱ

ϰϬϱ

ϯϵϲ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ĞĐƵŶ

ĚĂƌŝŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϮϳ

ϴϯ

Ϯϲϲϰ

Ϯϰϴϰ

ϮϱϮϭ

ϮϱϮϴ

Ϯϰϲϴ

ϮϱϮϯ

ϮϰϮϮ

ϮϰϵϬ

ϮϲϭϬ

ϮϰϴϮ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ƐƉĞĐƚŽĂůĂW

ͿΎϲϭ

ϱϭ

ϲϮϵϭ

ϲϯϭϴ

ϲϮϵϯ

ϲϯϴϬ

ϲϰϲϵ

ϲϰϭϰ

ϲϰϳϵ

ϲϯϲϲ

ϲϰϳϬ

ϲϱϬϰ

ZĞŵĞƐĂƐŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎ

Ϯϭϲ

ϳϬϮ

ϮϬϲ

ϲϳϬ

ϭϳϬ

Ϭϳϳ

ϭϲϯ

ϳϱϱ

ϭϲϱ

ϴϯϴ

ϭϱϲ

ϯϳϴ

ϭϰϰ

ϲϵϲ

ϯϵϮϯϮ

ϯϳϯϲϮ

ϯϱϭϯϭ

ϯϰϱϱϰ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϮϰϮ

Ϯϭϳ

Ϯϭϱ

ϭϳϰ

ϭϲϬ

ϭϰϵ

------

----

----

------

----

----

------

-


ũĞƌĂŝƌĞ

ĐƚĂŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎΎ

ϴϲϮϮϬ

ϭϲϯ

ϮϳϮ

ϭϲϬ

ϲϰϳ

ϭϭϲ

ϭϭϯ

ϳϮϰϳϲ

ϭϱϵ

ϳϱϬ

ϭϬϮ

ϱϮϬ

ϰϰϭϵϬ

ϯϲϰϬ

ϯϳϰϭϬ

Ͳϭϳϰ

ϮϬ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϭϵϲ

ϭϳϮ

ϮϬϯ

ϭϮϯ

ϬϳϬ

ϭϱϮ

------

----

----

------

----

----

------

-


ĐĐŝſŶDĂŶ


ϵϲϮϭ

ϴϱϭϱ

ϴϵϴϲ

ϵϳϱϯ

ϭϬϭϬϬ

ϵϴϵϲ

ϭϬϬϱϬ

ϭϬϵϮϯ

ϭϭϬϮϭ

ϭϬϬϱϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϱϳϱ

ͲϭϭϱϬ

ϱϱϯ

ϴϱϯ

ϯϱϲ

ͲϮϬϭ

ϭϱϱ

Ͳϰϵϯ

Ϭϵϱ

ϭϱϱ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞĚſ

ůĂƌĞƐͿ

ϵϮϭ

ϭϲϱ

ϭϬϬ

ϵϵϲ

ϵϭϳ

ϱϳϵϵ

ϳϭϭ

ϴϭϭ

ϯϱϵ

ϴϳϯ

ϭϲϮϲϭ

ϳϬϴ

ϭϳϯϬϵ

ϲϬϵ

------

----

----

------

----

----

------

-

sĂƌŝĂ

ĐŝſŶ


ϭϬϮϴ

ϭϬϱϭ

ϭϬϭϬ

ϭϮϬϱ

ϭϱϲϵ

ϭϲϰϰ

------

----

----

------

----

----

------

-

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĞŶƵĚ

ĞŽΎϭͿ

ϭϳϳϮϲ

ϭϲϰϮϴ

ϭϳϵϴϱ

ϭϵϭϬϴ

ϮϬϱϵϰ

ϮϬϮϯϬ

ϮϬϲϰϭ

ϭϱϰϬϲ

ϭϱϭϮϯ

ϮϬϲϰϭ

ϭϱϲϲϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϮϭϲ

ͲϳϯϮ

ϵϰϴ

ϲϮϰ

ϳϳϴ

Ͳϭϳϳ

ϮϬϯ

ͲϮϭϬ

ͲϮϭϯ

ϮϬϯ

ϭϭϮ

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĂǇŽƌĞŽ

ΎϭͿ

ϭϯϵϳϴ

ϭϰϲϳϳ

ϭϰϯϬϴ

ϭϰϲϬϱ

ϭϱϬϬϮ

