Today’s Mexico is large, diversified, and growing stronger. Here’s what you need to know about the current state of the Mexican economy, in 10 facts and figures.
- Mexico has a $1.26 trillion economy, making it the 15th largest economy in the world, and the 11th taking into account power purchasing parity.
- With its 122 million inhabitants, the GDP per capita currently stands at about $10,000, placing it firmly in the “upper middle income” countries.
- Economic growth was up to 2.5% in 2015.
- Despite the positive forecasts, the Mexican economy faced a number of challenges in recent years. Growth was under 2% in 2013, and under 3% in 2014..
- The government of Enrique Peña Nieto, which came to power in December 2012, has been pressing ahead with what has been seen by many as an “ambitious reform agenda..
- Mexico is traditionally seen as a commodities and manufacturing giant. It has the largest proven silver reserves in the world, and the tenth largest oil reserves..
- Mexico recently gained competitiveness as a automobile exporter. Large automotive companies such as Volkswagen, Toyota, Nissan, Ford, General Motors and Fiat Chrysler have increased their production in Mexico recently..
- Thanks to its membership of the North American Free Trade Association (NAFTA), Mexico has been able to become one of the United States’ largest trade partners..
- Mexico became the first Latin American country to enter the Organisation for Economic Co-operation and Development (OECD), in 1994..
Mexico is the OECD country with the second highest degree of economic disparity between the rich and the poor, behind Chile..
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