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Mexico in Facts and Figures
Last Updated: January 2014
1,972,000 square kilometers; 769,000 square miles.
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).
107 Million in 2008 (Source: INEGI, derived from 2005 census data)
Mexico City, with an estimated population and catchments of over 20 million people.
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.
~90% Roman Catholic.
Federal Republic, democratically elected President, bicameral Congress.
See Also: Mexico Government Structure
Enrique Peña Nieto from the party Partido Revolucionario Institucional (PRI); Sworn-in Dec. 1, 2012 for a non-renewable six-year term. The next presidential elections are scheduled to take place in the summer of 2018, with the new president-elect taking office the following December.
Mexican Peso (100 centavos = 1 Peso). For Exchange Rates and other useful information see Money in Mexico here on Mexperience.
Mexico's Gross Domestic Product in 2013 was about US$1.2 trillion.
Exports of manufactured goods, oil, remittances to Mexico from Mexicans working abroad, and tourism are currently Mexico's prime sources of foreign income.
GDP Annual Growth/Decline:
Mexico’s Gross Domestic Product (GDP) grew 4% in 2012. GDP growth rate predictions for 2013 were ~3.5%, although after a tough year, the total real-terms growth estimate for 2013 is likely to come in lower, at ~1.3%.
Economists are optimistic for the year ahead and expect growth in Mexico to recover with a growth rate of between 3% and 4% in 2014.
The official inflation rate ended 2013 at 4%, up from 3.6% in 2012, although the average rate throughout the year was below that of 2012. Inflation is expected to be between 3.5% and 4% in 2014. The Bank of Mexico inflation target is 3%.
Sales tax in Mexico is known as IVA Impuesto al Valor Agregado, or Value Added Tax (VAT). The rate is 16% for the entire country after recent tax reforms did away with the lower 11% rate along the border starting Jan. 1, 2014.
Most goods and services, including financial service charges and commissions (and also includes interest on unsecured debts) have the 16% VAT rate applied to them. Notable items exempt from the IVA include staple foods, and medicines.
The official daily minimum wage in Mexico for 2014 rose by 3.9% (the same as the rise between 2011-2012). The minimum salary in "Geographical Zone A" (that accounts for most of the country's economic output) is $67.29 Mexican pesos (just over US$5) per day. Currency converter.
Zone A (Includes old Zone 'B' Merged with A in November 2012): The states of: Baja California, Baja California Sur, Mexico City; some municipalities of the states of: Mexico, Sonora, Tamaulipas Veracruz and Chihuahua. The states of: Jalisco, Nuevo León and some municipalities of the States of: Sonora, Tamaulipas and Veracruz.
New Zone B: The states of: Aguascalientes, Guerrero, Quintana Roo, Nayarit, Oaxaca, Puebla, Querétaro, San Luis Potosí, Sinaloa, Tabasco, Tlaxcala, Yucatán, Zacatecas, Morelos, Michoacán, Hidalgo, Guanajuato, Durango, Chiapas, Coahuila, Campeche, and some munipalities of Veracruz, Nuevo León, Sonora, Tamaulipas, Jalisco, and Chihuahua.
Exports of manufactured goods, 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, China, Japan.
Mexico is a member of NAFTA (North American Free Trade Agreement).
Other Free Trade Agreements
Besides NAFTA, Mexico has other Free Trade Agreements (FTA's) with over 40 countries world-wide, including The European Union and Japan.