12.2 GDP of Mexico and its unique sectorial makeup
All sectors that make up Mexico’s GDP:
Predominant sectors: Agriculture: Includes farming, livestock, and agribusiness. Manufacturing: Encompasses automobile production, electronics, textiles, and machinery. Services: Dominated by tourism, finance, telecommunications, and retail.
Other sectors: Mining: Primarily focused on oil, silver, copper, and other minerals. Construction: Involves infrastructure development, real estate, and building projects. Energy: Includes electricity generation, oil and gas production.
Total GDP:
Total GDP: According to World Bank figures, Brazil’s GDP in 2022 was $1.920 trillion, placing it as the 11th largest economy globally, with Italy ranking last with $2.010 trillion. Mexico’s GDP, at $1.414 trillion, ranks it as the 14th largest on the World Bank list.
Primary industry share of the total GDP: Sectors contributing to Primary Industry: Agriculture, mining, fishing. According to 2022 data by the World Bank, agriculture, forestry, and fishing accounted for 4.15 % to the GDP of Mexico
Secondary industry share of the total GDP: Sectors contributing to Secondary Industry: Manufacturing, construction. According to 2022 data by the World Bank, industry accounted for 32.13 % of the GDP, respectively
Tertiary industry share of the total GDP: Sectors contributing to Tertiary Industry: Services, tourism, finance. In 2022, tertiary sector contributed around 58.77 % to the GDP of Mexico
Figure 1: Distribution of the GDP in Mexico’s economic sectors between 2012 and 2022
GDP growth rate – YOY:
Total GDP growth rate Mexico gdp growth rate for 2023 was 3.7%, a 1.66% decline from 2021.
Primary Industry growth rate: The growth rate in the primary industry varies, influenced by agriculture and mining performance.
Secondary Industry growth rate: The secondary industry’s growth rate fluctuates, driven by manufacturing and construction trends.
Tertiary Industry growth rate: The tertiary industry typically experiences more stable growth, particularly in the services sector.