Global InformationEconomy of Mexico information
 Mexico City, the financial center of Mexico | |
| Currency | Mexican peso (MXN, Mex$) |
|---|---|
Fiscal year | calendar year |
Trade organizations | G20, APEC, CPTPP, USMCA, OECD and WTO |
Country group |
|
| Statistics | |
| Population |  128,649,565 (2020 est.)[3] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
Inflation (CPI) |  4.88% (2023)[7] |
Population below poverty line |
|
Gini coefficient | 41.5 medium (2020)[10] |
Human Development Index |
|
Labor force |
|
Labor force by occupation |
|
| Unemployment |
|
Average gross salary | Mex$12,887 / $732.31 monthly[17] (2022) |
Average net salary | Mex$11,434 / $649.49 monthly[18][19] (2022) |
Main industries |
|
| External | |
| Exports | $574.1 billion (2022)[20] |
Export goods | manufactured goods, electronics, vehicles and auto parts, oil and oil products, silver, plastics, fruits, vegetables, coffee, cotton |
Main export partners |
|
| Imports | $600.7 billion (2022)[20] |
Import goods | metalworking machines, steel mill products, agricultural machinery, electrical equipment, automobile parts for assembly and repair, aircraft, aircraft parts, plastics, natural gas and oil products |
Main import partners |
|
FDI stock |
|
Current account | −$19.35 billion (2017 est.)[3] |
Gross external debt | $445.8 billion (31 December 2017 est.)[3] |
| Public finances | |
Government debt | 54.3% of GDP (2017 est.)[3] |
Budget balance | −1.1% (of GDP) (2017 est.)[3] |
| Revenues | 261.4 billion (2017 est.)[3] |
| Expenses | 273.8 billion (2017 est.)[3] |
| Economic aid | $189.4 million (2008) |
Credit rating |
|
Foreign reserves | $212.408 billion (January 2024)[23] |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Mexico is a developing mixed-market economy.[24] It is the 12th largest in the world in nominal GDP terms and by purchasing power parity.[25][26][27] Since the 1994 crisis, administrations have improved the country's macroeconomic fundamentals. Mexico was not significantly influenced by the 2002 South American crisis, and maintained positive, although low, rates of growth after a brief period of stagnation in 2001. However, Mexico was one of the Latin American nations most affected by the 2008 recession with its gross domestic product contracting by more than 6% in that year.
The Mexican economy has maintained high levels of macroeconomic stability, which has reduced inflation and interest rates to record lows. In spite of this, significant gaps persist between the urban and the rural population, the northern and southern states, and the rich and the poor.[28] Some of the unresolved issues include the upgrade of infrastructure, the modernization of the tax system and labor laws, and the reduction of income inequality. Tax revenues, altogether 19.6 percent of GDP in 2013, were the lowest among the then 34 OECD countries.[29] As of 2022, the OECD 38 has members.[30] The main problems Mexico faces are poverty rates and regional inequalities remaining high. Productivity growth has been limited by the lack of formality, financial exclusion, and corruption. The medium term growth prospects were also affected by a lower proportion of women in the workforce, and investment has not been strong since 2015.
The economy contains rapidly developing modern industrial and service sectors, with increasing private ownership. Recent administrations have expanded competition in ports, railroads, telecommunications, electricity generation, natural gas distribution and airports, with the aim of upgrading infrastructure. As an export-oriented economy, more than 90% of Mexican trade is under free trade agreements (FTAs) with more than 40 countries, including the European Union, Japan, Israel, and much of Central and South America. The most influential FTA is the United States–Mexico–Canada Agreement (USMCA), which came into effect in 2020, and was signed in 2018 by the governments of the United States, Canada and Mexico. In 2006, trade with Mexico's two northern partners accounted for almost 90% of its exports and 55% of its imports.[31] Recently, Congress approved important tax, pension, and judicial reforms.[clarification needed] In 2023, Mexico had 13 companies in the Forbes Global 2000 list of the world's largest companies.[32][33]
Mexico's labor force consisted of 52.8 million people as of 2015.[34] The OECD and WTO both rank Mexican workers as the hardest-working in the world in terms of the number of hours worked yearly. Pay per hours worked remains low.[35][36][37][38][39]
Mexico is a highly unequal country: 0.2% of the population owns 60% of the country's wealth, while 46.8 million people live in poverty (2024).[40]
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved September 29, 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved September 29, 2019.
- ^ a b c d e f g h i j k "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved May 1, 2019.
- ^ a b c d "World Economic Outlook Database, October 2023 Edition. (Mexico)". IMF.org. International Monetary Fund. October 10, 2023. Retrieved October 23, 2023.
