Mexico Economic information

Mexico has the second largest economy in Latin America and is the 15th largest economy in the world. In terms of GDP (Gross Domestic Product), Mexico has an economy close to $1 trillion. The Mexican economy is largely based on the service sector. The service sector accounts for approximately 60% of GDP. Areas such as tourism, finance, telecommunications and retail play an important role in the Mexican economy. Mexico is also one of the world's largest automotive manufacturers. The automotive industry forms an important part of Mexico's exports. In addition, energy, mining, agriculture and manufacturing sectors have an important place in the Mexican economy. Mexico's largest trading partner is the United States. Mexico accounts for most of its exports to the United States. Additionally, Mexico trades with the United States and Canada under the North American Free Trade Agreement (NAFTA). However, the Mexican economy faces some challenges. Problems such as high poverty rates, income inequality, low wages and corruption make Mexico's economic development difficult. Additionally, security problems and organized crime also have negative effects on the Mexican economy. In recent years, the Mexican economy has entered a period in which the government is trying to support economic growth with structural reforms and policies that encourage foreign investment. However, unexpected events such as the COVID-19 pandemic continue to impact the Mexican economy.