Mexico City
Economy of Mexico City
México City is the powerhouse of Mexico's economics. The city produces 21.8% of the country's Gross domestic product. The city ranks as the 8th richest urban center in the world (the richest in Latin America) and it is expected that by 2020 it is expected to rank seventh with a $608 billion GDP, displacing Osaka/Kobe.
The Mexican Peso is Mexico's official currency. As part of a free-market economy, the Peso’s exchange rate fluctuates daily; however, it has averaged around eleven to the dollar for several years now. For some money basics, consult: Essential Money Guide.
Every agency of the federal government is based in México City and many important companies have headquarters here as well. The capital is the country's major national and international transportation and shipping hub, which makes the movement of products and personnel very easy. Many foreigners who come to Mexico seeking to live and work here do so for lifestyle or personal reasons instead of the move being part of a professional career plan. As a result, they are content accepting lower pay and less favorable conditions in comparison to those offered in their home country.
Mexico's economy is highly dependent on oil revenue. In the 1990's efforts were made by the government to ease this dependency and open up Mexico's economy to foreign investment. The NAFTA agreement (North American Free Trade Agreement) is part of this new phase. Oil reserves are to run out around 2016 and Felipe Calderon is launching a series of programs and initiatives to wean Mexico's prosperity away from oil dependency.
There are many associations and councils involved in México City's economy and development. A brief list includes:
- American Chamber of Commerce in México City Lucerna 78 5141-3800
- México City Visitors & Convention Bureau 56 5212-0259
- Mexican Investment Board Reforma 915 5328-9929
- National Chamber of Commerce of México City Reforma 42 5209-9100
- National Council of Businessmen Campos Elíseos 345 5280-6623
- International Chamber of Commerce World Trade Center 5488-2678
- National Council for Foreign Trade Eugenio Sue 94 5281-0595
- National Chamber of Small Businesses for México City Madero 61 - 101 5512-2976
- United States - México Chamber of Commerce Liverpool 31 5535-2545
Update 6/09/2008
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