GITNUX MARKETDATA REPORT 2024

Mexican Economy Statistics: Market Report & Data

Highlights: The Most Important Mexican Economy Statistics

  • Mexico is the world's 11th largest economy by total GDP in 2020.
  • In 2021, the GDP in Mexico is estimated to be around 1.26 trillion U.S. dollars.
  • The Mexican economy was projected to grow at a rate of 5 percent in 2021.
  • Mexico is the world's 15th largest exporter as of 2020.
  • Mexico's tourism industry contributes approximately 8.5% of the country's GDP in 2019.
  • Mexico has the 11th largest population in the world in 2021.
  • Automobile manufacturing in Mexico accounts for about 3% of GDP in 2021.
  • Nearly half of Mexico's population lives in poverty according to World Bank estimates.
  • Mexico's largest trading partner is the U.S., accounting for nearly 80% of its exports in 2020.
  • Inflation rate in Mexico was about 3.33 percent compared to the previous year in 2020.
  • Mexico is the world's 8th largest producer of oil.
  • Manufacturing contributes to approximately 32% of Mexico's GDP.
  • Mexico has the 16th highest rate of income inequality according to the GINI index.
  • Mexico's unemployment rate was 3.6% in 2021.
  • Agriculture accounts for roughly 4% of Mexico's GDP.
  • Services account for approximately 61% of Mexico's GDP.
  • In 2020, the most important export from Mexico to the U.S. were vehicles, with a value of 85.3 billion U.S. dollars.
  • Mexico is projected to become the 7th largest economy in the world by 2050.

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Welcome to our deep dive into the intricately nuanced world of Mexican Economy Statistics. In this fascinating exploration, we’re set to delve into the rich data that underscores the economic health and patterns of Mexico, a country presenting an intriguing blend of the traditional and the modern. From overarching GDP figures to sector-specific statistics, to employment rates, trading data and beyond, our analysis aims to reveal the complex economic story of a nation that is so much more than just a neighbor to the United States. Get ready to uncover the numbers behind the narrative and discover how statistics offer remarkable insights into the dynamic Mexican economy.

The Latest Mexican Economy Statistics Unveiled

Mexico is the world’s 11th largest economy by total GDP in 2020.

In weaving the vibrant tapestry of Mexican economic statistics, one cannot turn a blind eye to the remarkable revelation that Mexico cinched the 11th spot in the 2020 global rank of economies based on total GDP. This pivotal statistic adds an intensive hue to the Mexican economic outlook, underscoring its significant role in the international economic landscape regardless of the challenges imposed by the global pandemic. It depicts Mexico’s resilience and intuition to navigate economic storms, effectively mirroring the country’s undaunted spirit in sustaining growth while ensuring crucial contribution to the world’s economic pulse.

In 2021, the GDP in Mexico is estimated to be around 1.26 trillion U.S. dollars.

Shining a light on the vigor of Mexico’s economic position, the approximate 1.26 trillion U.S. dollars GDP in 2021 offers a striking revelation. This numeric testament to the nation’s financial muscle injects a crucial data point in the intricate narrative of Mexican Economy Statistics. It reflects not only the economic output and productivity of the country but also provides a benchmark for analysis comparison on a global scale. It affords economists, stakeholders, and policy-makers precise economic insight, aiding in the evaluation of economic health, crafting of financial policy, and planning of investment strategies, ultimately underlining its cardinal importance.

The Mexican economy was projected to grow at a rate of 5 percent in 2021.

In the dynamic tableau of Mexican Economy Statistics, the projection of a 5 percent growth rate in 2021 shines with significance. This critical number not only signifies an optimistic future with economic recovery from the pandemic’s devastating effects but also heralds potential opportunities for investors and businesses. Moreover, it serves as a vital indicator of the government’s economic strategies’ effectiveness, labor market conditions, and the consumer sentiment landscape. Hence, this growth rate is an economic pulse-check, influencing policy-making decisions, investment strategies and business plans, ultimately sculpting the country’s financial vista.

Mexico is the world’s 15th largest exporter as of 2020.

Painting a vivid picture of Mexico’s economic landscape, the statistic that reveals it as the 15th largest global exporter in 2020 underscores the country’s significant role in international trade. This pivotal ranking illustrates the strength and diversity of Mexico’s economic outputs, highlighting its industrial vigor and competitive edge in global markets. Moreover, it reinforces the crucial implication of how trade policies, logistics, and international relations can further influence Mexico’s economic growth. Therefore, this factor becomes a compelling tapestry underpinning the comprehensive narrative of Mexico’s economy in our blog post about Mexican Economy Statistics.

Mexico’s tourism industry contributes approximately 8.5% of the country’s GDP in 2019.

