Economy of Mexico
Mexico is a developing country with an economy based on the extraction of crude oil, the transfer of funds from the Mexican emigrants working abroad, tourism, and intensive industrial, mining and agricultural activities.
For many years, oil has been the main source of income for the public sector;
nevertheless, world prices and the lack of investment in search of new oil fields turn this natural resource into an issue that will affect the health of the economy in the years to come.
On the other hand, the funds transferred to their families by the labor force that migrates north into the United States have become an income of the outmost importance within the Mexican economy.
The services sector, tourism in particular, is another major contributor in the Mexican gross national product. The country offers as much as 26 places considered natural or cultural heritage of the world, and has also dedicated much time and effort in developing various specialized areas of tourism, such as bird-watching, extreme sports or culinary trips.
Industry is one the most important activities in the country, and it employs a fourth of the economically active population; automobiles, cement, steel, textiles, chemicals and drinks are some of the major activities within the Mexican industry.
Mining represents another important field of economical activity, silver in particular as
Mexico is the biggest world producer of this precious metal. Regarding the agricultural
sector, corn and beans, the base of Mexican diet, represent the two products with the largest crops, followed by coffee, potato, tomato, plantain, sorghum and sugar cane.
Mexico is the country that has signed the most international trade agreements globally, but the United States of America is still its major import- exportassociate. Mexican main exports are crude oil, machinery, textiles, coffee and chemical products.
Despite the fact that the country's economical expansion has held a steady rhythm in the last few years, this has not been enough to improve competitiveness and reduce poverty, both in urban and rural areas. According to the World Bank, $7,310 dollars was the average annual income per person in Mexico at the end of 2006. The local currency is the Mexican Peso.
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Articles for Economy of Mexico
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Mexican Agriculture
Agriculture is still one of the most important activities for world economy; the primary nutrition of millions of persons depends on it. Read More>>
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Mexican Stock Exchange
The Stock Exchange of any part of the world responds to the financial system with the main goal of transferring resources from investors to Read More>>
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Mexican Unions
Mexican syndicalism originated during the first decades of the XX century, when the revolutionary struggle ultimately established the Read More>>
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Mexican Workers Social Benefits
In Mexico there are various social benefits granted by law to the working population, that cover their various primary social needs (i.e. housing, health, retirement and senescense Read More>>
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Mexico and its Exports
In the field of international trade, Mexico is a country that does transactions for several million dollars in both, imports and exports. Focusing on the latter, we can say that sales from Mexico Read More>>
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Mexico's Crisis in 1994
The interpretation of the crisis lived by Mexico in 1994 has various sides. The first implies reviewing the economic stances established Read More>>
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The Great Mexican Painters
Mexican visual arts have been very fortunate and prolific, from the start of the 20th century painters, sculptors and even photographers, had the skill to interpret political,
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