Is Mexico a rich country?
Mexico's $2.4 trillion economy – 11th largest in the world - has become increasingly oriented toward manufacturing since the North American Free Trade Agreement (NAFTA) entered into force in 1994. Per capita income is roughly one-third that of the US; income distribution remains highly unequal.
Mexico has become the US' second-largest export market and third-largest source of imports. In 2017, two-way trade in goods and services exceeded $623 billion. Mexico has free trade agreements with 46 countries, putting more than 90% of its trade under free trade agreements. In 2012, Mexico formed the Pacific Alliance with Peru, Colombia, and Chile.
Mexico's current government, led by President Enrique PENA NIETO, has emphasized economic reforms, passing and implementing sweeping energy, financial, fiscal, and telecommunications reform legislation, among others, with the long-term aim to improve competitiveness and economic growth across the Mexican economy. Since 2015, Mexico has held public auctions of oil and gas exploration and development rights and for long-term electric power generation contracts. Mexico has also issued permits for private sector import, distribution, and retail sales of refined petroleum products in an effort to attract private investment into the energy sector and boost production.
Since 2013, Mexico’s economic growth has averaged 2% annually, falling short of private-sector expectations that President PENA NIETO’s sweeping reforms would bolster economic prospects. Growth is predicted to remain below potential given falling oil production, weak oil prices, structural issues such as low productivity, high inequality, a large informal sector employing over half of the workforce, weak rule of law, and corruption. Mexico’s economy remains vulnerable to uncertainty surrounding the future of NAFTA — because the United States is its top trading partner and the two countries share integrated supply chains — and to potential shifts in domestic policies following the inauguration of a new a president in December 2018.
What is the GDP of Mexico?
|Currency Name and Code||Mexican Peso (MXN)|
|GDP - Gross Domestic Product (PPP)||$2,306,320,000,000 (USD)|
|GDP - official exchange rate||$1,161,000,000,000 (USD)|
|GDP - real growth rate||2.3%|
|GDP Per Capita||$18,500.00 (USD)|
|GDP by Sector- agriculture||3.5%|
|GDP by Sector- Industry||34.1%|
|GDP by Sector- services||62.4%|
|GDP - composition, by end use||
household consumption: 67.3%
government consumption: 12.1%
investment in fixed capital: 21.2%
investment in inventories: -0.7%
exports of goods and services: 38.4%
imports of goods and services: -38.3%
|Population Below Poverty Line||51.3%|
|Labor Force By Occupation- agriculture||13.4%|
|Labor Force By Occupation- industry||24.1%|
|Labor Force By Occupation- services||61.9%|
|Unemployment - note||underemployment may be as high as 25%|
|Fiscal Year||calendar year|
|Annual Budget||$276,200,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-2.5%|
|Public Debt (% of GDP)||35.4%|
|Taxes and other revenues - percent of GDP||21.9%|
|Major Industries||food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism|
|Industrial Growth Rate||3.6%|
|Agriculture Products||corn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes; beef, poultry, dairy products; wood products|
|Exchange Rate per US Dollar||Mexican peso (MXN)|
|Child Labor - % of children ages 5-14||5%|
|Child Labor - # of children ages 5-14||1,105,617|
|Commercial Bank Prime Lending Rate||4.7%|