Mexico Economy Overview
Budget
revenues
$342.571 billion (2023 est.)
expenditures
$417.843 billion (2023 est.)
Exports
Exports 2022
$630.347 billion (2022 est.)
Exports 2023
$649.729 billion (2023 est.)
Exports 2024
$680.798 billion (2024 est.)
Imports
Imports 2022
$672.914 billion (2022 est.)
Imports 2023
$674.695 billion (2023 est.)
Imports 2024
$697.067 billion (2024 est.)
Industries
beverages and food, tobacco, chemical products, iron and steel, petroleum, mining, textiles, apparel, automotive, consumer goods, tourism
Labor force
60.959 million (2024 est.)
Public debt
Public debt 2023
45.1% of GDP (2023 est.)
Remittances
Remittances 2022
4.2% of GDP (2022 est.)
Remittances 2023
3.7% of GDP (2023 est.)
Remittances 2024
3.7% of GDP (2024 est.)
Exchange rates
Currency
Mexican pesos (MXN) per US dollar -
Exchange rates 2020
21.486 (2020 est.)
Exchange rates 2021
20.272 (2021 est.)
Exchange rates 2022
20.127 (2022 est.)
Exchange rates 2023
17.759 (2023 est.)
Exchange rates 2024
18.305 (2024 est.)
Debt - external
Debt - external 2023
$306.308 billion (2023 est.)
Economic overview
an upper-middle-income economy; closely linked to the United States through trade and nearshore manufacturing; sluggish growth attributed to weak domestic demand, fiscal consolidation, and trade uncertainties; low unemployment rates; facing challenges related to income inequality, corruption, and violence from cartels
Unemployment rate
Unemployment rate 2022
3.3% (2022 est.)
Unemployment rate 2023
2.8% (2023 est.)
Unemployment rate 2024
2.8% (2024 est.)
Exports - partners
USA 76%, Canada 5%, China 2%, Germany 2%, Spain 1% (2023)
Imports - partners
USA 46%, China 20%, Germany 4%, Japan 3%, S. Korea 3% (2023)
Real GDP per capita
Real GDP per capita 2022
$21,400 (2022 est.)
Real GDP per capita 2023
$21,900 (2023 est.)
Real GDP per capita 2024
$22,000 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
3.7% (2022 est.)
Real GDP growth rate 2023
3.3% (2023 est.)
Real GDP growth rate 2024
1.5% (2024 est.)
Agricultural products
sugarcane, maize, milk, oranges, sorghum, tomatoes, chicken, chillies/peppers, wheat, lemons/limes (2023)
Exports - commodities
automobiles, vehicle parts/accessories, crude oil, trucks, computers (2023)
Imports - commodities
vehicle parts/accessories, refined oil, integrated circuits, broadcasting equipment, automobiles (2023)
Current account balance
Current account balance 2022
-$17.701 billion (2022 est.)
Current account balance 2023
-$5.611 billion (2023 est.)
Current account balance 2024
-$5.986 billion (2024 est.)
Taxes and other revenues
14.2% (of GDP) (2023 est.)
GDP (official exchange rate)
$1.853 trillion (2024 est.)
GDP - composition, by end use
household consumption
70.3% (2024 est.)
government consumption
11.2% (2024 est.)
investment in inventories
0% (2024 est.)
investment in fixed capital
24.2% (2024 est.)
exports of goods and services
36.8% (2024 est.)
imports of goods and services
-37.9% (2024 est.)
Population below poverty line
36.3% (2022 est.)
Average household expenditures
on food
25.7% of household expenditures (2023 est.)
on alcohol and tobacco
2.3% of household expenditures (2023 est.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
7.9% (2022 est.)
Inflation rate (consumer prices) 2023
5.5% (2023 est.)
Inflation rate (consumer prices) 2024
4.7% (2024 est.)
Industrial production growth rate
0.2% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$2.751 trillion (2022 est.)
Real GDP (purchasing power parity) 2023
$2.842 trillion (2023 est.)
Real GDP (purchasing power parity) 2024
$2.883 trillion (2024 est.)
Youth unemployment rate (ages 15-24)
male
5.2% (2024 est.)
total
5.5% (2024 est.)
female
6.1% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022
$201.119 billion (2022 est.)
Reserves of foreign exchange and gold 2023
$214.317 billion (2023 est.)
Reserves of foreign exchange and gold 2024
$232.035 billion (2024 est.)
GDP - composition, by sector of origin
industry
31.6% (2024 est.)
services
58.2% (2024 est.)
agriculture
3.8% (2024 est.)
Household income or consumption by percentage share
lowest 10%
2.1% (2022 est.)
highest 10%
34.4% (2022 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2022
43.5 (2022 est.)