ϭϰϭϮϳ

ϭϰϭϲϬ

ϭϭϮϵϬ

ϭϭϲϬϬ

ϭϰϭϲϬ

ϭϭϳϮϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϳϯϵ

ϱϬϬ

ͲϮϱϭ

ϮϬϴ

ϮϳϮ

Ͳϱϴϯ

ϬϮϯ

ͲϭϬϵϯ

ͲϮϭϴ

ϬϮϯ

Ͳϭϳϲ



E

KZ

^

KEMDK^

^d

K^hEK^

EKZd

DZ

ϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐď

ĂƐĞϮϬ

ϬϵͿΎΎ

ϭϰϴϳϲ

ϴϬ

ϭϰϴϯϯ

ϲϬ

ϭϰϰϭϳ

ϵϬ

ϭϰϳϳϵ

ϰϬ

ϭϱϬϱϮ

ϰϬ

ϭϱϰϳϬ

ϳϬ

ϭϱϳϲϳ

ϭϯ

ϭϱϲϳϵ

ϳϬ

ϭϱϴϯϵ

ϯϬ

ϭϱϵϰϮ

ϯϬ

ϭϱϵϰ

ϲϲ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϭϳϵ

ͲϬϮϵ

ͲϮϴϬ

Ϯϱϭ

ϭϴϱ

Ϯϳϴ

ϭϵϮ

ϭϲϯ

ϭϵϳ

Ϯϱϵ

Ϯϯϯ

ŶŇĂ

ĐŝſŶ

йͿΎ

Ϯϴϳ

ϯϴϱ

ͲϬϯϱ

ϭϲϯ

ϯϭϳ

ϮϬϴ

ϭϱϬ

ϭϰϯ

ϭϱϳ

ϭϮϯ

ϭϰ

ĞƐĞŵƉůĞŽ

йͿΎ

ϰϲϮ

ϱϴϬ

ϵϮϴ

ϵϲϯ

ϴϵϱ

ϴϭϬ

ϳϯϱ

ϳϱϬ

ϳϮϯ

ϲϵϳ

ϲϲϳ

^ĂůĚŽĚĞ

ůĂƵĞ

ŶƚĂŽ

ƌƌŝĞŶƚĞͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϳϭϯ

ϯϵ

Ͳϲϴϭ

ϯϰ

Ͳϯϴϭ

ϲϰ

Ͳϰϰϵ

ϰϳ

Ͳϰϱϳ

ϳϯ

ͲϰϰϬ

ϰϮ

Ͳϯϳϳ

Ϯϴ

Ͳϵϲϳϱ

Ͳϵϰϯϲ

ͲϴϭϭϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϴϬ

Ͳϰϱϵ

ͲϮϲϱ

ͲϯϬϰ

ͲϯϬϰ

ͲϮϴϱ

ͲϮϯϵ

ͲϬϲϮ

ͲϬϲϬ

ͲϬϱϭ

------

-

^ĂůĚŽĚĞ

ůĂĂůĂŶ

ǌĂŽŵ

ĞƌĐŝĂů

ͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϲϵϵ

Ϭϳ

ͲϳϬϮ

ϯϬ

Ͳϯϴϯ

ϲϲ

Ͳϰϵϵ

ϯϴ

Ͳϱϱϲ

ϴϰ

Ͳϱϯϰ

ϲϲ

Ͳϰϳϰ

ϴϲ

Ͳϭϭϳ

ϰϱ

ͲϭϮϭ

ϱϰ

Ͳϭϭϯ

ϵϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϳϬ

Ͳϰϳϯ

ͲϮϲϲ

Ͳϯϯϴ

ͲϯϳϬ

Ͳϯϰϲ

ͲϯϬϭ

ͲϬϳϱ

ͲϬϳϳ

ͲϬϳϭ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϭϲϱ

Ϯϴϲ

ϭϴϰ

Ϭϯϯ

ϭϱϳ

ϴϭϵ

ϭϴϰ

ϰϰϳ

Ϯϭϭ

Ϯϴϯ

ϮϮϭ

Ϭϱϵ

ϮϮϳ

ϭϯϵ

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ĐĐŝſŶDĂŶ


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ĞDŝůůŽŶ

ĞƐĚĞWĞ

ƐŽƐͿΎĂ

ƐĞϮϬϬ

ϴϭϬϰ

ϭϬϴ

ϭϬϱ

ϴϮϵ

ϭϬϭ

ϴϬϬ

ϭϬϵ

ϱϮϮ

ϭϭϯ

ϲϬϭ

ϭϭϳ

ϰϵϱ

------

----

----

------

----

----

------

-

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϰϰϭ

ϭϲϱ

Ͳϯϴϭ

ϳϱϴ

ϯϳϮ

ϯϰϯ

------

----

----

------

----

----

------

-

