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Mexico stands at 14th place among the largest economies in the world with a GDP of 1.276 trillion USD in 2014. As an exporting nation, it has the 15th place in the world rankings and is the number 14 among the importing countries. Additionally, Mexico is number ten among the oil-exporting countries in the world, the seventh largest automobile producer and fourth largest exporting nation in the automotive sector. The Mexican economy generates its GDP mainly in the fields of services, industry and trade.
The per capita income amounted to approximately 10,980 US dollars 2014 in 2014. After a rather weak growth of only 2.1 percent in 2014, the government expects up to a 4.2 percent growth rate in GDP. Central Bank and economic experts are more conserved with predicted growth rates of 3.5 percent and 3 percent respectively.
Mexico is an advanced emerging economy that is heavily liberalized. It is a member of the OECD and is its general secretary since June 2006. Mexico is also a member of the G20.
Despite the liberalization of the economy there are numerous oligopolies and monopolies in key sectors such as energy, telecommunications and banking, which hamper competition in Mexico. However, the Mexican government has initiated the opening of key economic areas, like energy in recent times.
The Mexican exports are mainly industrial products (especially motor vehicles, aircraft parts and equipment, electrical and electronic equipment) and mineral fuels. The dependence on the United States in foreign trade continues unabated. In the context of NAFTA, Mexico sent around 80 percent of its exports to the United States while getting back 50 percent of its imports. This is why the economic development of the United States has been strongly linked to the economic growth of Mexico.
Why invest in Mexico?
- Mexico is an economically liberal country, which is connected via free trade agreements with 45 countries in the world - including the EU, USA and Japan. This makes it one of the most trade-open countries on the planet.
- Mexico is one of the fastest growing economies in the world and is expected to be the 5th largest by 2050.
- Mexico serves as a hub between South and North America and thus exports more than the rest of the Latin American countries combined.
- Mexico has an abundant supply of skilled workforce due to its extensive educational system. For instance, the country produces more engineers per annum than the United States!
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