Ejercito Nacional, 12th floor, 216, Veronica Anzures
Mexico City, 11590
Mexico City is one of the most important economic hubs in Latin America. The city proper produces 15.8% of the country’s gross domestic product. According to a study conducted by PwC, Mexico City had a GDP of $390 billion, ranking it as the eighth richest city in the world and the richest in Latin America.
Mexico City alone would rank as the 30th largest economy in the world. Mexico City is the greatest contributor to the country’s industrial GDP (15.8%) and also the greatest contributor to the country’s GDP in the service sector (25.3%). Due to the limited non-urbanized space at the south—most of which is protected through environmental laws—the contribution of the Federal District in agriculture is the smallest of all federal entities in the country. Mexico City has one of the world’s fastest-growing economies and its GDP is set to double by 2020.
In 2002, Mexico City had a Human Development Index score of 0.915, identical to that of South Korea.
The top twelve percent of GDP per capita holders in the city had a mean disposable income of US$98,517 in 2007. The high spending power of Mexico City inhabitants makes the city attractive for companies offering prestige and luxury goods.
The economic reforms of President Carlos Salinas de Gortari had a tremendous effect on the city, as a number of businesses, including banks and airlines, were privatized. He also signed the North American Free Trade Agreement (NAFTA). This led to decentralization and a shift in Mexico City’s economic base, from manufacturing to services, as most factories moved away to either the State of Mexico, or more commonly to the northern border. By contrast, corporate office buildings set their base in the city.