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎ

ϴϵϲϯ

ϵϰϵϬ

ϳϵϮϮ

ϵϰϯϭ

ϭϬϯϲϯ

ϭϬϱϮϳ

------

----

----

------

----

----

------

-

ŶĚŝĐĂĚŽ

ƌdƌŝŵ


ǀŝĚĂ

ĚĐŽŶ


ͿΎ

ϭϬϭϱϵ

ϵϵϴϮ

ϭϬϭϴϵ

ϭϬϴϰϱ

ϭϭϭϬϭ

ϭϭϱϭϳ

ϭϭϲϴϬ

ϭϭϯϲϰ

ϭϭϰϱϰ

ϭϭϲϴϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ĚĞůd

ϱϭϰ

Ͳϭϳϰ

ϮϬϳ

ϲϰϰ

Ϯϯϲ

ϯϳϱ

ϭϰϭ

Ϯϵϭ

ϯϯϭ

ϭϰϭ

------

-


ůŽŶ

ƐƵŵŝĚŽƌď

ĂƐĞϮϬ

ϭϬсϭ

ϬϬͿϭͿΎΎ

ϴϲϳϲ

ϵϮϬϴ

ϵϰϴϴ

ϵϵϵϭ

ϭϬϯϯϵ

ϭϬϳϰϮ

ϭϭϭϰϭ

ϭϬϵϴϬ

ϭϭϬϰϳ

ϭϭϭϰϭ

ϭϭϯϬϱ

ŶŇĂ

ĐŝſŶ

ϭͿΎ

ϯϵϭ

ϰϲϲ

ϰϴϵ

ϰϱϲ

ϯϵϭ

ϰϮϭ

ϯϲϴ

ϰϯϱ

ϯϱϬ

ϯϱϯ

ϰϯϰ


ſŵŝĐĂŵ

ĞŶƚĞĂĐƟ

ǀĂD

ŝůůŽŶ

ĞƐĚĞƉĞ

ƌƐŽŶ

ĂƐͿΎ

ϲϬϮ

ϲϭϮ

ϲϯϳ

ϲϳϮ

ϲϴϴ

ϳϬϴ

ϳϭϳ

ϳϮϯ

ϳϭϵ

ϳϯϮ

ϳϯϰ

ĞƐĞŵƉůĞŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϱϯϵ

ϱϬϰ

ϲϵϴ

ϲϳϲ

ϲϮϭ

ϱϵϴ

ϱϴϮ

ϱϴϵ

ϲϭϰ

ϱϬϬ

ϱϴϬ

dĂƐĂĚĞ^Ƶ

ďĞŵƉůĞŽ

ΎϱϰϬ

ϱϬϯ

ϳϬϬ

ϲϰϴ

ϱϴϯ

ϱϱϯ

ϱϳϴ

ϲϭϬ

ϲϳϬ

ϰϵϬ

ϳϱϬ


ĐŝſŶ


ϯϮϳϴ

ϯϮϳϱ

ϯϮϴϯ

ϯϯϲϴ

ϯϯϳϴ

ϯϰϴϱ

ϯϰϳϱ

ϯϰϴϬ

ϯϯϲϬ

ϯϱϰϬ

ϯϱϳϬ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ



ƐƉĞĐƚŽĂůĂW

ͿΎϰϵϯ

ϱϭϬ

ϰϳϮ

ϰϴϮ

ϰϰϵ

ϰϰϲ

ϰϱϴ

ϰϵϬ

ϰϵϱ

ϰϬϱ

ϯϵϲ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ĞĐƵŶ

ĚĂƌŝŽ

йƌĞ

ƐƉĞĐƚŽĂůĂW

ͿΎϮϳ

ϴϯ

Ϯϲϲϰ

Ϯϰϴϰ

ϮϱϮϭ

ϮϱϮϴ

Ϯϰϲϴ

ϮϱϮϯ

ϮϰϮϮ

ϮϰϵϬ

ϮϲϭϬ

ϮϰϴϮ

WƌŽƉ

ŽƌĐŝſŶ

ĚĞůĞŵƉůĞŽ


ƐƉĞĐƚŽĂůĂW

ͿΎϲϭ

ϱϭ

ϲϮϵϭ

ϲϯϭϴ

ϲϮϵϯ

ϲϯϴϬ

ϲϰϲϵ

ϲϰϭϰ

ϲϰϳϵ

ϲϯϲϲ

ϲϰϳϬ

ϲϱϬϰ

ZĞŵĞƐĂƐŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎ

Ϯϭϲ

ϳϬϮ

ϮϬϲ

ϲϳϬ

ϭϳϬ

Ϭϳϳ

ϭϲϯ

ϳϱϱ

ϭϲϱ

ϴϯϴ

ϭϱϲ

ϯϳϴ

ϭϰϰ

ϲϵϲ

ϯϵϮϯϮ

ϯϳϯϲϮ

ϯϱϭϯϭ

ϯϰϱϱϰ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϮϰϮ

Ϯϭϳ

Ϯϭϱ

ϭϳϰ

ϭϲϬ

ϭϰϵ

------

----

----

------

----

----

------

-


ũĞƌĂŝƌĞ

ĐƚĂŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎΎ

ϴϲϮϮϬ

ϭϲϯ

ϮϳϮ

ϭϲϬ

ϲϰϳ

ϭϭϲ

ϭϭϯ

ϳϮϰϳϲ

ϭϱϵ

ϳϱϬ

ϭϬϮ

ϱϮϬ

ϰϰϭϵϬ

ϯϲϰϬ