The significant contribution of Mexico’s tourism industry, accounting for around 8.5% of the country’s GDP in 2019, offers a sophisticated lens through which one can decode the overarching dynamism of Mexico’s economy. It brings to light the magnitude of tourism as an economic engine driving growth, facilitating job creation and promoting sustainable development. This intriguing figure portrays the intricate relationship between the tourism sector and larger economic performance, underscoring the sector’s resilience, potential for expansion, and its pivotal role as a cornerstone of the Mexican economy in the blog post around Mexican Economy Statistics.

Mexico has the 11th largest population in the world in 2021.

Unveiling Mexico as the world’s 11th most populous nation in 2021 paints a compelling backdrop when dissecting its economic statistics. With an immense population comes a sizable labor force, a vast domestic market, and substantial consumer demand, all pivotal to understanding economic performance and potential. This demographic characteristic, thus, brings a comprehensive lens to scrutinize aspects from unemployment rates and income distribution to purchasing power and the emergence of new industries. The country’s high-ranking population inherently weaves into the intricacies of its economic tapestry, further enriching the dialogue on Mexican economy statistics.

Automobile manufacturing in Mexico accounts for about 3% of GDP in 2021.

Highlighting that automobile manufacturing in Mexico contributes to approximately 3% of the GDP in 2021, deepens our understanding of Mexico’s economic structure, and particularly the significant role that automobile industry plays. This metric is a clear indicator of the sector’s vitality and its instrumental part in driving the nation’s overall economic performance. Integrating these figures into discussions on Mexican economy statistics provides readers with concrete insights into how various industries influence the economic landscape, while emphasizing the potential growth and investment opportunities within the country’s automotive sector.

Nearly half of Mexico’s population lives in poverty according to World Bank estimates.

Highlighting the statistic that nearly half of Mexico’s population lives in poverty, as estimated by the World Bank, paints a sobering picture of the socio-economic conditions in the nation when discussing Mexican Economy statistics in the blog post. This stark figure offers a crucial lens through which readers can understand the economic disparities present in the country, with profound implications for national economic policies, income distribution, and consumer purchasing power. As such, it serves as a compelling conversation-starter about the necessary reforms and initiatives for economic growth and poverty reduction.

Mexico’s largest trading partner is the U.S., accounting for nearly 80% of its exports in 2020.

Highlighting that Mexico’s major trading ally is the U.S., which consumed nearly 80% of its exports in 2020, sets a compelling backdrop for a narrative on Mexico’s economic statistics. This vital figure underscores the interconnection between the Mexican and American economies, illustrating how closely the health of Mexico’s export sector is entwined with U.S. consumption patterns. Hence, it’s a critical factor to weave into any discussion involving Mexico’s economic wellbeing, trade balance, and potential susceptibility to external financial swings, notably those originating from its northern neighbor.

Inflation rate in Mexico was about 3.33 percent compared to the previous year in 2020.

Anchoring the narrative with the subtle potency of numbers, the inflation rate of 3.33 percent in Mexico in 2020 serves as a tactile fiscal pulse of the Mexican economy. It not only provides a snapshot of the nation’s monetary health by illustrating the annual growth rate of its general level of prices, but it also offers a springboard for nuanced discourse around topics like consumer purchasing power, government monetary policies, and cost of living. Thus, this statistic injects crucial context into the evaluation of Mexico’s economic strategies and stability, strengthening the comprehension of its evolving economic tableau.

Mexico is the world’s 8th largest producer of oil.

Diving headlong into the gigantic ocean of Mexican economy statistics, one fact surfaces with striking prominence; Mexico securing its position as the world’s eighth largest producer of oil. Playing a significant role in Mexico’s economic infrastructure, oil production stands as a pivot, around which several economic aspects revolve. This prominent standing in the global oil market not only fuels the nation’s own economic engines, but is also a pivotal point of connection to the world economy. It underpins the economic realities of trade balances, currency valuation, government revenues and even employment aspects in Mexico, narrating an economic tale that extends far beyond its borders.

Manufacturing contributes to approximately 32% of Mexico’s GDP.

Peeling back the vibrant layers of Mexico’s economy, it becomes clear that manufacturing is its pulsating heart. Manufacturing making up approximately 32% of Mexico’s GDP doesn’t just signify a major slice of the economic pie; it reverberates the crucial role it plays in fuelling the country’s economic engine. This numerical testament brings to light not only the solid manufacturing base but also underscores the potential for domestic development, foreign investment and employment generation. Hence, in discussing Mexican Economy Statistics, this is a number worth boasting about; it’s a testament to national resilience, potential for continued growth, and a lighthouse guiding global investors to Mexican shores.

Mexico has the 16th highest rate of income inequality according to the GINI index.

When discussing the intricacies of Mexico’s economy, it’s impossible to ignore the glaring statistic of Mexico ranking 16th in the world for income inequality, as per the GINI index. This staggering figure vividly paints a picture of the financial chasm that separates various strata of Mexican society. The economic imbalance it symbolizes affects patterns of consumption, investment and public policies, directly impacting how Mexico’s economy operates and develops. Therefore, any overarching understanding of Mexican economic dynamics must take into account this crucial information.

Mexico’s unemployment rate was 3.6% in 2021.

