| Capital |
Mexico (Mexico City) |
| Area Sq Km |
1 972 545 |
| Area Sq Miles |
761 604 |
| Population |
95 831 000 |
| Languages |
Spanish, Amerindian languages |
| Religions |
Protestant, Roman, Catholic |
| Currency |
Peso |
| National Day |
|
Mexico
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Play national anthem
Economy Overview
The agricultural sector produces various staple
crops, including sorghum, wheat, maize, rice, beans and potatoes,
largely for domestic consumption; while coffee, sugar cane, fruit and
vegetables are grown for export. The contribution made by agriculture
(including fishing, which is a major employer in coastal areas) has
declined since the 1980s: it now employs about 20 per cent of the
workforce and accounts for 5 per cent of GDP. The Government has sought
to combat this by scrapping the allegedly inefficient ejido (very
roughly - 'collective') system introduced after the revolution of the
1910s. The biggest growth has been in manufacturing, where the most
important products are vehicles, food products, iron and steel,
chemicals and machinery. An increasing number of these are located in
so-called maquiladora plants, under which semi-finished goods or raw
materials from the southern USA are shipped across the border into
Mexico, completed, and then (for the most part) returned to the USA.
The purpose is to take advantage of lower wages and running costs and
the absence of major restrictions on the behaviour of corporations (as
for instance environmental controls or health and safety regulations).
NAFTA (see below) has stimulated growth in this area. Mexico also has a
large mining sector, producing a wide range of minerals, including
silver, bismuth, arsenic and antimony; there are also smaller deposits
of sulphur, lead, zinc and cadmium. However, Mexico's largest single
natural resource, and the source of much of its wealth in recent years,
is oil. While oil prices were relatively high, Mexico used the revenues
to fund rapid industrial growth. Although prices were generally at
lower levels during the 1990s, it remains an important source of
revenue. Oil, gas and oil products account for one-third of total
export earnings. In the service sector, tourism is the most important
single industry, with most of the business coming from North America.
Economic relations with the economic giant to the north have become
even more important since November 1993 and the signing of the North
American Free Trade Agreement (NAFTA), which created a free market
among the USA, Canada and Mexico. Originally an initiative of Mexican
President Salinas, NAFTA created a free-trade bloc able to rival the EU
in both population and economic output. As well as NAFTA, Mexico is a
member of the Inter-American Development Bank, the Association for
Latin American Integration (ALADI) and, most recently, the
Asian-Pacific Economic Forum (APEC). While much of its recent attention
has been concentrated to the north, Mexico has not ignored economic
relations with its southern neighbours, having concluded in the early
1990s a number of free trade agreements with Colombia and Venezuela
(The Group of Three) and with the Hispanic countries of Central
America. The USA dominates Mexico's trade, providing 70 per cent of the
country's imports (US$14.5 billion) and taking slightly under 70 per
cent (US$18 billion) of its exports. Outside the American continent,
Japan, Germany and Spain are Mexico's other important trading partners.
The UK is the largest foreign investor in Mexico after the USA. Several
initiatives have been undertaken to strengthen trade links between
Mexico and the EU.
Government
Mexico is a federal republic with 31 states and
one federal district. The bicameral National Congress is elected by
universal adult suffrage. The 64 members of the Senate (two per state
plus two for the federal district) serve for a term of six years. The
500-seat Chamber of Deputies consists of members elected for three
years, 300 from single-member constituencies with the remaining 200
allocated to minority parties on the basis of proportional
representation. The president, who appoints a cabinet, has executive
power and serves a term congruent with that of the Senate. Each state
has its own governor and elected Chamber of Deputies.
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