ϯϳϰϭϬ

Ͳϭϳϰ

ϮϬ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϭϵϲ

ϭϳϮ

ϮϬϯ

ϭϮϯ

ϬϳϬ

ϭϱϮ

------

----

----

------

----

----

------

-


ĐĐŝſŶDĂŶ


ϵϲϮϭ

ϴϱϭϱ

ϴϵϴϲ

ϵϳϱϯ

ϭϬϭϬϬ

ϵϴϵϲ

ϭϬϬϱϬ

ϭϬϵϮϯ

ϭϭϬϮϭ

ϭϬϬϱϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϱϳϱ

ͲϭϭϱϬ

ϱϱϯ

ϴϱϯ

ϯϱϲ

ͲϮϬϭ

ϭϱϱ

Ͳϰϵϯ

Ϭϵϱ

ϭϱϱ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞĚſ

ůĂƌĞƐͿ

ϵϮϭ

ϭϲϱ

ϭϬϬ

ϵϵϲ

ϵϭϳ

ϱϳϵϵ

ϳϭϭ

ϴϭϭ

ϯϱϵ

ϴϳϯ

ϭϲϮϲϭ

ϳϬϴ

ϭϳϯϬϵ

ϲϬϵ

------

----

----

------

----

----

------

-

sĂƌŝĂ

ĐŝſŶ


ϭϬϮϴ

ϭϬϱϭ

ϭϬϭϬ

ϭϮϬϱ

ϭϱϲϵ

ϭϲϰϰ

------

----

----

------

----

----

------

-

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĞŶƵĚ

ĞŽΎϭͿ

ϭϳϳϮϲ

ϭϲϰϮϴ

ϭϳϵϴϱ

ϭϵϭϬϴ

ϮϬϱϵϰ

ϮϬϮϯϬ

ϮϬϲϰϭ

ϭϱϰϬϲ

ϭϱϭϮϯ

ϮϬϲϰϭ

ϭϱϲϲϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϮϭϲ

ͲϳϯϮ

ϵϰϴ

ϲϮϰ

ϳϳϴ

Ͳϭϳϳ

ϮϬϯ

ͲϮϭϬ

ͲϮϭϯ

ϮϬϯ

ϭϭϮ

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĂǇŽƌĞŽ

ΎϭͿ

ϭϯϵϳϴ

ϭϰϲϳϳ

ϭϰϯϬϴ

ϭϰϲϬϱ

ϭϱϬϬϮ

ϭϰϭϮϳ

ϭϰϭϲϬ

ϭϭϮϵϬ

ϭϭϲϬϬ

ϭϰϭϲϬ

ϭϭϳϮϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϳϯϵ

ϱϬϬ

ͲϮϱϭ

ϮϬϴ

ϮϳϮ

Ͳϱϴϯ

ϬϮϯ

ͲϭϬϵϯ

ͲϮϭϴ

ϬϮϯ

Ͳϭϳϲ



E

KZ

^

KEMDK^

^d

K^hEK^

EKZd

DZ

ϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐď

ĂƐĞϮϬ

ϬϵͿΎΎ

ϭϰϴϳϲ

ϴϬ

ϭϰϴϯϯ

ϲϬ

ϭϰϰϭϳ

ϵϬ

ϭϰϳϳϵ

ϰϬ

ϭϱϬϱϮ

ϰϬ

ϭϱϰϳϬ

ϳϬ

ϭϱϳϲϳ

ϭϯ

ϭϱϲϳϵ

ϳϬ

ϭϱϴϯϵ

ϯϬ

ϭϱϵϰϮ

ϯϬ

ϭϱϵϰ

ϲϲ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϭϳϵ

ͲϬϮϵ

ͲϮϴϬ

Ϯϱϭ

ϭϴϱ

Ϯϳϴ

ϭϵϮ

ϭϲϯ

ϭϵϳ

Ϯϱϵ

Ϯϯϯ

ŶŇĂ

ĐŝſŶ

йͿΎ

Ϯϴϳ

ϯϴϱ

ͲϬϯϱ

ϭϲϯ

ϯϭϳ

ϮϬϴ

ϭϱϬ

ϭϰϯ

ϭϱϳ

ϭϮϯ

ϭϰ

ĞƐĞŵƉůĞŽ

йͿΎ

ϰϲϮ

ϱϴϬ

ϵϮϴ

ϵϲϯ

ϴϵϱ

ϴϭϬ

ϳϯϱ

ϳϱϬ

ϳϮϯ

ϲϵϳ

ϲϲϳ

^ĂůĚŽĚĞ

ůĂƵĞ

ŶƚĂŽ

ƌƌŝĞŶƚĞͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϳϭϯ

ϯϵ

Ͳϲϴϭ

ϯϰ

Ͳϯϴϭ

ϲϰ

Ͳϰϰϵ

ϰϳ

Ͳϰϱϳ

ϳϯ

