Published by Statista Research Department, Aug 29, 2023
In 2019, the average wage in Mexico achieved its highest level since 2009, amounting to around 18,000 U.S. dollars per year. In contrast, this value went down the following years, making 2022 the year with the lowest average wage since the onset of the analyzed period.
Employment conditions
In light of the crucial role that employment plays as a primary source of income, perceiving their working conditions to be poor, a sentiment held by nearly half of Mexico's workforce. Furthermore, the distribution of working hours skews towards non-monetarily compensated positions, particularly impacting the female demographic on households. This imbalance poses challenges to sustaining motivation. Informal employment also exhibits a higher prevalence among females, presenting regulatory complexities. Furthermore, a perceived gender-based disparity in employment opportunities subsists, amplifying the overarching concerns. As these factors coalesce, one out of every two individuals' harbors apprehensions about potential job loss.
Salaries vs. Life expenses
In 2023, the minimum wage has witnessed a considerable increase. Nevertheless, it continues to fall short of meeting essential living costs. Calculations indicate that a worker should ideally earn at least twice the amount of the latest increment to adequately cover these necessary expenses. A significant portion of the population—approximately one-third—finds itself residing beneath the threshold of basic food basket expenses. Consequently, Mexico ranks as the country where grocery expenses constitute the highest percentage of earnings. Furthermore, this predicament disproportionately impacts women, as they are often remunerated at lower wage rates.
Average annual wage in Mexico from 2000 to 2022 (in U.S. dollars)
| Characteristic | Average wage in U.S. dollars |
|---|---|
| 2022 | 16,685 |
| 2021 | 17,637 |
| 2020 | 17,467 |
| 2019 | 18,031 |
| 2018 | 17,865 |
| 2017 | 17,475 |
| 2016 | 17,522 |
| 2015 | 17,730 |
| 2014 | 17,503 |
| 2013 | 17,470 |
| 2012 | 17,457 |
| 2011 | 17,777 |
| 2010 | 17,618 |
| 2009 | 18,806 |
| 2008 | 18,656 |
| 2007 | 18,818 |
| 2006 | 18,746 |
| 2005 | 18,778 |
| 2004 | 18,650 |
| 2003 | 18,562 |
| 2002 | 18,241 |
| 2001 | 18,313 |
| 2000 | 17,311 |
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As an economics and data analysis enthusiast, I've delved extensively into global economic trends, particularly focusing on wage dynamics, employment conditions, income inequality, and their intersection with socio-economic factors. I've engaged in research projects, studied various statistical models, and closely followed reports from reputable sources such as the World Bank, IMF, and renowned research institutions. My expertise extends to understanding wage fluctuations, employment patterns, gender disparities in the workforce, and the impact of these factors on living standards and household economics.
Regarding the article on the Mexican economy published by Statista Research Department in August 2023, there are several critical concepts and trends highlighted:
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Average Wage Trends: The article discusses the average wage in Mexico from 2000 to 2022. It points out that in 2019, the average wage hit its peak since 2009, reaching approximately $18,000 USD per year. However, in the subsequent years, there was a decline, with 2022 recording the lowest average wage since 2009. This trend indicates fluctuations in income levels over the analyzed period, impacting the overall economic scenario and household finances.
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Employment Conditions: The article highlights concerns about poor working conditions perceived by almost half of Mexico's workforce. It notes that non-monetarily compensated positions are prevalent, particularly affecting women in households. Informal employment, especially among females, presents regulatory complexities, and a perceived gender-based disparity in employment opportunities persists. Additionally, there's apprehension among individuals about potential job loss, indicating widespread job insecurity.
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Salaries vs. Life Expenses: Despite a considerable increase in the minimum wage in 2023, it falls short of covering essential living costs. Calculations suggest that workers should ideally earn double the latest increment to adequately cover necessary expenses. A significant portion of the population, nearly one-third, struggles to meet basic food basket expenses, making Mexico rank high in terms of grocery expenses as a percentage of earnings. Moreover, this situation disproportionately affects women due to lower wage rates.
These concepts intertwine to paint a picture of economic challenges faced by Mexico, including fluctuating wages, disparities in employment conditions and opportunities, gender-based income gaps, and the struggle of many households to cover basic living expenses despite wage increases.
Understanding these economic intricacies is crucial for policymakers, businesses, and individuals to devise strategies aimed at improving employment conditions, addressing income inequality, and enhancing living standards for all segments of society in Mexico.
