Mexico’s gross domestic product (GDP) reached $1.79 trillion USD in 2023, representing 1.70% of the global economy, according to the World Bank. This figure signifies Mexico’s economic performance and its position in the international arena. This article delves into Mexico’s GDP trends, historical data, and future projections.
Historical Performance of Mexico’s GDP
From 1960 to 2023, Mexico’s GDP averaged $539.15 billion USD, experiencing significant growth over the decades. The lowest point was recorded in 1960 at $13.04 billion USD, while the highest point was reached in 2023 at $1.79 trillion USD. This remarkable increase reflects the country’s economic development and increasing global integration.
Projections for Mexico’s GDP
Trading Economics forecasts Mexico’s GDP to reach $1.81 trillion USD by the end of 2025. Long-term projections indicate a continued upward trend, with estimates of around $1.85 trillion USD in 2026 and $1.89 trillion USD in 2027. These optimistic projections suggest sustained economic growth for Mexico in the coming years. Econometric models support these forecasts, taking into account various economic factors and global trends.
Components of Mexico’s GDP
Mexico’s GDP is comprised of various sectors, each contributing to the overall economic output. The following table presents the latest data (in Mexican Pesos) for key GDP components:
| Component | December 2024 (MXN Million) | December 2024 (MXN Million) |
|---|---|---|
| GDP from Agriculture | 907,661.66 | 757,580.16 |
| GDP from Construction | 1,580,859.00 | 1,582,916.00 |
| GDP from Manufacturing | 5,141,270.00 | 5,309,042.00 |
| GDP from Mining | 892,372.00 | 916,322.00 |
| GDP from Public Administration | 867,753.13 | 832,596.60 |
| GDP from Services | 15,577,237.99 | 15,257,348.74 |
| GDP from Transport | 1,890,306.00 | 1,899,915.00 |
| GDP from Utilities | 315,680.00 | 348,767.00 |
Key Economic Indicators Related to Mexico’s GDP
Beyond the overall GDP figures, other crucial economic indicators provide a more comprehensive understanding of Mexico’s economic health. These include:
| Indicator | December 2023 | December 2023 |
|---|---|---|
| GDP (USD Billion) | 1789.11 | 1464.31 |
| GDP per Capita (USD) | 10,241.89 | 10,011.25 |
| GDP per Capita PPP (USD) | 21,874.02 | 21,381.43 |
Understanding Gross Domestic Product
GDP measures the total value of all goods and services produced within a country’s borders during a specific period. It serves as a primary indicator of a nation’s economic performance and is calculated by summing up all expenditures on final goods and services. The following table summarizes Mexico’s historical GDP data:
| Metric | Value |
|---|---|
| Actual GDP (USD Billion) | 1789.11 |
| Previous GDP (USD Billion) | 1464.31 |
| Highest GDP (USD Billion) | 1789.11 |
| Lowest GDP (USD Billion) | 13.04 |
| Period | 1960 – 2023 |
| Unit | USD Billion |
| Frequency | Yearly |
| Currency | Current USD |
Conclusion
Mexico’s gross domestic product demonstrates robust growth and a positive economic outlook. The country’s diversified economy and strategic positioning contribute to its continued economic development. While challenges remain, the long-term projections for Mexico’s GDP suggest a promising future. Ongoing monitoring of key economic indicators will be crucial in assessing Mexico’s economic progress in the years to come.
