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; low unemployment; inflation gradually decreasing amid tight monetary policy; state intervention in energy sector and public infrastructure projects; challenges from income inequality, corruption, and cartel-based violence
. Key agricultural products in this country include: sugarcane, maize, milk, oranges, sorghum, tomatoes, chicken, wheat, chilies/peppers, lemons/limes (2022).More about the economy of Mexico
| Labor force | 60.042 million (2023 est.) |
|---|---|
| Industrial production growth rate | 3.52% (2023 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 | 13.44% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Mexican pesos (MXN) per US dollar - |
| 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.) |
| Exchange rates 2019 | 19.264 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $456.713 billion (2019 est.) |
| Debt - external 2018 | $448.268 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $214.317 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $201.119 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $207.799 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$5.716 billion (2023 est.) |
| Current account balance 2022 | -$17.667 billion (2022 est.) |
| Current account balance 2021 | -$4.493 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 44.05% of GDP (2022 est.) |
| Budget | |
| Revenues | $264.261 billion (2020 est.) |
| Expenditures | $313.358 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3.7% of GDP (2023 est.) |
| Remittances 2022 | 4.2% of GDP (2022 est.) |
| Remittances 2021 | 4.19% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.1% (2022 est.) |
| Highest 10% | 34.4% (2022 est.) |
| Average household expenditures | |
| On food | 26.2% of household expenditures (2021 est.) |
| On alcohol and tobacco | 3.6% of household expenditures (2021 est.) |
| Imports | |
| Imports 2023 | $673.828 billion (2023 est.) |
| Imports 2022 | $672.914 billion (2022 est.) |
| Imports 2021 | $560.842 billion (2021 est.) |
| Imports (partners) | US 56%, China 17%, Germany 3%, South Korea 3%, Japan 2% (2022) |
| Comodities Imports force | refined petroleum, vehicle parts/accessories, machine parts, integrated circuits, natural gas (2022) |
| Exports | |
| Imports 2023 | $673.828 billion (2023 est.) |
| Imports 2022 | $672.914 billion (2022 est.) |
| Imports 2021 | $560.842 billion (2021 est.) |
| Exports (partners) | US 77%, Canada 4%, China 2%, Taiwan 1%, South Korea 1% (2022) |
| Comodities Exports force | cars, computers, vehicle parts/accessories, crude petroleum, trucks (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $2.873 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $2.783 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $2.678 trillion (2021 est.) |
| GDP (official exchange rate) | $1.789 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $22,400 (2023 est.) |
| Real GDP per capita 2022 | $21,800 (2022 est.) |
| Real GDP per capita 2021 | $21,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 3.6% (2017 est.) |
| Industry | 31.9% (2017 est.) |
| Services | 64.5% (2017 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.) |
| Unemployment rate | |
| Unemployment rate 2023 | 2.81% (2023 est.) |
| Unemployment rate 2022 | 3.26% (2022 est.) |
| Unemployment rate 2021 | 4.02% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.1% (2023 est.) |
| Male | 5.8% (2023 est.) |
| Female | 6.7% (2023 est.) |
All Important Facts about Mexico
Want to know more about Mexico? Check all different factbooks for Mexico below.