ͲϰϰϬ

ϰϮ

Ͳϯϳϳ

Ϯϴ

Ͳϵϲϳϱ

Ͳϵϰϯϲ

ͲϴϭϭϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϴϬ

Ͳϰϱϵ

ͲϮϲϱ

ͲϯϬϰ

ͲϯϬϰ

ͲϮϴϱ

ͲϮϯϵ

ͲϬϲϮ

ͲϬϲϬ

ͲϬϱϭ

------

-

^ĂůĚŽĚĞ

ůĂĂůĂŶ

ǌĂŽŵ

ĞƌĐŝĂů

ͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϲϵϵ

Ϭϳ

ͲϳϬϮ

ϯϬ

Ͳϯϴϯ

ϲϲ

Ͳϰϵϵ

ϯϴ

Ͳϱϱϲ

ϴϰ

Ͳϱϯϰ

ϲϲ

Ͳϰϳϰ

ϴϲ

Ͳϭϭϳ

ϰϱ

ͲϭϮϭ

ϱϰ

Ͳϭϭϯ

ϵϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϳϬ

Ͳϰϳϯ

ͲϮϲϲ

Ͳϯϯϴ

ͲϯϳϬ

Ͳϯϰϲ

ͲϯϬϭ

ͲϬϳϱ

ͲϬϳϳ

ͲϬϳϭ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϭϲϱ

Ϯϴϲ

ϭϴϰ

Ϭϯϯ

ϭϱϳ

ϴϭϵ

ϭϴϰ

ϰϰϳ

Ϯϭϭ

Ϯϴϯ

ϮϮϭ

Ϭϱϵ

ϮϮϳ

ϭϯϵ

ϱϲϱϮϳ

ϱϲϴϲϰ

ϱϳϵϬϱ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϭϭϭ

ϭϮϰϭ

ϭϬϵϱ

ϭϮϰϴ

ϭϰϬϰ

ϭϰϮϵ

ϭϰϰϭ

ϯϲϭ

ϯϱϵ

ϯϲϯ

------

-

ŵƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ϯϯϱ

ϭϵϯ

Ϯϱϰ

Ϯϲϰ

ϭϵϲ

ϭϴϱ

Ϯϯϰ

ϯϴϱ

Ϯϲϲ

ϵϲϲ

Ϯϳϰ

ϱϮϰ

Ϯϳϰ

ϲϮϱ

ϲϴϮϳϮ

ϲϵϬϭϴ

ϲϵϮϵϲ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϱϴϭ

ϭϳϭϰ

ϭϯϲϭ

ϭϱϴϲ

ϭϳϳϰ

ϭϳϳϰ

ϭϳϰϮ

ϰϯϱ

ϰϯϲ

ϰϯϱ

------

-


ĐĐŝſŶDĂŶ


ϰϵϮϬ

ϮϲϯϬ

ϲϮϯϬ

ϲϭϱϬ

ϱϴϵϬ

ϱϮϲϬ

ϱϲϱϬ

ϱϮϱϬ

ϱϲϬϬ

ϱϲϱϬ

ϱϰϵ

WĞŽĚ

ƵĐƚŽŶ


^ĞĐƚŽƌŽ


DŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞ

ſůĂƌĞƐϮ

ϬϬϵͿ

ϭϯϮϵ

ϰϭϮ

ϲϲϭϬ

ϵϬϰ

ϭϬϬϴ

ϯϭϬ

Ϭϰϭ

ϭϬϲϱ

ϵ---

----

------

----

----

------

----

----

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϴϴϲ

ϴϰϵ

ϳϲϬ

ϲϳϴ

ϲϱϮ

ϲϭϱ

------

----

----

------

----

----

------

-

ampƵĞŶ

ƚĞΎͿŶ

ĚŝĐĂĚŽ

ƌĞƐŽ

ďƚĞŶ

ŝĚŽƐĞŶŽ

ƌĞĂƵ

ŽĨgtĂď

Žƌ^ƚĂƟƐƟĐ

ƐϮϬϭ

ϭΎΎͿŝŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĞŶƵ

ƌĞĂƵ

ĐŽŶŽ

ŵŝĐŶĂ

ůǇƐŝƐ

ϮϬϭ



ĞƐĞŝŵ


ƐƐŽŶ


ĂůŝǌĂ

ĚŽƐ





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ϰϱ

ϰ

ϯϱ

3

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ϮϬϭϯ ϮϬϭϰ












orgmx (508214)


