As anyone who hasn’t been living under a rock would know, the global economy has been going through tumultuous times thanks to the outbreak of the pandemic since 2020. Amid the economic disruption induced by the pandemic, however, the experience of many countries and their economies has varied significantly. Some nations have weathered the storm rather well, while others have been harshly impacted. Using data from The World Bank, we analyzed various countries’ GDP per capita (in current U.S. dollars as well as in constant 2015 U.S. dollars) and their change over the years. For this study, we decided to focus on Mexico and its GDP per capita.

Read on to find out the Mexico GDP per capita, its change over the years, and other economic details about America’s southern neighbor.

Mexico GDP per Capita: A Detailed Analysis

According to the latest data from The World Bank, Mexico GDP per capita is $9,926.42 (in current U.S. dollars). Using a different metric, namely, constant 2015 U.S. dollars, Mexico’s GDP per capita is $9,255.21 (as of 2021, since The World Bank won’t have 2022 data until the year is complete). Mexico’s economy was impacted hard by the pandemic. Based on annual GDP per capita growth, which The World Bank calculates using constant local currency, Mexico GDP per capita fell by 9.13% from 2019 to 2020. In constant 2015 U.S. dollars, Mexico GDP per capita fell from $9,819.53 in 2019, down to $8,922.61 in 2020. Mexico’s GDP per capita rose to $9,255.21 in 2021 but has not recovered to the level it had reached in 2019. In fact, Mexico’s current GDP per capita in constant 2015 U.S. dollars hasn’t even reached its GDP per capita in 2012 of $9,280.26. The economic impact of the pandemic, indeed, has been severe.

Looking at Mexico GDP per capita in current U.S. dollars reveals the same negative impact on Mexico’s economy. In current U.S. dollars, Mexico GDP per capita peaked in 2014 at $10,928.92. That’s well above the Mexico GDP per capita in 2021 of $9,926.42 in current U.S. dollars.

Here’s a look at Mexico GDP per capita in current U.S. dollars over the last 15 years:

  • 2006 Mexico GDP per capita: $9,068.29
  • 2007 Mexico GDP per capita: $9,642.68
  • 2008 Mexico GDP per capita: $10,016.57
  • 2009 Mexico GDP per capita: $8,002.97
  • 2010 Mexico GDP per capita: $9,271.40
  • 2011 Mexico GDP per capita: $10,203.42
  • 2012 Mexico GDP per capita: $10,241.73
  • 2013 Mexico GDP per capita: $10,725.18
  • 2014 Mexico GDP per capita: $10,928.92
  • 2015 Mexico GDP per capita: $9,616.65
  • 2016 Mexico GDP per capita: $8,744.52
  • 2017 Mexico GDP per capita: $9,287.85
  • 2018 Mexico GDP per capita: $9,686.98
  • 2019 Mexico GDP per capita: $9,950.22
  • 2020 Mexico GDP per capita: $8,431.67
  • 2021 Mexico GDP per capita: $9,926.42

Based on these dollar values, from 2006 to 2021, Mexico GDP per capita grew by about 9.5%. However, when calculating the change in Mexico’s GDP per capita from 2006 to 2021 in constant 2015 U.S. dollars, the growth is a mere 1.2%: From $9,142.80 in 2006 to $9,255.21 in 2021. The annual GDP per capita decline of 9.13% from 2019 to 2020 is the worst year-over-year decline since 2008 to 2009, when it fell by 6.67% — which was, of course, amid the Great Recession, unleashed by America’s housing market crash.

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Mexico GDP per Capita Growth in Constant U.S. Dollars

Whereas, using current U.S. dollars, Mexico GDP per capita peaked in 2014 at $10,928.92, when using constant 2015 U.S. dollars, Mexico GDP per capita peaked in 2018 at $9,945.78. By the next year, Mexico GDP per capita had dropped to $9,819.53 in 2019 (in constant 2015 U.S. dollars). This year-over-year decline occurred before the pandemic truly made its impact felt upon the global economy in 2020.

Here’s a look at Mexico GDP per capita in constant 2015 U.S. dollars over the last 15 years:

  • 2006 Mexico GDP per capita: $9,142.80
  • 2007 Mexico GDP per capita: $9,214.35
  • 2008 Mexico GDP per capita: $9,181.40
  • 2009 Mexico GDP per capita: $8,568.62
  • 2010 Mexico GDP per capita: $8,878.56
  • 2011 Mexico GDP per capita: $9,076.30
  • 2012 Mexico GDP per capita: $9,280.26
  • 2013 Mexico GDP per capita: $9,282.99
  • 2014 Mexico GDP per capita: $9,426.32
  • 2015 Mexico GDP per capita: $9,616.65
  • 2016 Mexico GDP per capita: $9,751.57
  • 2017 Mexico GDP per capita: $9,842.40
  • 2018 Mexico GDP per capita: $9,945.78
  • 2019 Mexico GDP per capita: $9,819.53
  • 2020 Mexico GDP per capita: $8,922.61
  • 2021 Mexico GDP per capita: $9,255.21

While Mexico’s GDP per capita grew by 3.73% from 2020 to 2021, that growth mirrors the annual growth experienced from 2009 to 2010 (3.62%), both periods reflecting an above-average increase in GDP per capita because of a sharp fall in the previous year-over-year period. Indeed, in terms of constant 2015 U.S. dollars, Mexico GDP per capita has a ways to go to reach its previous highpoint in 2018, when it was $9,945.78.

Mexico GDP per Capita: A Look at Mexico’s Economy Over the Years

Using data from the Observatory of Economic Complexity (OEC), we can analyze how much the economy of Mexico has changed over the last 15 years. Since OEC data only goes up to 2020 (unless you have the paid Pro version), our 15-year period here is 2005 to 2020. Back in 2005, Mexico’s biggest export product was crude petroleum, representing 13.33% of its exports that year and equal to $29 billion. Moving ahead 15 years to 2020, and crude petroleum now only accounts for 4.18% of Mexico’s exports, equal to $17.8 billion.

Over the course of the last 15 years, cars have become Mexico’s top export product, accounting for 9.76% of exports, with a value of $41.6 billion. Exports of computers comes in second, accounting for 7.37% of total export value and equivalent to $31.5 billion. Exports of motor vehicles; parts and accessories, ranks third, accounting for 6.35% of total export value and equal to $27.1 billion. Two of these three top exports from Mexico fall under the broader Transportation category, while computers fall under the broader category of Machines.

The contrast between Mexico’s exports in 2020 and 2005 is very significant. Back in 2005, cars accounted for 6.3% of total exports, valued at a mere $13.7 billion versus $41.6 billion in car exports in 2020, accounting now for 9.76% of total export value. The growth in the value of computer exports is even more striking. In 2005, the export value of computers accounted for 4.29% of total exports, equal to $9.3 billion. By 2020, however, the export of computers accounted for 7.37% of total export value, equal to $31.5 billion. Other notable exports to increase include integrated circuits, which grew from accounting for 0.51% of total export value in 2005 ($1.12 billion) to accounting for 1.07% of total export value in 2020 ($4.57 billion); and tractors, which accounted for 0.57% of total export value in 2005 ($1.24 billion), rose to accounting for 1.61% of total export value in 2020 ($6.87 billion).

Table of Mexico GDP per Capita

Below you’ll find a table detailing Mexico’s GDP per capita in current U.S. dollars, constant 2015 dollars, and its annual growth rate (based on constant local currency):

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