Economy of Mexico
Mexico is the third largest economy in North America and is swiftly becoming a modernized nation with more industrial and service sectors to maintain and promote economic growth nationwide. Mexico is primarily an export-oriented economy and has seen constant growth in regards to the export of goods every year over the past decade, with the exception of 2009. Mexico is also considered to be one of the premier exporters in the world, exporting more goods and services than other export-prominent countries such as Saudi Arabia and India.
Like many other industrial countries worldwide, Mexico experienced an economic downturn during the global financial crisis. Several indicators of Mexico’s economic slump would be a spike in unemployment as well as a significant drop in GDP in 2009. Additionally, inflation rates slightly increased over the course of 2 years. However, Mexico’s economy evidently recovered, in particular with its inflation rate, which reached a decade low, as well as its gross domestic product per capita, which attained decade high values, both in 2014.