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Mexico Economy Profile 2016

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Economy - overviewMexico's $2.2 trillion economy has become increasingly oriented toward manufacturing in the 22 years since the North American Free Trade Agreement (NAFTA) entered into force. 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 2014, two-way trade in goods and services exceeded $590 billion. Mexico has free trade agreements with 46 countries, putting more than 90% of trade under free trade agreements. In 2012, Mexico formally joined the Trans-Pacific Partnership negotiations and formed the Pacific Alliance with Peru, Colombia, and Chile.

Mexico's current government, led by President Enrique PENA NIETO, emphasized economic reforms during its first two years in office, passing and implementing sweeping education, energy, financial, fiscal, and telecommunications reform legislation, among others, with the long-term aim to improve competitiveness and economic growth across the Mexican economy. Mexico began holding public auctions of exploration and development rights to select oil and gas resources in 2015 as a part of reforms that allow for private investment in the oil, gas, and electricity sectors. The second and third auctions demonstrated the capacity for the Mexican Government to adapt and improve the terms of the contracts to garner sufficient interest from investors amid low oil prices.

Although the economy experienced stronger growth in 2014-15 as a result of increased investment and stronger demand for Mexican exports, 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. Over the medium-term, the economy is vulnerable to global economic pressures, such as lower external demand, rising interest rates, and low oil prices - approximately 20% of government revenue comes from the state-owned oil company, PEMEX. The increasing integration of supply chains, development of energy sectors, and government-to-government focus on trade facilitation will continue to make the North American region increasingly competitive and contribute to Mexican economic development and strength.
GDP (purchasing power parity)$2.227 trillion (2015 est.)
$2.172 trillion (2014 est.)
$2.124 trillion (2013 est.)
note: data are in 2015 US dollars
GDP (official exchange rate)$1.144 trillion (2015 est.)
GDP - real growth rate2.5% (2015 est.)
2.3% (2014 est.)
1.3% (2013 est.)
GDP - per capita (PPP)$17,500 (2015 est.)
$17,300 (2014 est.)
$17,200 (2013 est.)
note: data are in 2015 US dollars
Gross national saving19.9% of GDP (2015 est.)
19.6% of GDP (2014 est.)
19.3% of GDP (2013 est.)
GDP - composition, by end usehousehold 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% (2015 est.)
GDP - composition by sectoragriculture: 3.5%
industry: 34.1%
services: 62.4% (2015 est.)
Population below poverty line52.3%
note: based on food-based definition of poverty; asset-based poverty amounted to more than 47% (2012 est.)
Labor force52.81 million (2015 est.)
Labor force - by occupationagriculture: 13.4%
industry: 24.1%
services: 61.9% (2011)
Unemployment rate4.5% (2015 est.)
4.8% (2014 est.)
note: underemployment may be as high as 25%
Unemployment, youth ages 15-24total: 9.6%
male: 9.2%
female: 10.3% (2014 est.)
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 37.5% (2010)
Distribution of family income - Gini index48.3 (2008)
53.1 (1998)
Budgetrevenues: $259.6 billion
expenditures: $300.5 billion (2015 est.)
Taxes and other revenues22.3% of GDP (2015 est.)
Budget surplus (+) or deficit (-)-3.5% of GDP (2015 est.)
Public debt45.2% of GDP (2015 est.)
42.1% of GDP (2014 est.)
Inflation rate (consumer prices)2.7% (2015 est.)
4% (2014 est.)
Central bank discount rate4.5% (31 December 2012)
4.5% (31 December 2011)
Commercial bank prime lending rate3.7% (31 December 2015 est.)
3.55% (31 December 2014 est.)
Stock of narrow money$180.8 billion (31 December 2015 est.)
$195.6 billion (31 December 2014 est.)
Stock of broad money$826.7 billion (31 December 2014 est.)
$727 billion (31 December 2013 est.)
Stock of domestic credit$389 billion (31 December 2015 est.)
$412.5 billion (31 December 2014 est.)
Market value of publicly traded shares$525.1 billion (31 December 2012 est.)
$408.7 billion (31 December 2011)
$454.3 billion (31 December 2010 est.)
Agriculture - productscorn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes; beef, poultry, dairy products; wood products
Industriesfood and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
Industrial production growth rate3.3% (2015 est.)
Current Account Balance-$32.38 billion (2015 est.)
-$24.85 billion (2014 est.)
Exports$430.9 billion (2015 est.)
$398.3 billion (2014 est.)
Exports - commoditiesmanufactured goods, oil and oil products, silver, fruits, vegetables, coffee, cotton
Exports - partnersUS 81.1% (2015)
Imports$434.8 billion (2015 est.)
$400.4 billion (2014 est.)
Imports - commoditiesmetalworking machines, steel mill products, agricultural machinery, electrical equipment, automobile parts for assembly and repair, aircraft, aircraft parts
Imports - partnersUS 47.3%, China 17.7%, Japan 4.4% (2015)
Reserves of foreign exchange and gold$204.1 billion (31 December 2015 est.)
$195.9 billion (31 December 2014 est.)
Debt - external$424.1 billion (31 December 2014 est.)
$397.3 billion (31 December 2013 est.)
Stock of direct foreign investment - at home$361 billion (31 December 2015 est.)
$338 billion (31 December 2014 est.)
Stock of direct foreign investment - abroad$142.8 billion (31 December 2015 est.)
$131.2 billion (31 December 2014 est.)
Exchange ratesMexican pesos (MXN) per US dollar -
15.88 (2015 est.)
13.292 (2014 est.)
13.292 (2013 est.)
13.17 (2012 est.)
12.423 (2011 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on October 8, 2016

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