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Economy overview
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Mexico has a free market economy with 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 one-fourth that of the US; income distribution remains highly unequal. Trade with the US and Canada has tripled since the implementation of NAFTA in 1994. Real GDP growth was a weak -0.3% in 2001, 0.9% in 2002, and 1.2% in 2003, with the US slowdown the principal cause. Mexico implemented free trade agreements with Guatemala, Honduras, El Salvador, and the European Free Trade Area in 2001, putting more than 90% of trade under free trade agreements. The government is cognizant of the need to upgrade infrastructure, modernize the tax system and labor laws, and provide incentives to invest in the energy sector, but progress is slow.
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GDP
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purchasing power parity - $941.2 billion (2004 est.)
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GDP - real growth rate
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1.3% (2004 est.)
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GDP - per capita
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purchasing power parity - $9,000 (2004 est.)
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GDP - composition by sector
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agriculture: 4%
industry: 26.4%
services: 69.6% (2004 est.)
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Investment gross fixed
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19.3% of GDP (2004 est.)
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Population below poverty line
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40% (2003 est.)
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Household income or consumption by percentage share
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lowest 10%: 1.6%
highest 10%: 35.6% (2002)
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Distribution of family income - Gini index
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53.1 (1998)
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Inflation rate consumer prices
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4.5% (2004 est.)
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Labor force
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34.11 million (2004 est.)
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Labor force by occupation
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agriculture 18%, industry 24%, services 58% (2003)
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Unemployment rate
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3.3% plus underemployment of perhaps 25% (2004 est.)
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Budget
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revenues: $148.3 billion
expenditures: $152.4 billion, including capital expenditures of NA (2004 est.)
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Public debt
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23.1% of GDP (2004 est.)
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Agriculture products
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corn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes; beef, poultry, dairy products; wood products
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Industries
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food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
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Industrial production growth rate
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-0.7% (2004 est.)
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Electricity production
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198.6 billion kWh (2001)
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Electricity production by source
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fossil fuel: 78.7%
hydro: 14.2%
other: 2.9% (2001)
nuclear: 4.2%
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Electricity consumption
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186.7 billion kWh (2001)
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Electricity exports
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77 million kWh (2001)
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Electricity imports
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2.068 billion kWh (2001)
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Oil production
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3.59 million bbl/day (2004 est.)
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Oil consumption
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1.507 million bbl/day (2001 est.)
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Oil exports
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1.881 million bbl/day (2001)
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Oil imports
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374,700 bbl/day (2001)
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Oil proved reserves
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15.11 billion bbl (2004)
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Natural gas production
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36.87 billion cu m (2001 est.)
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Natural gas consumption
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38.84 billion cu m (2001 est.)
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Natural gas exports
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254 million cu m (2001 est.)
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Natural gas imports
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2.967 billion cu m (2001 est.)
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Natural gas proved reserves
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969.2 billion cu m (2004)
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Current account balance
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$-9.15 billion (2004 est.)
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Exports
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$164.8 billion f.o.b. (2004 est.)
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Exports commodities
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manufactured goods, oil and oil products, silver, fruits, vegetables, coffee, cotton
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Exports partners
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US 87.6%, Canada 1.8%, Germany 1.2% (2003)
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Imports
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$168.9 billion f.o.b. (2003 est.)
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Imports commodities
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metalworking machines, steel mill products, agricultural machinery, electrical equipment, car parts for assembly, repair parts for motor vehicles, aircraft, and aircraft parts
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Imports partners
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US 61.8%, China 5.5%, Japan 4.5% (2003)
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Reserves of foreign exchange gold
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$59.02 billion (2004 est.)
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Debt external
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$159.8 billion (2004 est.)
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Economic aid recipient
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$1.166 billion (1995)
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Currency
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Mexican peso (MXN)
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Currency code
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MXN
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Exchange rates
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Mexican pesos per US dollar - 10.789 (2003), 9.656 (2002), 9.3423 (2001), 9.4556 (2000), 9.5604 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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