- ^ a b "Mexico and the IMF". International Monetary Fund. Archived from the original on February 27, 2024. Retrieved February 27, 2024.
- ^ Morales, Yolanda (February 22, 2024). "El PIB de México creció 3.2% durante el 2023: Inegi" [The Mexican GDP grew 3.2% in 2023: Inegi]. El Economista (in Spanish). Retrieved February 27, 2024.
- ^ "Sistema de información económica, Banco de México".
- ^ a b "POBREZA EN MÉXICO" (PDF). coneval.org.mx. National Council for the Evaluation of Social Development Policy (CONEVAL). Retrieved January 12, 2020.
- ^ "Poverty headcount ratio at $5.50 a day (2011 PPP) (% of population) - Mexico". data.worldbank.org. World Bank. Retrieved March 21, 2020.
- ^ "EL INEGI DA A CONOCER LOS RESULTADOS DE LA ENCUESTA NACIONAL DE INGRESOS Y GASTOS DE LOS HOGARES (ENIGH) 2020" (PDF). www.inegi.org.mx (in Spanish). National Institute of Statistics and Geography. July 28, 2021. Retrieved September 30, 2021.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved October 9, 2022.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved October 9, 2022.
- ^ "Labor force, total - Mexico". www.inegi.org.mx. INEGI. Retrieved March 2, 2024.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Mexico". data.worldbank.org. World Bank. Retrieved September 28, 2019.
- ^ "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved April 20, 2020.
- ^ "Employment and occupation". inegi.org.mx. National Institute of Statistics and Geography. January 2016. Retrieved November 26, 2019.
- ^ "Home".
- ^ "Taxing Wages 2023: Indexation of Labour Taxation and Benefits in OECD Countries | READ online".
- ^ [1]
- ^ a b "Mexico: Economy, employment, equity, quality of life, education, health and public safety at Mexico". Secretariat of Economy. February 10, 2024.
- ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on September 4, 2015. Retrieved December 26, 2013.
- ^ a b c Rogers, Simon; Sedghi, Ami (April 15, 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. UK. Retrieved May 31, 2011.
- ^ "Activos internacionales, crédito interno y bases monetarias". Banco de México. January 10, 2024. Retrieved January 10, 2024.
- ^ Moreno-Brid, Juan Carlos; Ros, Jaime (2009). Development and Growth in the Mexican Economy: A Historical Perspective. Oxford University Press. p. 51. ISBN 978-0-199-70785-0.
- ^ "PIB — Producto Interno Bruto (2022)". Expansión/Datos macro.com. Retrieved October 14, 2023.
- ^ "PIB en México en 2022". Expansión/Datos macro.com. Retrieved October 14, 2023.
- ^ "World Economic Outlook Database, April 2022". IMF. Retrieved July 15, 2022.
- ^ "Mexico, World Bank's Country Brief". Archived from the original on February 24, 2012. Retrieved February 19, 2007.
- ^ OECD: Compare your country by tax rate, access date 13 December 2014
- ^ "OECD member countries and partners".
- ^ Mexico. The World Factbook. CIA.
- ^ Tucker, Hank; Murphy, Andrea (June 8, 2023). "Inside The Global 2000: JPMorgan Is Again The World's Largest Company As Berkshire Hathaway Falls". Forbes. Retrieved June 11, 2023.
- ^ Tucker, Hank; Murphy, Andrea (June 8, 2023). "The Full List of Forbes Global 2000 in 2023". Forbes. Retrieved August 3, 2023.
- ^ "COUNTRY COMPARISON :: LABOR FORCE". CIA World Factbook. 2015. Archived from the original on May 30, 2016. Retrieved August 8, 2016.
- ^ "The Hardest Working Countries In The World". Business Insider. April 13, 2011. Retrieved June 11, 2015.
- ^ "What country works the most each day?". CNN. April 13, 2011. Archived from the original on December 6, 2011.
- ^ Thomas, Leigh (April 12, 2011). "Hard-working Mexicans upstage other OECD nations". Reuters. Archived from the original on October 16, 2015. Retrieved July 1, 2017.
- ^ "The World's Hardest Working Nations - CNBC". CNBC. Archived from the original on May 8, 2011. Retrieved 2011-12-28.
- ^ Booth, William (May 3, 2011). "Siesta? What siesta? Mexicans work longest hours in world". The Washington Post.
- ^ Jornada, La; Villanueva, Dora (January 23, 2024). "Creció 70% riqueza de Slim y Larrea; en contraste, millones de pobres: Oxfam". La Jornada (in Spanish).