Mexico Economy

Working in Mexico sounds like an adventure to many people. However, job search in Mexico requires more than just the obvious Mexico CV and Mexico cover letter writing and translation, it requires thorough preparation. You will experience problems that probably did not even came to your mind when you decided to find an employment in Mexico.

Do not take too lightly the influence a job search in Mexico can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.

art_warning Mexico Economy

Most visits to Mexico are trouble-free but you should be aware of the risk of indiscriminate terrorist attacks, which could be against civilian targets, including places frequented by expatriates and foreign travelers like restaurants, hotels, clubs and shopping areas. You should exercise a high degree of caution due to violence in Northern and Western states of the country experiencing a deteriorating security situation.
High levels of criminal activity, as well as demonstrations, protests and occasional illegal roadblocks remain a concern throughout the country. In recent years, the Mexican authorities have carried out a number of investigations and operations against drug related crimes and terrorist networks.
Monitor local news broadcasts and consular messages. Ensure that your travel documents and visas are current, valid and secured in a safe place. Carry a photocopy of your travel documents in lieu of the originals. Maintain a low profile, vary times and routes of travel, and exercise caution while driving. Making local contacts quickly and seeking support from other expatriates will greatly increase your comfort and safety.

Mexico economy - overview:

Mexico's $2.2 trillion economy has become increasingly oriented toward manufacturing in the 22 years since the North American Free Trade Agreement (NAFTA) entered into force. Per capita income is roughly one-third that of the US. Income distribution remains highly unequal.

Mexico has become the US' second-largest export market and third-largest source of imports. In 2014, two-way trade in goods and services exceeded $590 billion. Mexico has free trade agreements with 46 countries, putting more than 90% of trade under free trade agreements. In 2012, Mexico formally joined the Trans-Pacific Partnership negotiations and formed the Pacific Alliance with Peru, Colombia and Chile.

Mexico's current government, led by President Enrique PENA NIETO, emphasized economic reforms during its first two years in office, passing and implementing sweeping education, energy, financial, fiscal and telecommunications reform legislation, among others, with the long-term aim to improve competitiveness and economic growth across the Mexican economy. Mexico began holding public auctions of exploration and development rights to select oil and gas resources in 2015 as a part of reforms that allow for private investment in the oil, gas, and electricity sectors. The second and third auctions demonstrated the capacity for the Mexican Government to adapt and improve the terms of the contracts to garner sufficient interest from investors amid low oil prices.

Although the economy experienced stronger growth in 2014-15 as a result of increased investment and stronger demand for Mexican exports, growth is predicted to remain below potential given falling oil production, weak oil prices, structural issues such as low productivity, high inequality, a large informal sector employing over half of the workforce, weak rule of law, and corruption. Over the medium-term, the economy is vulnerable to global economic pressures, such as lower external demand, rising interest rates, and low oil prices - approximately 20% of government revenue comes from the state-owned oil company, PEMEX. The increasing integration of supply chains, development of energy sectors and government-to-government focus on trade facilitation will continue to make the North American region increasingly competitive and contribute to Mexican economic development and strength.

Cost of Living: The cost of living for expatriates in Mexico is moderate compared with the rest of Latin America.

Labor force - by occupation: agriculture: 13.4%, industry: 24.1%, services: 61.9% (2011)

Unemployment rate: 4.5% (2015 est.), 4.8% (2014 est.)
Note: underemployment may be as high as 25%

Natural resources: silver, copper, salt, fluorspar, iron, manganese, sulfur, phosphate, zinc, tungsten, molybdenum, mercury, gold, gypsum, natural gas and timber. Petroleum is the country's single most valuable mineral resource.

Industries: food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism

MexicoCurrency

Currency: The currency of Mexico is the peso (MXN) divided into 100 centavos.
Coins are issued in 5, 10, 20, 50 centavo and 1, 2, 5, 10, 20, 50 and 100 peso denominations, but it is extremely rare to find coins valued at more than 10 pesos.
Banknotes are produced in 20, 50, 100, 200, 500 and 1000 denominations.
Note: The 1000 and 500 notes can be difficult to change and are sometimes not accepted.

Credit Cards: MasterCard, Visa and American Express cards are generally accepted.

ATMs: ATMs on the Cirrus and Plus networks are widely available for both debit and credit cards

Traveler’s Checks: ATMs and credit cards mean traveler’s checks are less necessary to exchange. Traveler’s checks in Pounds Sterling and Euros are now as readily accepted as those in US Dollars.

Exchange rates: Mexican pesos (MXN) per US dollar - 15.88 (2015 est.), 13.292 (2014 est.), 13.292 (2013 est.), 13.17 (2012 est.), 12.423 (2011 est.)

Inflation rate (consumer prices): 2.7% (2015 est.), 4% (2014 est.)

Other Mexico Economy Info

We hope that your Mexico job search has been successful and you have your Mexico visa with Mexico work permit too. So, if your Mexico cover letter and Mexico CV are ready, you may email them to your future employers and start preparing for a Mexico job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Mexico economy info.

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