Mexico Economy - 2024

Economic overview

one of the world’s largest economies; USMCA buttresses its manufacturing sector; has underperformed growth targets for three decades; COVID-19 disrupted export-based economy; corruption and cartel-based violence undermine economic stability

Real GDP (purchasing power parity)

$2.418 trillion (2021 est.)
$2.309 trillion (2020 est.)
$2.51 trillion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.72% (2021 est.)
-7.99% (2020 est.)
-0.2% (2019 est.)

Real GDP per capita

$19,100 (2021 est.)
$18,300 (2020 est.)
$20,100 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1,269,956,000,000 (2019 est.)

Inflation rate (consumer prices)

5.69% (2021 est.)
3.4% (2020 est.)
3.64% (2019 est.)

Credit ratings

Fitch rating: BBB- (2020)

Moody's rating: Baa1 (2020)

Standard & Poors rating: BBB (2020)

note: The year refers to the year in which the current credit rating was first obtained.

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.)

Agricultural products

sugarcane, maize, milk, oranges, sorghum, tomatoes, poultry, wheat, green chillies/peppers, eggs

Industries

food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism

Industrial production growth rate

5.44% (2021 est.)

Labor force

56.132 million (2021 est.)

Unemployment rate

4.38% (2021 est.)
4.45% (2020 est.)
3.48% (2019 est.)

note: underemployment may be as high as 25%

Youth unemployment rate (ages 15-24)

total: 8.1% (2021 est.)

male: 7.9%

female: 8.6%

Population below poverty line

41.9% (2018 est.)

Gini Index coefficient - distribution of family income

45.4 (2020 est.)

Average household expenditures

on food: 23.4% of household expenditures (2018 est.)

on alcohol and tobacco: 2.8% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2%

highest 10%: 40% (2014)

Remittances

4.25% of GDP (2021 est.)
3.93% of GDP (2020 est.)
3.07% of GDP (2019 est.)

Budget

revenues: $264.261 billion (2020 est.)

expenditures: $313.358 billion (2020 est.)

Budget surplus (+) or deficit (-)

-1.1% (of GDP) (2017 est.)

Public debt

54.3% of GDP (2017 est.)
56.8% of GDP (2016 est.)

Taxes and other revenues

14.29% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$4.817 billion (2021 est.)
$27.103 billion (2020 est.)
-$3.406 billion (2019 est.)

Exports

$522.235 billion (2021 est.) note: data are in current year dollars
$434.366 billion (2020 est.) note: data are in current year dollars
$492.657 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 75% (2019)

Exports - commodities

cars and vehicle parts, computers, delivery trucks, crude petroleum, video displays, insulated wiring (2021)

Imports

$544.752 billion (2021 est.) note: data are in current year dollars
$411.458 billion (2020 est.) note: data are in current year dollars
$495.391 billion (2019 est.) note: data are in current year dollars

Imports - partners

United States 54%, China 14% (2019)

Imports - commodities

integrated circuits, refined petroleum, cars and vehicle parts, office machinery/parts, telephones (2019)

Reserves of foreign exchange and gold

$207.799 billion (31 December 2021 est.)
$199.069 billion (31 December 2020 est.)
$183.056 billion (31 December 2019 est.)

note: Mexico also maintains access to an $88 million Flexible Credit Line with the IMF

Debt - external

$456.713 billion (2019 est.)
$448.268 billion (2018 est.)

Exchange rates

Mexican pesos (MXN) per US dollar -

Exchange rates:
20.272 (2021 est.)
21.486 (2020 est.)
19.264 (2019 est.)
19.244 (2018 est.)
18.927 (2017 est.)