Mexico’s Economy

Estimates rank Mexico as the 11th (International Monetary Fund and CIA World Factbook) and 12th (World Bank) country in the world with regard to GDP (PPP), with its GDP recently entering into the trillion dollar range.

The country has made a noteworthy economic recovery, and is considered among the world’s hot spots for further impressive economic growth. Recent governmental actions have expanded competition in many areas, including airports, seaports, telecommunications, railroads, electricity and natural gas.

With sizeable reserves, Mexico is a major oil producer – close to a third of the With sizeable reserves, Mexico is a major oil producer – close to a third of the administration’s revenue comes from the state-owned company, PEMEX. The country is also the largest producer of silver in the world.

Upon joining the World Trade Organisation in the late 1980s and the North American Free Trade Agreement in 1994, Mexico moved from being a fairly closed economy to one that is almost wholly open. Contributing to the country’s economic health, Mexico is cited as the nation holding the most free-trade agreements worldwide.

Mexico – UK Ties

After Brazil, Mexico forms the UK's largest market in Latin America. Among the principal exports are pharmaceuticals, telecommunications, office and industrial machinery, and automotive components.

The UK is the second biggest investor in Mexico after the United States. Among the UK’s principal investors are Shell, AstraZeneca, Glaxo-Wellcome, BOC ,Vodafone, BPAmoco and Unilever.

Leisure Activities

But Mexico – and in particular Mexico City – is not known only for its economic strides forward.

Being one of the biggest obviously has its benefits: excellent - and we mean excellent - nightlife, superb food, massive shopping plazas, great football teams (The Azteca Stadium is a must), and wonderful museums form just a portion of what this great city has to offer. Ancient sites are dotted around the city, including the Aztec Pyramids, Zocalo, The Castle of Chapultepec, The Angel of Independence Monument, The Diana Monument, and Coyoacan – which are mixed in with some great modern architecture, including the World Trade Centre and the Torre Mayor (the tallest building in Latin America).

For weekend breaks, Acapulco is a three-hour drive away, and Cancun is just one hour by plane. There are also numerous and beautiful colonial towns within an hour's drive of the city.

The Mexicans

And, finally, there are the people. Mexicans are extremely friendly, hospitable, and fun-loving. By-and-large, they are also very pro-European, and even more pro-English - thanks largely to their terrific affinity to football.

What does an expat need to know about the locals when relocating to this wondrous country?

For one thing, Mexicans value good manners. Saying “Buenos días” (Good morning/Good day), “Buenas tardes” (Good afternoon) and “Buenas noches” (Good evening/Good night) is a pre-requisite – even to perfect strangers. Saying, “Con permiso” (Excuse me) when passing someone, leaving a room of people or leaving a lift, is also quite common.

Customs – Business Related and Otherwise

Related to the ‘good manners’ custom, Mexicans can sometimes be very evasive, in order not to disappoint or to avoid appearing rude. So, if a Mexican says, “probably”, “maybe”, or some other uncertain permutation, it could very well mean “no”. It is, therefore, important that business appointments are firmly re-confirmed as some point before the designated time.

Do you like long lunches? Good, because in Mexico business lunches have been known to last for several hours.

If you’re wondering what to wear during the work day and during business meals, business wear is fairly formal – more formal than in many other business locales. As for casual wear, believe it or not, shorts are not worn often – even for picnics and such. One rule of thumb used by the locals is that, if you see a bunch of people walking around the city in shorts, they are most certainly tourists.

Although Spanish is Mexico’s official language, English is very widely spoken. However, whether you speak Spanish well or poorly – or even just a few words – any attempts to communicate in the language are received very favourably. In addition, business cards should be printed in both languages.

Mexico is a stunning country.

And, if you are looking to earn a fabulous income and live in an exciting big city, then Mexico City could be just the place for you.