Mexico's $2.4 trillion economy – 11th largest in the world - has become increasingly oriented toward manufacturing since the North American Free Trade Agreement (NAFTA) entered into force in 1994. Per capita income is roughly one-third that of the US; income distribution remains highly unequal.
Mexico has become the US' second-largest export market and third-largest source of imports. In 2017, two-way trade in goods and services exceeded $623 billion. Mexico has free trade agreements with 46 countries, putting more than 90% of its trade under free trade agreements. In 2012, Mexico formed the Pacific Alliance with Peru, Colombia, and Chile.
Mexico's current government, led by President Enrique PENA NIETO, has emphasized economic reforms, passing and implementing sweeping energy, financial, fiscal, and telecommunications reform legislation, among others, with the long-term aim to improve competitiveness and economic growth across the Mexican economy. Since 2015, Mexico has held public auctions of oil and gas exploration and development rights and for long-term electric power generation contracts. Mexico has also issued permits for private sector import, distribution, and retail sales of refined petroleum products in an effort to attract private investment into the energy sector and boost production.
Since 2013, Mexico’s economic growth has averaged 2% annually, falling short of private-sector expectations that President PENA NIETO’s sweeping reforms would bolster economic prospects. Growth is predicted to remain below potential given falling oil production, weak oil prices, structural issues such as low productivity, high inequality, a large informal sector employing over half of the workforce, weak rule of law, and corruption. Mexico’s economy remains vulnerable to uncertainty surrounding the future of NAFTA — because the United States is its top trading partner and the two countries share integrated supply chains — and to potential shifts in domestic policies following the inauguration of a new a president in December 2018.
-0.3% (2019 est.)
2.19% (2018 est.)
2.34% (2017 est.)
3.6% (2019 est.)
4.9% (2018 est.)
6% (2017 est.)
Fitch rating: BBB- (2020)
Moody's rating: Baa1 (2020)
Standard & Poors rating: BBB (2020)
$2,525,481,000,000 (2019 est.)
$2,526,859,000,000 (2018 est.)
$2,472,586,000,000 (2017 est.)
note: data are in 2010 dollars
$1,269,956,000,000 (2019 est.)
$19,796 (2019 est.)
$20,024 (2018 est.)
$19,816 (2017 est.)
note: data are in 2010 dollars
23.7% of GDP (2019 est.)
23.7% of GDP (2018 est.)
23.2% of GDP (2017 est.)
agriculture: 3.6% (2017 est.)
industry: 31.9% (2017 est.)
services: 64.5% (2017 est.)
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.)
Overall score: 72.4 (2020)
Starting a Business score: 86.1 (2020)
Trading score: 82.1 (2020)
Enforcement score: 67 (2020)
sugar cane, maize, milk, oranges, sorghum, tomatoes, poultry, wheat, green chillies/peppers, eggs
food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
-0.6% (2017 est.)
50.914 million (2020 est.)
agriculture: 13.4%
industry: 24.1%
services: 61.9% (2011)
3.49% (2019 est.)
3.33% (2018 est.)
note: underemployment may be as high as 25%
41.9% (2018 est.)
36.8 (2018 est.)
48.3 (2008)
lowest 10%: 2%
highest 10%: 40% (2014)
revenues: 261.4 billion (2017 est.)
expenditures: 273.8 billion (2017 est.)
22.7% (of GDP) (2017 est.)
-1.1% (of GDP) (2017 est.)
54.3% of GDP (2017 est.)
56.8% of GDP (2016 est.)
calendar year
-$4.351 billion (2019 est.)
-$25.415 billion (2018 est.)
$491.593 billion (2019 est.)
$484.595 billion (2018 est.)
$457.693 billion (2017 est.)
United States 75% (2019)
cars and vehicle parts, computers, delivery trucks, crude petroleum, insulated wiring (2019)
$480.886 billion (2019 est.)
$485.211 billion (2018 est.)
$458.381 billion (2017 est.)
United States 54%, China 14% (2019)
integrated circuits, refined petroleum, cars and vehicle parts, office machinery/parts, telephones (2019)
$175.3 billion (31 December 2017 est.)
$178.4 billion (31 December 2016 est.)
note: Mexico also maintains access to an $88 million Flexible Credit Line with the IMF
$456.713 billion (2019 est.)
$448.268 billion (2018 est.)
Mexican pesos (MXN) per US dollar -
19.8 (2020 est.)
19.22824 (2019 est.)
20.21674 (2018 est.)
15.848 (2014 est.)
13.292 (2013 est.)
NOTE: The information regarding Mexico on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Mexico 2021 information contained here. All suggestions for corrections of any errors about Mexico 2021 should be addressed to the CIA or the source cited on each page.
This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.