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Mexico
Chamber of Commerce Country Factsheet Last update: 26.09.2017

Your advisors at the Chamber of Commerce

  • Violaine Mathurin
    +352423939481
  • Sabrina Aksil
    +352423939374
Contact us: latinamerica@cc.lu

Key Indicators

Area
1,964,375 km2
Population
121,736,809 (July 2015 est.)
Government type
federal republic
Languages
Spanish only 92.7%, Spanish and indigenous languages 5.7%, indigenous only 0.8%, unspecified 0.8%
GDP
$2.227 trillion (2015 est.)
Growth rate
2.5% (2015 est.)
HDI
74
Capital
Mexico City

 

Introduction

The site of several advanced Amerindian civilizations - including the Olmec, Toltec, Teotihuacan, Zapotec, Maya, and Aztec - Mexico was conquered and colonized by Spain in the early 16th century. Administered as the Viceroyalty of New Spain for three centuries, it achieved independence early in the 19th century. Elections held in 2000 marked the first time since the 1910 Mexican Revolution that an opposition candidate - Vicente FOX of the National Action Party (PAN) - defeated the party in government, the Institutional Revolutionary Party (PRI). He was succeeded in 2006 by another PAN candidate Felipe CALDERON, but Enrique PENA NIETO regained the presidency for the PRI in 2012. The global financial crisis in late 2008 caused a massive economic downturn in Mexico the following year, although growth returned quickly in 2010. Ongoing economic and social concerns include low real wages, high underemployment, inequitable income distribution, and few advancement opportunities for the largely indigenous population in the impoverished southern states. Since 2007, Mexico's powerful drug-trafficking organizations have engaged in bloody feuding, resulting in tens of thousands of drug-related homicides.

Sources: The CIA World Factbook - Mexico

 

Macroeconomic indicators

Despite lower oil prices and softer external demand, GDP growth is expected to strengthen to 3% in 2017, reflecting the structural reforms implemented by the government. The depreciation of the peso reinforced gains in Mexican export market share and resilient domestic demand continues to support economic activity.

Monetary policy remains focused on achieving inflation stability and avoiding upward price pressures from currency weakness, with interest rates kept above underlying inflation. Public-sector spending cuts are being implemented following the sharp reduction in oil-related government revenues. The government is also taking measures to ensure the financial viability of the state oil company PEMEX.

While productivity growth has been weak over the past few years, there are signs of a pick-up. Key structural reforms, notably measures to foster competition in network industries and to facilitate access to credit, are expected to bolster business-sector capital formation and productivity. However, full implementation of reforms is essential, and a renewed push may be needed to fight informality and to boost anti-corruption efforts.

Source: OECD - Economic Forecast

IMF Statistics: 

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
2.2452.4652.0912.3252.584
Gross domestic product, current prices
U.S. dollars (Billions)
1,298.1811,143.7961,063.6061,124.3161,182.511
Gross domestic product per capita, current prices
U.S. dollars (Units)
10,844.0899,452.4028,698.5859,102.4289,479.976
Inflation, average consumer prices
Percent change
4.0192.7202.8243.3383.004
Volume of imports of goods and services
Percent change
5.9695.0321.4065.0175.544
Volume of exports of goods and services
Percent change
6.9518.9903.1945.8016.245
Unemployment rate
Percent of total labor force
4.8264.3524.0513.9003.825
Current account balance
U.S. dollars (Billions)
-26.249-32.707-29.031-30.999-35.534
Current account balance
Percent of GDP
-2.022-2.860-2.729-2.757-3.005
Colored cells are estimates
 

Source: IMF Statistics

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 7.2.2001 (Memorial 2001, A, p. 3360)
  • Effective as of 27.12.2001 (Memorial 2002, A, no. 10, p. 220)
  • Protocol amendment and Exchange of letters from 07.10.2009
  • Act from 31.03.2010 (Memorial 2010, A, no. 51, p. 830 and )
  • Not in force yet

Air Services agreement

  • Agreement from 19.3.1996 (Memorial 1999, A, p. 1538)
  • Effective as of 06.24.1999 (Memorial 1999, A, p. 2018)

Source: Administration des contributions directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Mexico

Embassy of the Grand Duchy of Luxembourg in Mexico

Ambassador with residence in Washington:

Ms. Sylvie LUCAS
2200 Massachusetts Avenue N. W.
WASHINGTON, D.C. 20008
Tel.: +1 202 265 4171/72
Fax: +1 202 328 8270
Email: washington.amb(at)mae.etat.lu

Economic and Commercial Attaché (AWEX):                                                          Florence Van Holsbeeck
41, Avenida Alfredo Musset
(Polanco)
11550 Mexico D.F.
Tel: +52 55 52 80 40 66/65 
Fax: +52 55 52 80 33 94
E-mail: mexico(at)awex-wallonia.com

Honorary consuls:

Honorary Consul General with jurisdiction in the territory ofUnited States of Mexico: Ms. Frauken BARSCHKIS-Cornils
Privada Madereros of 88
Pass. Lomas Altas, Deleg.
Miguel Hidalgo, Mexico, 11950 Mexico D.F.
Tel: +52 55 5570 0417/+52 55 5570 0374
Fax: + 52 52 5259 0023
Email: tbarschk@hotmail.com

Honorary Consul with jurisdiction in the states of Yucatan, Campeche and Quintana Roo: Jose Luis GARCIA PONCE
Corporacion Mercantil Peninsular S.A.de C.V.
Calle 25-A No. 500-BX 58-A
Colonia Itzimna C.P.97100 Merida, Yucatan, Mexico
Tel: + 52 9999 27 3443
Fax: + 52 9999 26 1725
Email: jlponceg@sureste.com

Source: www.mae.lu
Source: www.awex.be

Country risk as defined by Office du Ducroire for Mexico

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Mexico

Other useful links