Last review date: May, 2024
Economic Growth
Mexico’s economy is especially strong in the service sector. In the 4th quarter of 2023, this sector represented 58.8% of GDP and employed 63.5% of the labor force, while the industrial sector represented 32.2% of GDP and employed 25.1% of the labor force, and the primary sector represented 3.4% of GDP and employed 10.7% of the labor force. [1] In the period between 2010 and 2018, the Mexican economy grew at an average of 2.8%, however, due to the fall in oil prices in 2019 and the global economic crisis caused by COVID-19 in 2020, the economy has been affected in recent years. It is foreseen that it will grow during 2022. This growth will be strengthened by the economic development strategy of the Mexican Government that includes a consolidation of domestic consumption as a result of the implementation of social programs and financial inclusion, an increase of private investment in infrastructure and strategic sectors, a higher level of public investment, and an increase in exports as a consequence of the reconfiguration of global value chains.
[1] Instituto Nacional de Estadística y Geografía (INEGI), PIB and National Accounts, 2023.
Despite the circumstances that have slowed growth in recent years, Mexico seeks to strengthen its economy through responsible economic, tax, financial and commercial policies
To foster a higher growth rate, the Mexican government will:[2]
- Increasing infrastructure investment spending.
- Reconfiguration of global value chains.
- Economic development of the southern region of the country.
- More efficient allocation of resources, greater return on investment and greater efficiency in the combination of factors of production, fostered through the pacification strategy, the reduction of violence, the fight against corruption and, in general, the strengthening of the rule of law.
- Retraining of labor force skills
[2] General Economic Policy Criteria 2024, Ministry of Finance [2024]
