Last review date: April, 2025
Economic Growth
Mexico’s economy is especially strong in the service sector. In the 4th quarter of 2024, this sector represented 60.19% of GDP and employed 63.9% of the labor force, while the industrial sector represented 31.23% of GDP and employed 24.4% of the labor force, and the primary sector represented 3.07% of GDP and employed 11.1% of the labor force. [1] .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]