In relation to the Mexican Economy Statistics, spotlighting the 3.6% unemployment rate of Mexico for 2021 offers a compelling insight. It unveils the pulse of the labor market, narrates the economic tenacity amidst global uncertainty, and serves as a mirror reflecting the efficacy of employment policies. Furthermore, its relevance extends beyond mere numbers; it interpolates multiple economic dimensions including labor market conditions, income distribution, consumer spending, and poverty level. Consequently, it becomes a fundamental economic barometer, capturing an integral snapshot of Mexico’s socio-economic panorama.

Agriculture accounts for roughly 4% of Mexico’s GDP.

A lasso loop around the 4% GDP contribution from the agricultural sector reveals just how significant this input is within the Mexican economy panorama. As a cornerstone in the nation’s socio-economic fabric, this figure does not only embody the essence of direct economic value but also hints at the many hands in soil – our farmers, and a cascade of allied industries like processing, transport, and trade. Its fluctuating state provides a barometer for various elements such as climate change, policy effect, trade agreements, and rural development, making it a key pulse-check in any erudite dissection of Mexican economic statistics.

Services account for approximately 61% of Mexico’s GDP.

Peeking behind the curtain of Mexico’s economic performance reveals that services form the backbone of its GDP, representing a significant 61%. This empathically pinpoints the driving sector diversifying and fueling Mexico’s economic engine. As we rummage through Mexican economy statistics, such a high percentage illuminates the nation’s successful pivot from traditional industries like agriculture and mining towards more modern service-based industries. This change not only creates a myriad of opportunities for employment and economic growth regionally, but also plugs Mexico into the global economy, potentially influencing major trends in trade, investment, and economic policy-making. Hence, the dominion of the services sector is an integral piece to the Mexican economic puzzle.

In 2020, the most important export from Mexico to the U.S. were vehicles, with a value of 85.3 billion U.S. dollars.

With vehicles topping the export list from Mexico to the U.S. at a staggering value of 85.3 billion U.S. dollars in 2020, it becomes evident that Mexico’s economy is significantly fuelled by its automotive industry. This highlights the interwoven nature of the Mexican and U.S. economies, illustrating how the automotive sector drives bilateral trade. Also, it underscores the key role Mexico plays in the global supply chain of auto manufacturing. Therefore, any shifts in trade policies or economic downturns could potentially have broad implications for Mexico’s overall economic stability.

Mexico is projected to become the 7th largest economy in the world by 2050.

Forecasting Mexico to ascend as the 7th largest economy globally by 2050 signifies a seismic shift in global economic power that bestows real implications. In the labyrinth of Mexican economy statistics, this projection paints an encouraging picture of potential growth, increased investment opportunities, and a probable spur in development and innovation. It signals a promising future for Mexico’s political and financial influence on the world stage, with potential ramifications on international trade dynamics, foreign policy orientations, and even migration patterns. It’s no mere academic exercise, but a vivid glimpse into a future where Mexico emerges as an economic powerhouse.

Conclusion

In summary, the Mexican economy, richly marbled with sectors like manufacturing, oil, and agriculture, shows dynamic complexity and potential for growth despite facing several challenges. However, the disparities between wealth and poverty, ongoing concerns about security, and structural issues are significant hurdles that demand vigilance and strategic policy-making. As seen from the statistics, to ensure sustainable growth, Mexico needs to further diversify its economy, improve its educational system, and reduce its economic dependability on the United States. With the right structural reforms, Mexico could harness its potential and significantly improve its economic statistics.

References

0. – https://www.www.cia.gov

1. – https://www.www.worldbank.org

2. – https://www.wits.worldbank.org

3. – https://www.data.worldbank.org

4. – https://www.ustr.gov

5. – https://www.www.pwc.com

6. – https://www.www.statista.com

7. – https://www.www.reuters.com

8. – https://www.www.worldatlas.com

FAQs

What is the primary sector contributing to Mexico’s economy?

The service sector, including tourism, banking, and commerce, contributes the highest percentage to Mexico's GDP, followed by the industrial sector which includes manufacturing and construction.

What is the relation between the U.S. economy and the Mexican economy?

There is a strong economic link between Mexico and the U.S., primarily due to the United States–Mexico–Canada Agreement (USMCA). The U.S. is Mexico's most significant trading partner, and many American companies have operations or suppliers in Mexico.

How does oil contribute to Mexico's economy?

Oil is vital to Mexico's economy. It's one of the country's top exports and a primary source of government revenue. However, its contribution has reduced in recent years due to the diversification of the economy.

How does tourism impact the Mexican economy?

Tourism plays a major role in Mexico's economy. It is one of the world's most-visited countries and brings in significant income, creates jobs, and helps support local communities.

What are the main risks and challenges facing the Mexican economy?

Mexico's economy faces several challenges, including reducing economic inequality, improving education, developing infrastructure, reducing corruption and drug-related violence, and managing economic dependence on the U.S.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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