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Travel & Tourism . Tourist Guide to the Country

Mexico Economy




Mexico    Economy Top of Page
Economy - overview: Mexico has a free market economy with a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. The number of state-owned enterprises in Mexico has fallen from more than 1,000 in 1982 to fewer than 200 in 2000. The ZEDILLO administration privatized and expanded competition in seaports, railroads, telecommunications, electricity, natural gas distribution, and airports. A strong export sector helped to cushion the economy's decline in 1995 and led the recovery in 1996-2000. Private consumption became the leading driver of growth in 2000, accompanied by increased employment and higher real wages. Mexico still needs to overcome many structural problems as it strives to modernize its economy and raise living standards. Income distribution is very unequal, with the top 20% of income earners accounting for 55% of income. Trade with the US and Canada has tripled since NAFTA was implemented in 1994. Mexico completed free trade agreements with the EU, Israel, El Salvador, Honduras, and Guatemala in 2000, and is pursuing additional trade agreements with countries in Latin America and Asia to lessen its dependence on the US.
GDP: purchasing power parity - $915 billion (2000 est.)
GDP - real growth rate: 7.1% (2000 est.)
GDP - per capita: purchasing power parity - $9,100 (2000 est.)
GDP - composition by sector: agriculture:  5%

industry:  27%

services:  68% (2000)
Population below poverty line: 27% (1998 est.)
Household income or consumption by percentage share: lowest 10%:  1.8%

highest 10%:  36.6% (1996)
Inflation rate (consumer prices): 9% (2000 est.)
Labor force: 39.8 million (2000)
Labor force - by occupation: agriculture 20%, industry 24%, services 56% (1998)
Unemployment rate: urban - 2.2% (2000); plus considerable underemployment
Budget: revenues:  $125 billion

expenditures:  $130 billion, including capital expenditures of $NA (2000 est.)
Industries: food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
Industrial production growth rate: 7.5% (2000 est.)
Electricity - production: 182.492 billion kWh (1999)
Electricity - production by source: fossil fuel:  74.12%

hydro:  17.75%

nuclear:  5.21%

other:  2.92% (1999)
Electricity - consumption: 170.754 billion kWh (1999)
Electricity - exports: 11 million kWh (1999)
Electricity - imports: 1.047 billion kWh (1999)
Agriculture - products: corn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes; beef, poultry, dairy products; wood products
Exports: $168 billion (f.o.b., 2000), includes in-bond industries (assembly plant operations)
Exports - commodities: manufactured goods, oil and oil products, silver, fruits, vegetables, coffee, cotton
Exports - partners: US 88.6%, Canada 2%, Spain 0.9%, Germany 0.9%, Japan 0.6%, UK 0.6%, Netherlands Antilles 0.5%, Switzerland 0.3% Venezuela 0.3%, Chile 0.3% (2000 est.)
Imports: $176 billion (f.o.b., 2000), includes in-bond industries (assembly plant operations)
Imports - commodities: metal-working machines, steel mill products, agricultural machinery, electrical equipment, car parts for assembly, repair parts for motor vehicles, aircraft, and aircraft parts
Imports - partners: US 73.6%, Japan 3.7%, Germany 3.3%, Canada 2.3%, South Korea 2%, China 1.6%, Taiwan 1.2%, Italy 1%, Brazil 1% (2000 est.)
Debt - external: $162 billion (2000)
Economic aid - recipient: $1.166 billion (1995)
Currency: Mexican peso (MXN)
Currency code: MXN
Exchange rates: Mexican pesos per US dollar - 9.7701 (January 2001), 9.4556 (2000), 9.5604 (1999), 9.1360 (1998), 7.9185 (1997), 7.5994 (1996)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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