Economy Stats: Mexico vs. the US
Mexico had a population of around 130 million in 2021, which is about 2.5 times less than the United States. Although the Mexican economy is among the top 15 in the world, it’s far behind the US. Here are the detailed statistics and comparisons of the Mexican and US economies.
Top 10 Mexico Economy Stats & Facts
Mexico’s GDP was USD 1.2 trillion in 2021, which is over 17 times less than the US GDP.
Mexican GDP accounts for 0.97% of the global economy.
The economy grew 4.8% in 2021, with the growth trend likely to continue.
Mexico’s GDP growth has a higher five-year average than the US.
The annual inflation rate is currently at a high of 8.7%.
29% of Mexican employees work over 50 hours weekly.
Mexico doesn’t have a single minimum wage, but it depends on the zone and industry.
The average monthly salary in Mexico is USD 641, seven times less than in the US.
Mexico has an average salary lower than the estimated living cost.
62.9% of all Mexican workers are in services.
General Mexico Economic Stats
The International Monetary Fund believes the global growth will be at a modest 3.6% in 2022, which is lower than the 6.1% growth in 2021. But what about the Mexican economy? Here are some general statistics worth checking out:
Mexico’s GDP Value Is Almost 1% of the Global Economy
Mexico had a GDP (Gross Domestic Product) value of USD 1.2 trillion in 2021. It’s a nice recovery following a huge drop to USD 1.08 trillion the year before.
The estimation is that Mexican GDP accounts for 0.97% of the global economy. This country has about 1.65% of the world’s population, so there’s more room to even those numbers.
The Mexican Economy Recovered After the Pandemic and Grew 4.8% in 2021
The pandemic made it hard for all countries, and the Mexican economy took a hard hit. It estimates a drop of 8.2% in 2020, but it didn’t take long to recover. The Mexican economy grew 4.8% in 2021, and that trend is likely to continue.
( MacroTrends )
Mexico Economic Trends
The Mexican economy is doing well, considering the turbulent times. Let’s check some statistics and get detailed information on what could happen in the next several years.
Mexico Is Ready to Hit a Record-high GDP from 1987
Despite the setback caused by the COVID-19 outbreak, the Mexican economy is showing clear growth signs. Experts believe GDP at current prices will continue rising in the next five years.
The slowest growth rate is expected to be in 2022 since the pandemic recovery is still in progress. But until 2027, Mexican GDP could exceed USD 1.64 trillion, and It’ll be a record-high for the country in the last four decades.
( Statista )
The Annual Inflation Rate is at the Highest Level in Over Two Decades
The global economy is dealing with tough times inflation-wise, and that’s reflected in the local annual inflation rate. In August 2022, Mexico had an annual inflation rate of approximately 8.7%.
It’s in line with the expectations (8.67%), but that doesn’t mean the numbers are good. Furthermore, inflation has been at the highest level since December 2000. And we can expect the rate to lower only when the global market stabilizes, which might not happen in the coming months.
US vs. Mexico Economy Stats
The United States has the largest economy in the world, but how does Mexico compare to it? Here’s what the main stats tell us about these two economies!
US Has a Higher GDP, But Mexico’s GDP Grows Faster
Mexico has a GDP value set at USD1.2 trillion, while the United States is at USD20.5 trillion. That’s over 17 times higher, while the population ratio is 2.5:1 in favor of the US.
GDP growth is an encouraging factor for the Mexican economy. Its 5-year average is 2.6%, while the US has a 2.4% growth.
( Georank )
29% of Mexican Employees Work Over 50 Hours Per Week
Mexican employees are among the hardest working ones. Approximately 28.8% of all workers in the country work over 50 hours per week.
Only Turkey is in front of Mexico, with 43.3% of employees working longer than “9 to 5.” In the United States, 11.4% of workers put in more hours than the average.
( Statista )
Mexicans Have Lower Salaries Than Americans
Once you deduct taxes, the average monthly salary in Mexico is about USD 641. That’s almost seven times less than in the United States (USD 4,139).
The average monthly salary is even lower than the estimated living cost in Mexico. The cost of living is USD 713 for a single person, and It’s about USD 2,112 in the US.
( Livingcost )
Stats Around Industries in Mexico
There’s no single minimum wage in Mexico. However, the authorities announce minimum salaries based on occupations and geographical zones. Here are some interesting statistics regarding different industries in Mexico.
Mexicans Do Similar Jobs at Home and in the US
The reports indicate dispatchers, sales employees, and trade-dependent workers account for 5.86% of the total workforce distribution in Mexico. Support workers in agriculture and construction, domestic workers, bus and truck drivers, and workers in the corn or bean follow.
Construction and agriculture are two areas with the biggest percentage of Hispanic and Latino workers. It indicates Mexicans do similar jobs in the US, but they migrate due to the higher average salary.
( DataMexico )
62.9% of Mexican Workers Are in Services
The majority of Mexican workers are in the services sector. It accounts for 62.9% of the entire labor force. Around 23.4% work in industry, and 13.7% in agriculture. Although wages aren’t impressive, the unemployment rate is low.
( NationMaster )
FAQs
Can you send money from Mexico to the USA?
What are the visa requirements for moving to the USA from Mexico?
What is the best way to send money to friends and family from the USA to Mexico?
Do People from Mexico living in the USA pay the same tax?
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