Mexico GDP Growth
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In 2008 fiscal Mexico GDP growth rate was 1.3 percent. Real rate of GDP growth in Mexico was 2 percent. Over years, GDP of Mexico has been growing at a steady rate. For example, in five years between 1996 and 2000 rate of GDP growth of Mexico was 5.1 percent.
In 2008 GDP of Mexico, with respect to purchasing power parity was an estimated $1. 578 trillion and, with regards to official exchange rate, Mexico GDP was approximately $1.143 trillion. Per capita GDP of Mexico, with regards to purchasing power parity was $14,400.
Much of Mexico’s GDP growth has been contributed to by its services sector. This sector of Mexican economy contributed 62.2 percent of GDP of Mexico. Industrial sector of Mexican economy amounted for 34.1 percent of its GDP for 2008 fiscal.
In 2007 fiscal rate of GDP growth for Mexico was 3.3 percent and in 2006 this rate was 4.8 percent. Economists have forecast that rate of Mexico GDP growth in 2009 fiscal is going to vary between 0.5 percent and 1.5 percent. In 2005 Mexico’s GDP grew at a rate of 3 percent but in 2004 financial year this rate was 4.4 percent.
In 2003 rate of Mexico GDP growth was 1.4 percent and in 2002 this rate was 0.8 percent. In 2001 GDP of Mexico had gone down by 0.2 percent and in 2000 this rate had gone up by 6.6 percent.
Much of Mexico GDP growth could be attributed to its free market economic structure. Economy of Mexico is an interesting combination of new age industries and traditional sectors such as agriculture.
In recent times Mexican governance has increased amount of competition in sectors such as seaports, electricity generation, railroads, natural gas distribution, telecommunications and airports.
Per capital income of Mexico are 25 percent of what they are in United States of America but there is high amount of inequality in levels of income distribution in Mexican economy. After NAFTA had been put to effect in 1994 amount of Mexico’s trade with Canada and USA has gone up by three times.
Felipe Calderon has been able to generate some much needed support from various quarters for his economic reforms. It is expected that in coming years these reforms would play a significant part in Mexico GDP growth.
