Mexico Economy - 2023

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

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Real GDP growth rate

4.72% (2021 est.)

-7.99% (2020 est.)

-0.2% (2019 est.)

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Real GDP per capita

$19,100 (2021 est.)

$18,300 (2020 est.)

$20,100 (2019 est.)

note: data are in 2017 dollars

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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.)

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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.)

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Labor force

56.132 million (2021 est.)

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Labor force - by occupation

agriculture: 13.4%

industry: 24.1%

services: 61.9% (2011)

Unemployment rate

4.38% (2021 est.)

4.45% (2020 est.)

3.48% (2019 est.)

note: underemployment may be as high as 25%

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Youth unemployment rate (ages 15-24)

total: 8.1%

male: 7.9%

female: 8.6% (2021 est.)

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Population below poverty line

41.9% (2018 est.)

Gini Index coefficient - distribution of family income

45.4 (2020 est.)

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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)

Budget

revenues: $264.261 billion (2020 est.)

expenditures: $313.358 billion (2020 est.)

Budget surplus (+) or deficit (-)

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

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Public debt

54.3% of GDP (2017 est.)

56.8% of GDP (2016 est.)

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Taxes and other revenues

14.29% (of GDP) (2020 est.)

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Fiscal year

calendar year

Current account balance

-$4.817 billion (2021 est.)

$27.103 billion (2020 est.)

-$3.406 billion (2019 est.)

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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

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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

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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

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Debt - external

$456.713 billion (2019 est.)

$448.268 billion (2018 est.)

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Exchange rates

Mexican pesos (MXN) per US dollar -

20.272 (2021 est.)

21.486 (2020 est.)

19.264 (2019 est.)

19.244 (2018 est.)

18.927 (2017 est.)

NOTE: The information regarding Mexico on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Mexico 2023 information contained here. All suggestions for corrections of any errors about Mexico 2023 should be addressed to the CIA or the source cited on each page.