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Mexico Economy Profile 2019

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Economy - overview

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.

GDP (purchasing power parity)
$2.463 trillion (2017 est.)
$2.413 trillion (2016 est.)
$2.346 trillion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$1.151 trillion (2017 est.)
GDP - real growth rate
2% (2017 est.)
2.9% (2016 est.)
3.3% (2015 est.)
GDP - per capita (PPP)
$19,900 (2017 est.)
$19,700 (2016 est.)
$19,400 (2015 est.)

note: data are in 2017 dollars

Gross national saving
21.4% of GDP (2017 est.)
21.6% of GDP (2016 est.)
20.7% of GDP (2015 est.)
GDP - composition, by end use
household consumption: 67% (2017 est.)
government consumption: 11.8% (2017 est.)
investment in fixed capital: 22.3% (2017 est.)
investment in inventories: 0.8% (2017 est.)
exports of goods and services: 37.8% (2017 est.)
imports of goods and services: -39.7% (2017 est.)
GDP - composition by sector
agriculture: 3.6% (2017 est.)
industry: 31.9% (2017 est.)
services: 64.5% (2017 est.)
Population below poverty line
46.2% (2014 est.)

note: from a food-based definition of poverty; asset-based poverty amounted to more than 47%

Labor force
54.51 million (2017 est.)
Labor force - by occupation
agriculture: 13.4%
industry: 24.1%
services: 61.9% (2011)
Unemployment rate
3.4% (2017 est.)
3.9% (2016 est.)

note: underemployment may be as high as 25%

Unemployment, youth ages 15-24
total: 6.9%
male: 6.5%
female: 7.6% (2018 est.)
Household income or consumption by percentage share
lowest 10%: 2%
highest 10%: 40% (2014)
Distribution of family income - Gini index
48.2 (2014)
48.3 (2008)
Budget
revenues: 261.4 billion (2017 est.)
expenditures: 273.8 billion (2017 est.)
Taxes and other revenues
22.7% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-1.1% (of GDP) (2017 est.)
Public debt
54.3% of GDP (2017 est.)
56.8% of GDP (2016 est.)
Inflation rate (consumer prices)
6% (2017 est.)
2.8% (2016 est.)
Central bank discount rate
7.25% (31 December 2017)
5.75% (31 December 2016)
Commercial bank prime lending rate
7.34% (31 December 2017 est.)
4.72% (31 December 2016 est.)
Stock of narrow money
$215.5 billion (31 December 2017 est.)
$186.6 billion (31 December 2016 est.)
Stock of broad money
$215.5 billion (31 December 2017 est.)
$186.6 billion (31 December 2016 est.)
Stock of domestic credit
$431.6 billion (31 December 2017 est.)
$393.8 billion (31 December 2016 est.)
Market value of publicly traded shares
$402.3 billion (31 December 2015 est.)
$480.2 billion (31 December 2014 est.)
$526 billion (31 December 2013 est.)
Agriculture - products
corn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes; beef, poultry, dairy products; wood products
Industries
food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
Industrial production growth rate
-0.6% (2017 est.)
Current Account Balance
-$19.35 billion (2017 est.)
-$23.32 billion (2016 est.)
Exports
$409.8 billion (2017 est.)
$374.3 billion (2016 est.)
Exports - commodities
manufactured goods, electronics, vehicles and auto parts, oil and oil products, silver, plastics, fruits, vegetables, coffee, cotton; Mexico is the world's leading producer of silver
Exports - partners
US 79.9% (2017)
Imports
$420.8 billion (2017 est.)
$387.4 billion (2016 est.)
Imports - commodities
metalworking machines, steel mill products, agricultural machinery, electrical equipment, automobile parts for assembly and repair, aircraft, aircraft parts, plastics, natural gas and oil products
Imports - partners
US 46.4%, China 17.7%, Japan 4.3% (2017)
Reserves of foreign exchange and gold
$175.3 billion (31 December 2017 est.)
$178.4 billion (31 December 2016 est.)

note: Mexico also maintains access to an $88 million Flexible Credit Line with the IMF

Debt - external
$445.8 billion (31 December 2017 est.)
$450.2 billion (31 December 2016 est.)
Stock of direct foreign investment - at home
$554.3 billion (31 December 2017 est.)
$473.5 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad
$243.8 billion (31 December 2017 est.)
$148.6 billion (31 December 2016 est.)
Exchange rates
Mexican pesos (MXN) per US dollar -
18.26 (2017 est.)
18.664 (2016 est.)
18.664 (2015 est.)
15.848 (2014 est.)
13.292 (2013 est.)
Fiscal year
calendar year

Source: CIA World Factbook
This page was last updated on December 7, 2019

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