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EconomyEconomy - overview
Mexico has a free market economy in the trillion dollar class. It contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Since the implementation of the North American Free Trade Agreement (NAFTA) in 1994, Mexico's share of US imports has increased from 7% to 12%, and its share of Canadian imports has doubled to 5%. Mexico has free trade agreements with over 50 countries including Guatemala, Honduras, El Salvador, the European Free Trade Area, and Japan - putting more than 90% of trade under free trade agreements. In 2007, during its first year in office, the Felipe CALDERON administration was able to garner support from the opposition to successfully pass pension and fiscal reforms. The administration passed an energy reform measure in 2008 and another fiscal reform in 2009. Mexico''s GDP plunged 6.2% in 2009 as world demand for exports dropped, asset prices tumbled, and remittances and investment declined. GDP posted positive growth of 5.4% in 2010 and 3.8% in 2011, with exports - particularly to the United States - leading the way. The administration continues to face many economic challenges, including improving the public education system, upgrading infrastructure, modernizing labor laws, and fostering private investment in the energy sector. CALDERON has stated that his top economic priorities remain reducing poverty and creating jobs. Gdp (purchasing power parity) World Ranking: 12
$1.683 trillion (2011 est.)
$1.619 trillion (2010 est.) $1.534 trillion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$1.155 trillion (2011 est.)
Gdp - real growth rate World Ranking: 99
4% (2011 est.)
5.5% (2010 est.) -6.3% (2009 est.) Gdp - per capita (ppp) World Ranking: 85
$14,800 (2011 est.)
$14,400 (2010 est.) $13,900 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 3.8%
Industry 34.2% Services 62% (2011 est.) Labor force World Ranking: 12
49.17 million (2011 est.)
Labor force - by occupation
Agriculture 13.7%
Industry 23.4% Services 62.9% (2005) Unemployment rate World Ranking: 52
5.2% (2011 est.)
5.4% (2010 est.) Note Underemployment may be as high as 25% Population below poverty line
51.3%
Note Based on food-based definition of poverty; asset based poverty amounted to more than 47% (2010 est.) Household income or consumption by percentage share
Lowest 10% 1.5%
Highest 10% 41.4% (2008) Distribution of family income - gini index World Ranking: 18
51.7 (2008)
53.1 (1998) Investment (gross fixed) World Ranking: 78
21.1% of GDP (2011 est.)
Budget
Revenues $263.2 billion
Expenditures $292.2 billion (2011 est.) Taxes and other revenues World Ranking: 138
22.8% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 90
-2.5% of GDP (2011 est.)
Public debt World Ranking: 96
35.4% of GDP (2011 est.)
36.8% of GDP (2010 est.) Inflation rate (consumer prices) World Ranking: 73
3.4% (2011 est.)
4.2% (2010 est.) Central bank discount rate World Ranking: 79
NA% (31 December 2010 est.)
4.5% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 154
4.92% (31 December 2011 est.)
5.287% (31 December 2010 est.) Stock of narrow money World Ranking: 22
$151.4 billion (31 December 2011 est.) $148.4 billion (31 December 2010 est.) Stock of broad money World Ranking: 31
$321.8 billion (31 December 2011 est.) $582.9 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 30
$407.4 billion (31 December 2011 est.) $374.2 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 22
$408.7 billion (31 December 2011) $454.3 billion (31 December 2010) $340.6 billion (31 December 2009) 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 World Ranking: 83
3.9% (2011 est.)
Electricity - production World Ranking: 14
239.1 billion kWh (2009 est.)
Electricity - consumption World Ranking: 19
181.5 billion kWh (2009 est.)
Electricity - exports
1.32 billion kWh (2009 est.)
Electricity - imports
699.2 million kWh (2009 est.)
Oil - production World Ranking: 7
2.983 million bbl/day (2010 est.) Oil - consumption World Ranking: 11
2.073 million bbl/day (2010 est.) Oil - exports World Ranking: 17
1.511 million bbl/day (2009 est.) Oil - imports World Ranking: 25
496,000 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 17
10.42 billion bbl (1 January 2011 est.) Natural gas - production World Ranking: 16
59.07 billion cu m (2010 est.)
Natural gas - consumption World Ranking: 13
62.42 billion cu m (2010 est.)
Natural gas - exports World Ranking: 44
200 million cu m (2010 est.)
Natural gas - imports World Ranking: 19
14.59 billion cu m (2010 est.)
Natural gas - proved reserves World Ranking: 37
338.8 billion cu m (1 January 2011 est.) Current account balance World Ranking: 173
-$8.789 billion (2011 est.)
-$3.094 billion (2010 est.) Exports World Ranking: 16
$349.7 billion (2011 est.)
$298.5 billion (2010 est.) Exports - commodities
Manufactured goods, oil and oil products, silver, fruits, vegetables, coffee, cotton Exports - partners
US 71.7%, Canada 7.4% (2009 est.) Imports World Ranking: 17
$350.8 billion (2011 est.)
$301.5 billion (2010 est.) Imports - commodities
Metalworking machines, steel mill products, agricultural machinery, electrical equipment, car parts for assembly, repair parts for motor vehicles, aircraft, and aircraft parts Imports - partners
US 62.2%, China 7.5% (2009 est.) Reserves of foreign exchange and gold World Ranking: 18
$149.3 billion (31 December 2011 est.) $120.5 billion (31 December 2010 est.) Debt - external World Ranking: 31
$210.8 billion (31 December 2011 est.) $200.1 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 18
$317.9 billion (31 December 2011 est.) $298.5 billion (31 December 2010 est.) Stock of direct foreign investment - abroad World Ranking: 29
$88.02 billion (31 December 2011 est.) $78.38 billion (31 December 2010 est.) Exchange rates
Mexican pesos (MXN) per US dollar - 12.423 (2011 est.)12.636 (2010 est.) 13.514 (2009) 11.016 (2008) 10.8 (2007) Fiscal year
Calendar year
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The site of advanced Amerindian civilizations - including the Olmec, Toltec, Teotihuacan, Zapotec, Maya, and Aztec - Mexico was conquered and colonized by Spain in the early 16th century. Administered as the Viceroyalty of New Spain for three centuries, it achieved its independence early in the 19th century. The global financial crisis beginning in late 2008 caused a massive economic downturn the following year, although growth returned quickly in 2010. Ongoing economic and social concerns include low real wages, underemployment for a large segment of the population, inequitable income distribution, and few advancement opportunities for the largely Amerindian population in the impoverished southern states. The elections held in 2000 marked the first time since the 1910 Mexican Revolution that an opposition candidate - Vicente FOX of the National Action Party (PAN) - defeated the party in government, the Institutional Revolutionary Party (PRI). He was succeeded in 2006 by another PAN candidate Felipe CALDERON. National elections, including the presidential election, are scheduled for 1 July 2012. Since 2007, Mexico's powerful drug-trafficking organizations have engaged in bloody feuding, resulting in tens of thousands of drug-related homicides.