Economy of Mexico
Submitted 3 years 1 month ago by CultureWhiz.
Mexico has a diverse and developing economy. With its roots in agriculture, construction, and resources, it is now growing to become a central player on the world stage.
Mexico's overall economy is one of the largest on the planet, annually producing approximately $2 trillion. The country is increasingly clearly middle class, although significantly more poverty remains compared to the neighboring United States. The gap between urban and rural incomes in Mexico is enormous.
Mexico now performs much manufacturing for the US, supplying vast quantities of electronics, which represent around a third of the country's exports. Mexico now produces more cars than the US. Around half of the country's exchange happens within North America, the rest intercontinentally.
Major industries in Mexico include oil, machinery, food, and finance. Mexico produces around 3.7 million barrels of oil per day, for over $80 billion, making it the sixth largest producer. Mexico now makes important contributions to global science and technology. Additionally, it serves as a popular tourism destination. Remittances from Mexicans working in America amount to around $20 billion annually.
Mexico has an increasingly market-oriented economy. Historically, several major industries including oil and media have been forcibly nationalized. Recently the trend has been reversed, with telecom being privatized and oil privatization being discussed.