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Mexico in Facts and Figures
Geographic and Demographic Data
Land Area:
1,972,000 square kilometers; 769,000 square miles
Location:
Borders immediately south of the United States, in-between the USA and Central America. Mexico is classed as a member of Latin American nations, and is part of the North American Continent (not South America as often thought)
Population:
103 Million (2005 Census)
Capital City:
Mexico City, with an estimated population and catchments area of 20 million people.
Language:
Spanish is the official language, but around 50 different languages are also spoken by the indigenous peoples of Mexico, including Nahuatl, Zapotec, Otomi and (in the Yucatan region) various Maya languages.
Religion:
c. 90% Roman Catholic.
Government:
Federal Republic, democratically elected President, bicameral Congress.
President:
Felipe Calderon Hinojosa; Sworn in Dec. 1, 2006 for a non-renewable six-year term.
Economic Data and Indicators
Currency:
Mexican Peso (100 centavos = 1 Peso). For Exchange Rates and other useful information see Money in the Travel Essentials section of the online Travel Guide.
GDP:
Gross Domestic Product in 2007 was equivalent to about US$895bn, a 3.3% increase over 2006.
Annual growth:
The government GDP growth estimate for 2008 is 2.8%.
Inflation:
Inflation was 3.8% in 2007, down from 4.1% in 2006. The Bank of Mexico's constant long-term target is 3%. Expectations for 2008 are around 3.8%.
Mexico's Current Sales Tax Rate: Sales tax in Mexico is known as IVA (Impuesto al Valor Agregado). Mexico has two sales tax rates: Zero and 15%. The current rate of sales tax on all goods and services classed for the application of IVA is 15%.
Minimum Daily Wage:
The official daily minimum wage in Mexico is currently MX$53 pesos per day, although the IMSS (Mexican Social Security Institute) showed that the average wage in June 2007 among its 14.5 million registered workers was MX$209 per day. [currency converter].
Economic Activities:
Oil and gas, tourism, mining, chemicals, iron and steel, motor vehicles, agriculture (coffee, sugar, tomatoes, avocados, tobacco) food and beverages, consumer durables.
Major Trading Partners:
USA, Canada, UK, Japan.
NAFTA
Mexico is a member of NAFTA (North American Free Trade Agreement).
Other Free Trade Agreements
Besides NAFTA, Mexico has FTA's with over 40 countries world-wide including The European Union and Japan.