Mexico Economy:
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 government is cognizant of the need to upgrade infrastructure, modernize the tax system and labor laws, and provide incentives to invest in the energy sector, but progress is slow.
GDP (purchasing power parity):
$1.01 trillion (2004 est.)
GDP real growth rate:
4.1% (2004 est.)
GDP per capita:
purchasing power parity: $9,600 (2004 est.)
GDP composition by sector:
agriculture: 4%
industry: 27.2%
services: 68.9%
(2004)
Labor force:
34.73 million (2004 est.)
Labor force by occupation:
agriculture: 18%, industry: 24%, services: 58% (2003 est.)
Unemployment rate:
3.2% plus underemployment of perhaps 25% (2004 est.)
Population below poverty line:
40% (2003 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 est.)
Inflation rate (consumer prices):
5.4% (2004 est.)
Investment (gross fixed):
19.4% of GDP (2004 est.)
Budget:
revenues: $160 billion (2004 est.)
expenditures: $158 billion including capital expenditures of NA (2004 est.)
Public debt:
23.5% of GDP (2004 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:
3.8% (2004 est.)
Electricity production:
203.6 billion kWh (2002 est.)
Electricity consumption:
189.7 billion kWh (2002 est.)
Electricity exports:
98.65 million kWh (2002 est.)
Electricity imports:
367.7 million kWh (2002 est.)
Oil production:
3.46 million bbl/day (2004 est.)
Oil consumption:
1.75 million bbl/day (2004 est.)
Oil exports:
1.86 million bbl/day (2004 est.)
Oil imports:
205,000 bbl/day (2004 est.)
Oil proved reserves:
18 billion bbl (2004 est.)
Natural gas production:
47.3 billion cu m (2004 est.)
Natural gas consumption:
55.1 billion cu m (2004 est.)
Natural gas exports:
0 cu m (2004 est.)
Natural gas imports:
7.85 cu m (2004 est.)
Natural gas proved reserves:
420 billion cu m (2004 est.)
Current account balance:
$-4.11 billion (2004 est.)
Exports:
$182.4 billion (f.o.b. 2004 est.)
Exports commodities:
manufactured goods, oil and oil products, silver, fruits, vegetables, coffee, cotton
Exports partners:
US 87.6%, Canada 1.8%, , Spain 1.1%, , , , (2004)
Imports:
$190.8 billion (f.o.b. 2004 est.)
Imports commodities:
metalworking machines, steel mill products, agricultural machinery, electrical equipment, car parts for assembly, repair parts for motor vehicles, aircraft, aircraft parts
Imports partners:
US 53.7%, Japan 5.1%, China 7%, , , , , , (2004)
Reserves of foreign exchange and gold:
$60.67 billion (2004 est.)
Debt external:
$149.9 billion (2004 est.)
Economic aid recipient:
$1.17 billion (1995 est.)
Currency:
Mexican peso (MXN)
Exchange rates:
Mexican pesos per US$: 11.29 (2004 est.), 10.79 (2003 est.), 9.66 (2002 est.), 9.34 (2001 est.), 9.46 (2000 est.)
Fiscal year:
calendar year
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