Chamber of Commerce Country Factsheet Last update: 10.01.2018
Your advisors at the Chamber of Commerce
- Violaine Mathurin+352423939481
- Thomas Bertrand+352423939337
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
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
Subject descriptor 2014 2015 2016 2017 2018 Gross domestic product, constant prices 2.245 2.465 2.091 2.325 2.584 Gross domestic product, current prices 1,298.181 1,143.796 1,063.606 1,124.316 1,182.511 Gross domestic product per capita, current prices 10,844.089 9,452.402 8,698.585 9,102.428 9,479.976 Inflation, average consumer prices 4.019 2.720 2.824 3.338 3.004 Volume of imports of goods and services 5.969 5.032 1.406 5.017 5.544 Volume of exports of goods and services 6.951 8.990 3.194 5.801 6.245 Unemployment rate 4.826 4.352 4.051 3.900 3.825 Current account balance -26.249 -32.707 -29.031 -30.999 -35.534 Current account balance -2.022 -2.860 -2.729 -2.757 -3.005
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)
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
Economic and Commercial Attaché (AWEX): Florence Van Holsbeeck
41, Avenida Alfredo Musset
11550 Mexico D.F.
Tel: +52 55 52 80 40 66/65
Fax: +52 55 52 80 33 94
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
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
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.
Other useful links
- CIA World Factbook on Mexico
- Le Mexique sur le site de l'Awex
- Promexico: Mexico promotion agency
- ELAN biz: European and Latin American Business services
- ELAN Network: European and Latin American Technology based Business network
- The Latin America IPR SME Helpdesk
- Conseils sur comment aborder le marché mexicain
- Mexique: Bureau Business France
- Delegation of the European Union to Mexico
- Doing Business in Mexico
- Economic Freedom Index - Mexico
- Das ist Mexiko
The Chamber of Commerce and the country
- 04.10.2015 - 10.10.2015
- 23.04.2015 - 24.04.2015