Mexico Economic Conditions
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Mexico economic conditions are marked by free market economy. Modern industries and outdated agriculture contribute to economy of Mexico. However, as per present economic conditions at Mexico, private sector has come to forefront and dominates economic scenario.
Information on present economic conditions in Mexico reveals that new infrastructural facilities have come up and to contribute to economy of Mexico, railroads, telecommunications, natural gas distribution, seaports, electricity generation and airports have been developed.
As compared to US, per capita income of Mexico is one-fourth. It has been found that income distribution in country is greatly disproportionate. Purchasing power parity of GDP has been estimated to be $1.578 trillion in 2008. GDP official exchange rate was projected to be $1.143 trillion in 2008. 2 percent was real growth rate of GDP to economy of Mexico. $14,400 was per capita (PPP) of GDP in fiscal 2008.
Trading with other countries is greatly focused on during present Mexico economic conditions. In recent years profit amount tripled during trade with US and Canada. Various fiscal reforms came in to being when Mexico faced economic challenges. Upgradation of infrastructure, modernization of labor laws and procuring permission for private investment in energy sector have been major factors behind development of economic conditions of Mexico. Main concern of authorities is to reduce poverty from nation and to create more areas for job.
Agricultural sector contributed 3.7 percent to GDP as was estimated in 2008, while industrial sector offered 34.1 percent. 62.2 percent was added to GDP by service sector of Mexico. Labor force, as was calculated in 2008 was 45.5 million.
Main focus is given to export of goods. Major export items include goods, vegetables, silver, fruits, oil and oil products, coffee and cotton. Major export partners of Mexico, which determine Mexico economic conditions, are US, Canada and Germany. It also imports goods from US, China, Japan and South Korea. Major import items include car parts for assembly, metalworking machines, electrical equipment, repair parts for motor vehicles, steel mill products, agricultural machinery, aircraft and aircraft parts.
Mexico economic conditions also help in growth of agricultural products like wheat, cotton, soybeans, coffee, corn, rice, beans, fruit and tomatoes. Beef, poultry and dairy products also account for growth of economy of Mexico.
