Mexico
Mexico is the 19th largest economy in the world by nominal GDP. It has a GDP per capita of $9,698 USD. Mexico is a member of the G20 and the United States – Mexico – Canada trade agreement (USMCA), formerly known as NAFTA. The Mexican economy, and particularly the car industry, is highly integrated with the USA. 72 percent of its exports went to the US in 2017 and Mexico is the USA's second largest export destination (15.7 percent). Services are the largest sector (60 percent in 2018), followed by manufacturing (17 percent), and agriculture (3.3 percent). Exports are significant representing 39 percent of GDP. The largest export sectors in 2017 were vehicles (23.4 percent), electronics (21.24 percent), machinery (18.53 percent), and agriculture (8.27 percent). The largest individual exports were cars (9.37 percent), car parts (5.75 percent), transport vehicles (5.46 percent), travel and tourism (4.79 percent), computers (4.54 percent), and crude oil (4 percent). After the US, Canada is next large export partner with 6.23 percent. Its largest import goods are parts of motor vehicles (5.62), refined petroleum (5 percent), electronic integrated circuits (4.9 percent), and parts and accessories for office machines (4.3 percent). After the Mexican revolution the economy grew rapidly from the 1930s to the 1970s as the government pursued industrialisation and import-substitution. The government also redistributed land to peasants, nationalised oil and railroad companies, and upgraded infrastructure. With the discovery of large new oil reserves in the 1970s, the government increased social spending, but when the price of oil fell from 1981, Mexico found itself in a debt crisis in 1982. Economic reforms including privatisation in the 1980s increased growth, but the country experienced another debt crisis in 1994. The economy returned to growth with US help, and the economy also began to benefit from NAFTA (1994). Since the 1994 crisis, the economy has enjoyed consistent growth largely due to improvements in macroeconomic fundamentals. The global financial crisis hit hard however with GDP falling by more than 6 percent in 2018. Recently, the government has introduced important tax, pension, and judicial reforms, and has started to liberalise the oil industry in order to attract private investment.