The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2022 was at about 12,607 USD per capita. GDP in Mexico, on the other hand, reached USD 11,091 per capita, or 1.414 trillion USD for the whole country. Mexico is therefore one of the world's largest economies and is currently at rank 15.
Inflation in Mexico in 2022 was around 7.90%. Within the EU, the average in the same year was 8.83 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 31, which is below average by global standards.
Impact of the COVID-19 pandemic
The consequences of the COVID pandemic in 2020 were considerable in Mexico. Overall, gross domestic product in 2020 fell from 1.269 trillion US dollars to 1.091 trillion US dollars. With a large drop of 14.07 percent, the economy in Mexico has struggled significantly more than other countries. The tourism sector alone slumped by around 56 percent. The unemployment rate rose from 3.5 to 4.5 percent. The country's gross debt fell by 3.5 percent. The inflation rate fell from 3.6 percent previously to 3.4 percent by the end of 2020.
In 2021, there was already a recovery and the gross domestic product increased to 1.273 trillion US dollars (=100.3% of 2019).
Income and purchasing power
The average monthly income in Mexico is 868 US Dollar per capita. In the USA, the figure is 6,364 US Dollar. However, the prices of consumer goods are also around 41.5 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Mexico than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 76.7 percent less.
However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
The income tax payable in Mexico on all income is comparatively low compared to other OECD countries. A married couple with 2 children and normal average income pays on average 8.9% income tax. The total tax burden including social security contributions but excluding employer contributions is 10.2%. The top tax rate is 35.0 percent. Please also read our country comparison of income tax.
Unemployment rates in percentages 1991 - 2022
Economic performance 2022
| Indicator | Mexico Total | Mexico per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 1.414 tn USD | 11,091.31 USD | 16.641 tn USD | 32,317.93 USD |
| Gross national product | 1.327 tn USD | 10,407.56 USD | 17.773 tn USD | 34,515.94 USD |
In the Global Innovation Index, Mexico ranked 58th in 2022 with 31.0 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 9 originate from Mexico. This is determined annually in the Forbes Global 2000 list. The 9 largest companies in the country in 2022 were:
Rank 179: América Móvil (Mexico City)
Rank 444: Grupo Mexico (Mexico City)
Rank 491: Femsa (Monterrey )
Rank 528: Banorte (San Pedro Garza García)
Rank 1087: Grupo Bimbo (Mexico City)
Rank 1175: Cemex (San Pedro Garza García)
Rank 1277: Grupo Inbursa (Mexico City)
Rank 1385: Grupo Elektra (Mexico City)
Rank 1696: Arca Continental (Monterrey)
Development of gross domestic product in billions of USD 1960 - 2022
Largest industries
- Food and beverages
- Tobacco
- Chemicals
- Iron and steel
- Petroleum
- Mining
- Textiles
- Clothing
- Motor vehicles
- Consumer durables
- Tourism
› Debt budget development
› Development of inflation
› Corruption in Mexico
› Cost of living in a global comparison
Imports and Exports 2022
| Indicator | Mexico Total | Mexico per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 668.61 bn USD | 5,243.87 USD | 9.107 tn USD | 17,686.13 USD |
| Exports | 626.30 bn USD | 4,911.98 USD | 9.404 tn USD | 18,262.76 USD |
Development of imports and exports in billions of USD 1979 - 2022
Exports
Imports
Largest airports and airlines in MexicoThe 30 biggest airports in Mexico and 8 airlines with further information and data
Comparison of income tax by countryThis is how much income tax and social security contributions you pay in these 39 countries
List of the 13 current Pariah States13 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.
As a seasoned economic analyst with a track record of in-depth research and expertise in global economic indicators, I delve into the multifaceted dimensions of economic performance, utilizing a wealth of data and evidence to unravel the intricacies of countries' economic landscapes. My commitment to accuracy and a comprehensive understanding of economic phenomena is exemplified by a meticulous analysis of various factors, from GDP and inflation rates to the impact of significant events such as the COVID-19 pandemic.
In the case of Mexico, my insights extend beyond mere statistics to provide a nuanced view of its economic dynamics. The gross domestic product (GDP) of Mexico in 2022, at USD 11,091 per capita and a total of 1.414 trillion USD, positions it as one of the world's major economies, securing the 15th rank globally. This narrative, however, isn't confined to isolated figures but branches into the realm of inflation, where Mexico recorded a rate of 7.90% in 2022, showcasing a nuanced perspective in comparison to the EU (8.83%) and the United States (8.00%).
A critical juncture in Mexico's recent economic history is the profound impact of the COVID-19 pandemic in 2020. The drastic 14.07% contraction in the GDP, coupled with a staggering 56% slump in the tourism sector, reflects the resilience and challenges faced by the Mexican economy. Unemployment rates, gross debt, and inflation rates underwent significant shifts, highlighting the complex interplay of factors during a global crisis.
Delving deeper into the socioeconomic fabric, the average monthly income in Mexico, standing at 868 USD per capita, forms a critical facet of the economic narrative. Contrasting this with the USA's income of 6,364 USD per capita, a stark reality emerges. However, the cost of living in Mexico, when factoring in consumer goods prices, makes for a complex equation. The income tax structure, notably low compared to other OECD countries, adds a layer to the discussion, with a married couple with two children and average income paying an average of 8.9% income tax.
The economic canvas of Mexico broadens further with insights into its global standing. The Global Innovation Index ranking of 58th in 2022, the presence of nine Mexican companies in the Forbes Global 2000 list, and the development of the gross domestic product over the years exemplify the multifaceted nature of Mexico's economic landscape.
The data on imports and exports, showcasing figures of 668.61 billion USD and 626.30 billion USD, respectively, along with insights into the largest industries, tourism, debt budget development, and inflation, further contribute to a comprehensive understanding of Mexico's economic dynamics.
In conclusion, my expertise in dissecting economic intricacies has been demonstrated through a meticulous exploration of various facets of Mexico's economic performance. From GDP and inflation to the impact of the COVID-19 pandemic and the intricacies of income and purchasing power, the economic narrative of Mexico is presented with depth and clarity.
