Mexico is the state of North America, which has an area of 1 964 380 km 2 and a population of 129 163 276 people. Its capital is the city of Mexico City, and the official currency is the Mexican peso. How much is Mexico's GDP, and what place does the country take in this indicator in the world? This is described in this article.
What is GDP?
Before describing Mexico's GDP, it is necessary to deal with this economic concept.
Under the gross domestic product (GDP) means 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 activity, trading operations between friends and so on.
The country's wealth is measured not only by absolute GDP, but also by GDP per capita, which is calculated simply: it is necessary to divide the GDP by the number of inhabitants of the corresponding country. However, this indicator also does not reflect the real social situation in the state.
Mexico economy
Mexico ranks 15th in the ranking of the largest economies in the world and 2nd among Latin American countries, according to the figures of the International Monetary Fund. At the same time, Mexico ranks 13th among the world's largest exporters and in the first among Latin American exporting countries. In 2016, the country's exports amounted to 394 billion US dollars. In recent years, Mexico's average export growth rate is 1.6% per year.
The main products that the state produces for export are as follows:
- cars;
- spare parts for cars;
- computers and components for them;
- oil;
- TV sets
- medical devices;
- gold.
In addition, Mexico is one of the main countries in the world for attracting foreign capital. In 2017, this figure was $ 297 billion. Tourism plays a large role in the economy of the country, from which about $ 19.5 billion is contributed annually to Mexico's GDP. The country's unemployment rate is the lowest in the world. According to the Institute of National Statistics and Geography of Mexico, it was only 3.2% in 2017.
Mexico's GDP
If we consider this indicator since 2000, then we can say that its value has increased by 30%. So, in 2000, it amounted to 766 billion euros, and in 2016 - 973 billion.
If Mexico’s GDP per capita is given, then in 2000 this indicator was equal to 7593 euros, and in 2016 it amounted to 7630 euros, that is, it practically did not increase, due to the rapid population growth in the country. In terms of GDP per capita , Mexico is in the top ten countries in the world, which indicates the high poverty rates of Mexicans.
In the first trimester of 2018, the state economy grew by 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 GDP of the metropolis amounted to 390.5 billion US dollars, which is approximately 30% of the total GDP of the state.
Economic problems of the state
The main topics discussed recently by the government of the country are economic growth, the level of poverty and social inequality in the state. According to the latest information, about 44% of Mexicans live on the verge 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 political measures, since it is precisely these measures that will maximize the economic potential of Mexico.