|
The
Economy of Mexico
Mexico
has a free market economy that recently entered 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 one-fourth that of the US; income distribution
remains highly unequal. Trade with the US and Canada has tripled since
the implementation of NAFTA in 1994. Mexico has 12 free trade agreements
with over 40 countries including, Guatemala, Honduras, El Salvador, the
European Free Trade Area, and Japan, putting more than 90% of trade
under free trade agreements. The Calderon administration is cognizant of
the need to upgrade infrastructure, modernize the tax system and labor
laws, and allow private investment in the energy sector, but has been
unable to win the support of the opposition-led Congress. It is the
intention of the current Mexican Federal Government to confront all
challenges of boosting economic growth, improving Mexico's international
competitiveness, and reducing poverty.
GDP: Purchasing power parity:
$1.064 trillion (2005 est.)
GDP - real growth rate:
3% (2005 est.)
GDP - per capita:
$10,000 (2005 est.)
GDP (official exchange rate):
$693 billion (2005 est.)
GDP - composition by sector:
agriculture: 3.8%
industry: 25.9%
services: 70.2% (2005 est.)
Household
income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 35.6% (2002)
Distribution of family income - Gini index:
53.1 (1998)
Inflation rate (consumer prices):
4.5% (2003 est.)
Labor force:
43.4 million (2005 est.)
Labor force - by occupation:
agriculture 18%, industry 24%, services 58% (2003)
Unemployment rate:
3.6% plus underemployment of perhaps 25% (2005 est.)
National Budget:
Revenues:
$181 billion
expenditures:
Expenditures:
$184 billion; including capital expenditures of $NA (2005)
Public debt:
17.4% of GDP (2005 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:
-0.7% (2003 est.)
Electricity - production:
209.2 billion kWh (2003)
Electricity - consumption:
193.9 billion kWh (2003)
Electricity - exports:
1.07 billion kWh (2003)
Electricity - imports:
390.2 million kWh (2003)
Oil - production:
3.42 million bbl/day (2005 est.)
Oil - consumption:
1.752 million bbl/day (2004 est.)
Oil - exports:
1.863 million bbl/day (2004)
Oil - imports:
205,000 bbl/day (2004)
Oil - proved reserves:
33.31 billion bbl (2005 est.)
Natural gas - production:
47.3 billion cu m (2004 est.)
Natural gas - exports:
254 million cu m (2001 est.)
Natural gas - proved reserves:
424.3 billion cu m (2005)
Known account balance:
$5.708 billion (2005 est.)
Exports:
$213.7 billion f.o.b. (2005 est.)
Exports - commodities:
manufactured goods, oil and oil products, silver, fruits, vegetables,
coffee, cotton
Exports - partners:
US 87.6%, Canada 1.8%, Germany 1.2% (2003)
Imports:
$223.7 billion f.o.b. (2005 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 53.4%, China 8%, Japan 5.9% (2005)
Reserves of foreign exchange & gold:
US 53.4%, China 8%, Japan 5.9% (2005)
Debt - external:
$137.2 billion (2005 est.)
Economic aid - recipient:
$1.166 billion (1995)
Currency:
Mexican peso (MXN)
Currency code:
MXN
Exchange rates:
Mexican pesos per US dollar - 10.659 (2006 & current 2007), 10.789 (2003),
10.789 (2003), 9.656 (2002), 9.3423 (2001),
9.4556 (2000),
9.5604 (1999)
Fiscal year:
calendar year
Related to Mexico also see: Culture
Geography
People Traveling
to Mexico
|
