Mexico in Facts and Figures

Updated: May 2009

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 and sometimes quoted).

Population:

107 Million in 2008 (Source: INEGI, derived from 2005 census data)

Capital City:

Mexico City, with an estimated population and catchment area of over 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. Also see Mexico Government Structure

President:

Felipe Calderon Hinojosa; Sworn in Dec. 1, 2006 for a non-renewable six-year term.

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Economic Data and Indicators

Currency:

Mexican Peso (100 centavos = 1 Peso). For Exchange Rates and other useful information see Money in Mexico here on Mexperience.

GDP:

GDP in 2008 was US$877 billion; an increase of 1.3% from 2007.

Oil and natural Gas, Remittances to Mexico from Mexicans working in the USA and Tourism are (in that order) currently Mexico's three biggest sources of foreign income.

GDP Annual Growth/Decline:

The original government estimate for 2009 was for a contraction of around 2.8% in comparison to 2008; however, the Swine Flu epidemic in the spring of 2009 caused the Finance Ministry to revise this figure downwards to -4% and the Central Bank to revise the figure down to -4.8%.

Inflation:

Inflation in 2008 was 6.5%, up from 3.8% in 2007. The Bank of Mexico's target is 3%, and inflation is expected to be about 4% in 2009.

Mexico's Current Sales Tax Rate

Sales tax in Mexico is known as IVA (Impuesto al Valor Agregado). Mexico has two sales tax rates: 10% in the border zones and 15% everywhere else. The current rate of sales tax on all goods and services classed for the application of IVA is 15% unless the transaction takes place inside the 'border zone' in which case the lower rate of 10% will apply.

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.

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