Economy - overview:
Mexico has a free market economy in the trillion dollar class. It contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Trade with the US and Canada has nearly tripled since the implementation of NAFTA in 1994. Mexico has 12 free trade agreements with over 40 countries including, Guatemala, Honduras, El Salvador, the European Free Trade Area, and Japan, putting more than 90% of trade under free trade agreements. In 2007, during its first year in office, the Felipe CALDERON administration was able to garner support from the opposition to successfully pass a pension and a fiscal reform. The administration continues to face many economic challenges including the need to upgrade infrastructure, modernize labor laws, and allow private investment in the energy sector. CALDERON has stated that his top economic priorities remain reducing poverty and creating jobs.
GDP (purchasing power parity):
$1.567 trillion (2008 est.) country comparison to the world: 12 $1.547 trillion (2007 est.)
$1.498 trillion (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$1.088 trillion (2008 est.)
GDP - real growth rate:
1.3% (2008 est.) country comparison to the world: 170 3.3% (2007 est.)