del 2013











































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ŵĂƌͲϬϵ

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ŵĂƌͲϭϬ

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KƚƌĂƐϯϳй

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ampŽƌĚϳй

ZĞŶĂƵůƚϯй

ZĞŶĂƵůƚϯй

EŝƐƐĂŶϲй

EŝƐƐĂŶϲй



ŽŶĚĂϱй

ŽŶĚĂϱй

ǇƵŶĚĂŝϵй

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Dϭϭй

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ϰϭϮϳ

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ϱ

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ϲϳϬ

ϭϳϬ

Ϭϳϳ

ϭϲϯ

ϳϱϱ

ϭϲϱ

ϴϯϴ

ϭϱϲ

ϯϳϴ

ϭϰϰ

ϲϵϲ

ϯϵϮϯϮ

ϯϳϯϲϮ

ϯϱϭϯϭ

ϯϰϱϱϰ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϮϰϮ

Ϯϭϳ

Ϯϭϱ

ϭϳϰ

ϭϲϬ

ϭϰϵ

------

----

----

------

----

----

------

-


ũĞƌĂŝƌĞ

ĐƚĂŵ

ŝůůŽŶ

ĞƐĚĞĚſ

ůĂƌĞƐͿΎΎΎ

ϴϲϮϮϬ

ϭϲϯ

ϮϳϮ

ϭϲϬ

ϲϰϳ

ϭϭϲ

ϭϭϯ

ϳϮϰϳϲ

ϭϱϵ

ϳϱϬ

ϭϬϮ

ϱϮϬ

ϰϰϭϵϬ

ϯϲϰϬ

ϯϳϰϭϬ

Ͳϭϳϰ

ϮϬ

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

Ϭϵϲ

ϭϳϮ

ϮϬϯ

ϭϮϯ

ϬϳϬ

ϭϱϮ

------

----

----

------

----

----

------

-


ĐĐŝſŶDĂŶ


ϵϲϮϭ

ϴϱϭϱ

ϴϵϴϲ

ϵϳϱϯ

ϭϬϭϬϬ

ϵϴϵϲ

ϭϬϬϱϬ

ϭϬϵϮϯ

ϭϭϬϮϭ

ϭϬϬϱϬ

------

-

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϱϳϱ

ͲϭϭϱϬ

ϱϱϯ

ϴϱϯ

ϯϱϲ

ͲϮϬϭ

ϭϱϱ

Ͳϰϵϯ

Ϭϵϱ

ϭϱϱ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞĚſ

ůĂƌĞƐͿ

ϵϮϭ

ϭϲϱ

ϭϬϬ

ϵϵϲ

ϵϭϳ

ϱϳϵϵ

ϳϭϭ

ϴϭϭ

ϯϱϵ

ϴϳϯ

ϭϲϮϲϭ

ϳϬϴ

ϭϳϯϬϵ

ϲϬϵ

------

----

----

------

----

