Mexico is a North American country with an area of 1,964,380 km22 and a population of 129,163,276 people. Its capital is Mexico City, and the official currency is the Mexican peso. How much is Mexico's GDP, and what place does the country occupy in the world according to this indicator? This is covered in this article.
What is GDP?
Before characterizing Mexico's GDP, it is necessary to understand this economic concept.
Under gross domestic product (GDP) is the value of all goods and services that are produced in a particular country for a certain period of time, usually a year. The value of GDP includes only those goods that are produced by the formal economy of the country, that is, this indicator does not take into account illegal transactions, black market activities, trading between friends, and so on.
The we alth of a country is measured not only by absolute GDP, but also by GDP per capita, which is calculated simply: you need to divide the GDP by the number of inhabitants of the corresponding country. Howeverthis indicator also does not reflect the real social situation in the state.
Mexican economy
Mexico ranks 15th in the world's largest economies and 2nd in Latin America, according to figures from the International Monetary Fund. At the same time, Mexico is in 13th place among the world's largest exporters and in first place among the exporting countries of Latin America. In 2016, the country's exports amounted to 394 billion US dollars. In recent years, Mexico's export growth has averaged 1.6% per year.
The main products produced by the government for export are as follows:
- cars;
- car parts;
- computers and accessories for them;
- oil;
- TVs;
- medical devices;
- gold.
Furthermore, Mexico is one of the top countries in the world to attract foreign capital. In 2017, that figure was $297 billion. Tourism plays an important role in the country's economy, from which the contribution to Mexico's GDP annually is about 19.5 billion dollars. The unemployment rate in the country is the lowest in the world. According to the Institute of National Statistics and Geography of Mexico, it was only 3.2% in 2017.
GDP of Mexico
If we consider this indicator since 2000, we can say that its value has increased by 30%. So, in 2000 it was 766 billion euros, and in 2016 - 973 billion.
Ifto bring Mexico's GDP per capita, then in 2000 this figure was equal to 7593 euros, and in 2016 it amounted to 7630 euros, that is, it practically did not increase, which is associated with the rapid growth of the population in the country. In terms of GDP per capita, Mexico is in the fifth ten countries in the world, which indicates the high rates of poverty of Mexicans.
In the first trimester of 2018, the growth of the state economy amounted to 2.3%. According to the World Bank, this growth will continue to remain at the same level in 2019 due to foreign investment in the Mexican economy.
What about the capital? It is worth noting that the capital - Mexico City - makes the main contribution to the country's economy. So, in 2014, the metropolis's GDP amounted to 390.5 billion US dollars, which is approximately 30% of the state's total GDP.
Economic problems of the state
The main topics discussed by the government of the country recently are economic growth, poverty and social inequality in the state. According to the latest information, about 44% of Mexicans live on the threshold of poverty.
Currently, a number of important reforms are being developed in the country, which should give a significant impetus to the country's economic development. At the same time, special attention is paid to anti-corruption policies, since they will maximize the economic potential of Mexico.
