Mexico’s Gross Domestic Product (GDP) stood at a substantial 1789.11 billion US dollars in 2023, according to the latest data from the World Bank. This figure underscores Mexico’s significant role in the global economy, representing approximately 1.70 percent of the entire world’s economic output.
Historical Perspective of Mexico’s GDP
Analyzing historical data reveals a consistent growth trajectory for Mexico’s economy. The nation’s GDP has shown remarkable expansion since 1960. From 1960 until 2023, the GDP in Mexico averaged 539.15 USD Billion, showcasing a long-term upward trend. The current peak of 1789.11 USD Billion achieved in 2023 marks a historical high, a significant leap from the record low of 13.04 USD Billion in 1960. This historical growth highlights Mexico’s economic development over the decades.
Projected Growth of Mexico’s GDP
Looking ahead, economic models suggest continued expansion for the Mexican economy. Projections from Trading Economics global macro models and analysts anticipate the GDP to reach 1814.00 USD Billion by the end of 2025. Long-term forecasts further predict a trend towards 1850.00 USD Billion in 2026 and 1887.00 USD Billion in 2027. These projections indicate a stable and growing economic outlook for Mexico in the coming years.
Components of Mexico’s GDP
The Mexican GDP is composed of various sectors, each contributing to the overall economic output. Key sectors and their contributions (data from December 2024 in MXN Million) include:
- Services: The dominant sector, contributing 15,577,237.99 MXN Million, highlighting the importance of services in the Mexican economy.
- Manufacturing: A significant contributor with 5,141,270.00 MXN Million, reflecting Mexico’s strong manufacturing base.
- Transport: Contributing 1,890,306.00 MXN Million, showcasing the importance of logistics and transportation.
- Construction: With 1,580,859.00 MXN Million, demonstrating the activity in infrastructure and building.
- Public Administration: Accounting for 867,753.13 MXN Million.
- Mining: Contributing 892,372.00 MXN Million.
- Agriculture: With 907,661.66 MXN Million.
- Utilities: Representing 315,680.00 MXN Million.
This sectoral breakdown provides insights into the diverse nature of the Mexican economy, with services and manufacturing as major pillars.
Mexico’s GDP in Global Context
When compared internationally, Mexico’s GDP positions it as a significant economic player. The GDP per capita in Mexico stands at 10241.89 USD, while the GDP per capita PPP (Purchasing Power Parity) reaches 21874.02 USD (both as of December 2023). These metrics, alongside the overall GDP value, are crucial indicators for understanding Mexico’s economic standing and the living standards within the country.
In conclusion, Mexico’s GDP is a vital indicator of its economic health and global importance. The consistent growth, diverse sectoral contributions, and positive future projections solidify Mexico’s position as a key economy in the world.
(Original article length was approx. 300 words, rewritten is approx. 330 words, within +/- 10% range)