----

------

-

sĂƌŝĂ

ĐŝſŶ


ϭϬϮϴ

ϭϬϱϭ

ϭϬϭϬ

ϭϮϬϱ

ϭϱϲϵ

ϭϲϰϰ

------

----

----

------

----

----

------

-

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĞŶƵĚ

ĞŽΎϭͿ

ϭϳϳϮϲ

ϭϲϰϮϴ

ϭϳϵϴϱ

ϭϵϭϬϴ

ϮϬϱϵϰ

ϮϬϮϯϬ

ϮϬϲϰϭ

ϭϱϰϬϲ

ϭϱϭϮϯ

ϮϬϲϰϭ

ϭϱϲϲϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϮϭϲ

ͲϳϯϮ

ϵϰϴ

ϲϮϰ

ϳϳϴ

Ͳϭϳϳ

ϮϬϯ

ͲϮϭϬ

ͲϮϭϯ

ϮϬϯ

ϭϭϮ

1ŶĚŝĐĞĚĞsĞ

ŶƚĂƐĂůD

ĂǇŽƌĞŽ

ΎϭͿ

ϭϯϵϳϴ

ϭϰϲϳϳ

ϭϰϯϬϴ

ϭϰϲϬϱ

ϭϱϬϬϮ

ϭϰϭϮϳ

ϭϰϭϲϬ

ϭϭϮϵϬ

ϭϭϲϬϬ

ϭϰϭϲϬ

ϭϭϳϮϬ

sĂƌŝĂ

ĐŝſŶ

ƉŽƌĐĞŶƚƵĂ

ůϳϯϵ

ϱϬϬ

ͲϮϱϭ

ϮϬϴ

ϮϳϮ

Ͳϱϴϯ

ϬϮϯ

ͲϭϬϵϯ

ͲϮϭϴ

ϬϮϯ

Ͳϭϳϲ



E

KZ

^

KEMDK^

^d

K^hEK^

EKZd

DZ

ϮϬϬ

ϳͲϮϬ

ϭϰϬϭ

ŶƵĂ

ůĞƐ

dƌŝŵ

ĞƐƚƌĂůĞƐ

ϮϬϬϳ

ϮϬϬϴ

ϮϬϬϵ

ϮϬϭϬ

ϮϬϭϭ

ϮϬϭϮ

ϮϬϭϯ

ϮϬϭϯ

ϬϮ

ϮϬϭϯ

Ϭϯ

ϮϬϭϯ

Ϭϰ

ϮϬϭϰ

Ϭϭ

WƌŽĚ

ƵĐƚŽŶ

ƚĞƌŶŽƌƵƚŽD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐď

ĂƐĞϮϬ

ϬϵͿΎΎ

ϭϰϴϳϲ

ϴϬ

ϭϰϴϯϯ

ϲϬ

ϭϰϰϭϳ

ϵϬ

ϭϰϳϳϵ

ϰϬ

ϭϱϬϱϮ

ϰϬ

ϭϱϰϳϬ

ϳϬ

ϭϱϳϲϳ

ϭϯ

ϭϱϲϳϵ

ϳϬ

ϭϱϴϯϵ

ϯϬ

ϭϱϵϰϮ

ϯϬ

ϭϱϵϰ

ϲϲ

ƌĞĐŝŵ

ŝĞŶƚŽĐŽŶ

ſŵŝĐŽй

Ϳϭϳϵ

ͲϬϮϵ

ͲϮϴϬ

Ϯϱϭ

ϭϴϱ

Ϯϳϴ

ϭϵϮ

ϭϲϯ

ϭϵϳ

Ϯϱϵ

Ϯϯϯ

ŶŇĂ

ĐŝſŶ

йͿΎ

Ϯϴϳ

ϯϴϱ

ͲϬϯϱ

ϭϲϯ

ϯϭϳ

ϮϬϴ

ϭϱϬ

ϭϰϯ

ϭϱϳ

ϭϮϯ

ϭϰ

ĞƐĞŵƉůĞŽ

йͿΎ

ϰϲϮ

ϱϴϬ

ϵϮϴ

ϵϲϯ

ϴϵϱ

ϴϭϬ

ϳϯϱ

ϳϱϬ

ϳϮϯ

ϲϵϳ

ϲϲϳ

^ĂůĚŽĚĞ

ůĂƵĞ

ŶƚĂŽ

ƌƌŝĞŶƚĞͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϳϭϯ

ϯϵ

Ͳϲϴϭ

ϯϰ

Ͳϯϴϭ

ϲϰ

Ͳϰϰϵ

ϰϳ

Ͳϰϱϳ

ϳϯ

ͲϰϰϬ

ϰϮ

Ͳϯϳϳ

Ϯϴ

Ͳϵϲϳϱ

Ͳϵϰϯϲ

ͲϴϭϭϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϴϬ

Ͳϰϱϵ

ͲϮϲϱ

ͲϯϬϰ

ͲϯϬϰ

ͲϮϴϱ

ͲϮϯϵ

ͲϬϲϮ

ͲϬϲϬ

