Mexico has a free market economy in the trillion dollar class. It contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Per capita income is one-fourth that of the US; income distribution remains highly unequal. Trade with the US and Canada has tripled since the implementation of NAFTA in 1994. Mexico has 12 free trade agreements with over 40 countries including, Guatemala, Honduras, El Salvador, the European Free Trade Area, and Japan, putting more than 90% of trade under free trade agreements. In 2007, during his first year in office, the Felipe CALDERON administration was able to garner support from the opposition to successfully pass a pension and a fiscal reform. The administration continues to face many economic challenges including the need to upgrade infrastructure, modernize labor laws, and allow private investment in the energy sector. CALDERON has stated that his top economic priorities remain reducing poverty and creating jobs.
GDP (purchasing power parity):$1.346 trillion (2007 est.)
GDP (official exchange rate):$893.4 billion (2007 est.)
GDP - real growth rate:3.3% (2007 est.)
GDP - per capita (PPP):$12,800 (2007 est.)
GDP - composition by sector:agriculture: 4% industry: 26.6% services: 69.5% (2007 est.)
Labor force:44.71 million (2007 est.)
Labor force - by occupation:agriculture: 18% industry: 24% services: 58% (2003)
Unemployment rate:3.7% plus underemployment of perhaps 25% (2007 est.)
Inflation rate (consumer prices):4% (2007)
Investment (gross fixed):20.8% of GDP (2007 est.)
Budget:revenues: $209.2 billion expenditures: $209.2 billion (2007 est.)
Public debt:22.8% of GDP (2007 est.)
Agriculture - products:corn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes; beef, poultry, dairy products; wood products
Industries:food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
Industrial production growth rate:1.4% (2007 est.)
Electricity - production:222.4 billion kWh (2005)
Electricity - consumption:183.3 billion kWh (2005)
Electricity - exports:1.597 billion kWh (2005)
Electricity - imports:470.7 million kWh (2005)
Oil - production:3.784 million bbl/day (2005 est.)
Oil - consumption:2.078 million bbl/day (2005 est.)
Oil - exports:2.268 million bbl/day (2004)
Oil - imports:308,500 bbl/day (2004)
Oil - proved reserves:14.7 billion bbl (2007 est.)
Natural gas - production:41.37 billion cu m (2005 est.)
Natural gas - exports:282.9 million cu m (2005 est.)
Natural gas - proved reserves:434.1 billion cu m (1 January 2006 est.)
Current account balance:-$7.37 billion (2007 est.)
Exports:$271.9 billion f.o.b. (2007 est.)
Exports - commodities:manufactured goods, oil and oil products, silver, fruits, vegetables, coffee, cotton
Exports - partners:US 84.7%, Canada 2.1%, Spain 1.3% (2006)
Imports:$283 billion f.o.b. (2007 est.)
Imports - commodities:metalworking machines, steel mill products, agricultural machinery, electrical equipment, car parts for assembly, repair parts for motor vehicles, aircraft, and aircraft parts
Imports - partners:US 50.9%, China 9.5%, Japan 6%, South Korea 4.2% (2006)
Economic aid - recipient:$189.4 million (2005)
Reserves of foreign exchange and gold:$87.19 billion (31 December 2007 est.)
Debt - external:$179.7 billion (31 December 2007)
Currency (code):Mexican peso (MXN)
Exchange rates:Mexican pesos per US dollar - 10.8 (2007), 10.899 (2006), 10.898 (2005), 11.286 (2004), 10.789 (2003)
Fiscal year:calendar year
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