Last Update: 01/11/2022
Economic Growth
Mexico’s economy is especially strong in the service sector. In the 3rd quarter of 2022, this sector represented 63.38% of GDP and employed 62.33% of the labor force, while the industrial sector represented 28.90% of GDP and employed 25.41% of the labor force, and the primary sector represented 3.36% of GDP and employed 12.26% 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, 2022.
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]
- Increase investment in infrastructure.
- Implement policies to increase savings and allow a more efficient allocation of resources in the economy.
- Ensure a higher rate of return of investments, a more efficient combination of factors of production, and a better allocation of resources, supported by a pacification strategy, the reduction of violence, fight against corruption and, in general, the strenghtening of the rule of law and governance.
- Will encourage de development of human capital among the young population.
[2] Criterios de Política Económica, Ministry of Finance [2022]
