Economy of Mexico

Economy of Mexico

Mexico City is the most important financial and economic center in Mexico as well as Latin America.
Currency	Mexican peso (MXN$) 1 US$ = 20.38 MXN (2017)
Fiscal year	Calendar
Trade organizations	APEC, NAFTA, OECD and WTO
Statistics
GDP	$1.1 trillion (nominal; 2016) $2.3 trillion (PPP; 2016))
GDP rank	13th (nominal) / 11th (PPP)
GDP growth	2.3% (2014), 2.6% (2015), 2.0% (2016e), 1.8% (2017f)
GDP per capita	$8,700 (2016) (nominal) $18,900 (2016) (PPP)
GDP by sector	agriculture: 3.6%, industry: 36.6%, services: 59.8% (2013 est.)
Inflation (CPI)	2.5% (2015 est.)
Population below poverty line	13.8% (2015)
Gini coefficient	48.1 (2015)
Labor force	53 million (2015 est.)
Labor force by occupation	agriculture: 13.4%, industry: 24.1%, services: 61.9% (2011)
Unemployment	6.5% (2015)
Main industries	Aerospace, electronics, food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
Ease-of-doing-business rank	47th (2017)
External
Exports	$359.3 billion (2016 est.)
Export goods	automobiles, electronics, televisions, computers, mobile phones, LCDs, oil and oil products, silver, fruits, vegetables, coffee, cotton.
Main export partners	United States 80.3%  Canada 2.7%  China 1.5%  Spain 1.5%  Brazil 1.2% (2014 est.)
Imports	$372.8 billion (2016 est.)
Import goods	metalworking machines, steel mill products, agricultural machinery, metals, repair parts for motor vehicles, aircraft, and aircraft parts, oil production equipment
Main import partners	United States 49.0%  China 16.6%  Japan 4.4%  Germany 3.4%  South Korea 3.4% (2014 est.)
Public finances
Public debt	$341 billion (2010) / 37.7% of GDP (2013 est.)
Revenues	$234.3 billion (2010 est.)
Expenses	$263.8 billion (2010 est.)
Economic aid	$189.4 million (2008)
Credit rating	Standard & Poor's: A (Domestic) BBB+ (Foreign) A+ (T&C Assessment) Outlook: Stable Moody's: A3 Outlook: Stable Fitch: BBB+ Outlook: Stable
Foreign reserves	$177.597 billion (December 2015)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

GDP per capita PPP	US $16,900 (2012–15)
GNI per capita PPP	US $16,500 (2012–15)
Inflation (CPI)	2.21% (November 2015)
Gini index	47.0 (World Bank 2012)
Unemployment	5.5% (April 2010)
HDI	0.770 (2011)
Labor force	78.4 million (2011)
Pop. in poverty	13.8%

Food and agriculture
Farmers in Puebla
Product	Quantity (Tm)	World Rank1
Avocados	1,040,390	1
Onions and chayote	1,130,660	1
Limes and lemons	1,824,890	1
Sunflower seed	212,765	1
Dry fruits	95,150	2
Papaya	955,694	2
Chillies and peppers	1,853,610	2
Whole beans	93 000	3
Oranges	3,969,810	3
Anise, badian, fennel	32 500	3
Chicken meat	2,245,000	3
Asparagus	67,247	4
Mangoes	1.503.010	4
Corn	20,000,000	4
1Source:FAO

Financial indicators
Banco de México headquarters
Currency exchange rate	12.74 MXN per US$1 (03/03/2010)
Reserves	US $176.579 billion (2013)
Government budget	US $196.5 billion (revenues)
Public debt	20.7% of GDP (2006)
External debt	US $178.3 billion (2006)
Bank funding rate	5.25% (5/15/2009)

International trade
World Trade Center in Mexico City
Exports	US $248.8 billion f.o.b. (2006)
Imports	US $253.1 billion f.o.b. (2006)
Current account	US $400.1 million (2006)
Export partners	US 90.9%, Canada 2.2%, Spain 1.4%, Germany 1.3%, Colombia 0.9% (2006)
Import partners	US 53.4%, China 8%, Japan 5.9% (2005)

$1.1 trillion (nominal; 2016)

$8,700 (2016) (nominal)

The economy of Mexico is the 15th largest in the world in nominal terms and the 11th largest by purchasing power parity, according to the International Monetary Fund. 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 had an unprecedented macroeconomic stability, which has reduced inflation and interest rates to record lows and has increased per capita income. In spite of this, enormous gaps remain between the urban and the rural population, the northern and southern states, and the rich and the poor. 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. The tax revenues, all together 19.6 percent of GDP in 2013, are the lowest among the 34 OECD countries.

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 North American Free Trade Agreement (NAFTA), which came into effect in 1994, and was signed in 1992 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. Recently, the Congress of the Union approved important tax, pension and judicial reforms, and reform to the oil industry is currently being debated. Mexico had 15 companies in the Forbes Global 2000 list of the world's largest companies in 2016.