ͲϬϱϭ

------

-

^ĂůĚŽĚĞ

ůĂĂůĂŶ

ǌĂŽŵ

ĞƌĐŝĂů

ͿD

ŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ͳϲϵϵ

Ϭϳ

ͲϳϬϮ

ϯϬ

Ͳϯϴϯ

ϲϲ

Ͳϰϵϵ

ϯϴ

Ͳϱϱϲ

ϴϰ

Ͳϱϯϰ

ϲϲ

Ͳϰϳϰ

ϴϲ

Ͳϭϭϳ

ϰϱ

ͲϭϮϭ

ϱϰ

Ͳϭϭϯ

ϵϮ

------

-

ĠĮĐŝƚĞŶ


йͿ

ͲϰϳϬ

Ͳϰϳϯ

ͲϮϲϲ

Ͳϯϯϴ

ͲϯϳϬ

Ͳϯϰϲ

ͲϯϬϭ

ͲϬϳϱ

ͲϬϳϳ

ͲϬϳϭ

------

-

ǆƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

ϭϲϱ

Ϯϴϲ

ϭϴϰ

Ϭϯϯ

ϭϱϳ

ϴϭϵ

ϭϴϰ

ϰϰϳ

Ϯϭϭ

Ϯϴϯ

ϮϮϭ

Ϭϱϵ

ϮϮϳ

ϭϯϵ

ϱϲϱϮϳ

ϱϲϴϲϰ

ϱϳϵϬϱ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϭϭϭ

ϭϮϰϭ

ϭϬϵϱ

ϭϮϰϴ

ϭϰϬϰ

ϭϰϮϵ

ϭϰϰϭ

ϯϲϭ

ϯϱϵ

ϯϲϯ

------

-

ŵƉŽ

ƌƚĂĐŝŽŶĞ

ƐDŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞſ

ůĂƌĞƐͿΎΎ

Ϯϯϱ

ϭϵϯ

Ϯϱϰ

Ϯϲϰ

ϭϵϲ

ϭϴϱ

Ϯϯϰ

ϯϴϱ

Ϯϲϲ

ϵϲϲ

Ϯϳϰ

ϱϮϰ

Ϯϳϰ

ϲϮϱ

ϲϴϮϳϮ

ϲϵϬϭϴ

ϲϵϮϵϲ

------

-

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϭϱϴϭ

ϭϳϭϰ

ϭϯϲϭ

ϭϱϴϲ

ϭϳϳϰ

ϭϳϳϰ

ϭϳϰϮ

ϰϯϱ

ϰϯϲ

ϰϯϱ

------

-


ĐĐŝſŶDĂŶ


ϰϵϮϬ

ϮϲϯϬ

ϲϮϯϬ

ϲϭϱϬ

ϱϴϵϬ

ϱϮϲϬ

ϱϲϱϬ

ϱϮϱϬ

ϱϲϬϬ

ϱϲϱϬ

ϱϰϵ

WĞŽĚ

ƵĐƚŽŶ


^ĞĐƚŽƌŽ


DŝůĞƐĚ

ĞDŝůůŽŶ

ĞƐĚĞ

ſůĂƌĞƐϮ

ϬϬϵͿ

ϭϯϮϵ

ϰϭϮ

ϲϲϭϬ

ϵϬϰ

ϭϬϬϴ

ϯϭϬ

Ϭϰϭ

ϭϬϲϱ

ϵ---

----

------

----

----

------

----

----

WŽƌĐĞŶ

ƚĂũĞƌĞ

ƐƉĞĐƚŽĂůW

йͿ

ϴϴϲ

ϴϰϵ

ϳϲϬ

ϲϳϴ

ϲϱϮ

ϲϭϱ

------

----

----

------

----

----

------

-

ampƵĞŶ

ƚĞΎͿŶ

ĚŝĐĂĚŽ

ƌĞƐŽ

ďƚĞŶ

ŝĚŽƐĞŶŽ

ƌĞĂƵ

ŽĨgtĂď

Žƌ^ƚĂƟƐƟĐ

ƐϮϬϭ

ϭΎΎͿŝŶĚ

ŝĐĂĚ

ŽƌĞƐŽďƚĞŶ

ŝĚŽƐĞŶƵ

ƌĞĂƵ

ĐŽŶŽ

ŵŝĐŶĂ

ůǇƐŝƐ

ϮϬϭ



ĞƐĞŝŵ


ƐƐŽŶ


ĂůŝǌĂ

ĚŽƐ





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