Mexico - Economy
How is the economy of Mexico? Based on the information we have, Mexico has a
upper-middle-income economy; highly integrated with US via trade and nearshore manufacturing; weak domestic demand, fiscal consolidation, and trade uncertainty contributing to sluggish growth; low unemployment; challenges from income inequality, corruption, and cartel-based violence
. Key agricultural products in this country include: sugarcane, maize, milk, oranges, sorghum, tomatoes, chicken, chillies/peppers, wheat, lemons/limes (2023).More about the economy of Mexico
| Labor force | 60.959 million (2024 est.) |
|---|---|
| Industrial production growth rate | 0.2% (2024 est.) |
| Industries | food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism |
| Population below poverty line | 36.3% (2022 est.) |
| Taxes and other revenues | 14.2% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Mexican pesos (MXN) per US dollar - |
| Exchange rates 2024 | 18.305 (2024 est.) |
| Exchange rates 2023 | 17.759 (2023 est.) |
| Exchange rates 2022 | 20.127 (2022 est.) |
| Exchange rates 2021 | 20.272 (2021 est.) |
| Exchange rates 2020 | 21.486 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $306.308 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $232.035 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $214.317 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $201.119 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$5.986 billion (2024 est.) |
| Current account balance 2023 | -$5.611 billion (2023 est.) |
| Current account balance 2022 | -$17.701 billion (2022 est.) |
| Public debt | |
| Public debt 2023 | 45.1% of GDP (2023 est.) |
| Budget | |
| Revenues | $342.571 billion (2023 est.) |
| Expenditures | $417.843 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 3.7% of GDP (2024 est.) |
| Remittances 2023 | 3.7% of GDP (2023 est.) |
| Remittances 2022 | 4.2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.1% (2022 est.) |
| Highest 10% | 34.4% (2022 est.) |
| Average household expenditures | |
| On food | 25.7% of household expenditures (2023 est.) |
| On alcohol and tobacco | 2.3% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $697.067 billion (2024 est.) |
| Imports 2023 | $674.695 billion (2023 est.) |
| Imports 2022 | $672.914 billion (2022 est.) |
| Imports (partners) | USA 46%, China 20%, Germany 4%, Japan 3%, S. Korea 3% (2023) |
| Comodities Imports force | vehicle parts/accessories, refined petroleum, integrated circuits, broadcasting equipment, cars (2023) |
| Exports | |
| Imports 2024 | $697.067 billion (2024 est.) |
| Imports 2023 | $674.695 billion (2023 est.) |
| Imports 2022 | $672.914 billion (2022 est.) |
| Exports (partners) | USA 76%, Canada 5%, China 2%, Germany 2%, Spain 1% (2023) |
| Comodities Exports force | cars, vehicle parts/accessories, crude petroleum, trucks, computers (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $2.883 trillion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $2.842 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $2.751 trillion (2022 est.) |
| GDP (official exchange rate) | $1.853 trillion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $22,000 (2024 est.) |
| Real GDP per capita 2023 | $21,900 (2023 est.) |
| Real GDP per capita 2022 | $21,400 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3.8% (2024 est.) |
| Industry | 31.6% (2024 est.) |
| Services | 58.2% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 70.3% (2024 est.) |
| Government consumption | 11.2% (2024 est.) |
| Investment in fixed capital | 24.2% (2024 est.) |
| Investment in inventories | 0% (2024 est.) |
| Exports of goods and services | 36.8% (2024 est.) |
| Imports of goods and services | -37.9% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.8% (2024 est.) |
| Unemployment rate 2023 | 2.8% (2023 est.) |
| Unemployment rate 2022 | 3.3% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 5.5% (2024 est.) |
| Male | 5.2% (2024 est.) |
| Female | 6.1% (2024 est.) |
All Important Facts about Mexico
Want to know more about Mexico? Check all different factbooks for Mexico below.
