Mexico is a country with a rich history and culture. It also has a strong economy, thanks to its many basic industries. These industries are essential in the country’s economy and provide jobs for thousands of people. Some of Mexico’s most important industries include agriculture, manufacturing, and oil production.
What is Mexico’s Economy?
The economy of Mexico is in crisis: It relies heavily on oil, natural gas and mining, which make up nearly 70% of its export revenue. An outbreak from the 2008 global financial crisis has been damaging to the Mexican economy. As a result the country faces a total debt of about 2 trillion USD in comparison to its GDP at about 1.3 trillion USD.
Why is Mexico’s Economy Important?
Mexico is an important player in the United States’ economy because it produces products that are used by other industries. For example, Mexico has a strong mining industry which produces minerals and metal resources, of which many are exported to the United States.
Sectors of the Mexican Economy Mexican GDP
We are looking to provide you with some rough estimates, as it is hard to say what the total percentage of the economy is. The Mexican GDP increased in every sector in 2018, reaching $1.4 trillion USD. The major sectors of the economy that contribute to that are small and medium-sized companies (SMEs) which have grown from 5% to 16% over the last 5 years.
The 5 Most Important Industries To Mexico
Overall, Mexico’s economy depends heavily on the production of oil and gas, copper, iron ore, gold and silver. The next five most important industries in Mexico are textiles, electronics, automobile assembly, computers and food manufacturing.