Why did colonial Guatemala have less economic prosperity than Mexico or Peru?

Colonial Guatemala lacked the economic prosperity of Mexico and Peru primarily because it did not possess the large deposits of precious metals that drove the economies of those regions. While mining served as the indispensable engine of the Spanish colonial economy, Guatemala’s economic activity was largely restricted to the cultivation of agricultural staples such as cacao, indigo, and later cochineal.123

Furthermore, Guatemala faced significant logistical and commercial obstacles that hindered growth. The region never developed a satisfactory port, internal transportation was difficult, and shipping was frequently disrupted by pirates. Consequently, commerce remained limited, and the region functioned more as an administrative and religious center for the captain general and the Audiencia rather than as a hub of wealth extraction and trade.12