Over the past decade, Mexico’s tourism industry has shown steady expansion, growing every year since 2011 despite security concerns and travel warnings...
Mexico Tourism
In 2018 Mexico’s economy ranked second in Latin America and 15th in the world in terms of GDP, which totalled $1.22trn, according to the World Bank. In 2019 the newly elected President Andrés Manuel López Obrador has pushed ahead with efforts to meet his pledge to tackle corruption and implement austerity measures within the government, to reduce costs and curb excessive expenditures.
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In 2018 Mexico’s economy ranked second in Latin America and 15th in the world in terms of GDP, which totalled $1.22trn, according to the World Bank. In 2019 the newly elected President Andrés Manuel López Obrador has pushed ahead with efforts to meet his pledge to tackle corruption and implement austerity measures within the government, to reduce costs and curb excessive expenditures.
Recording consistent growth since 2011, Mexico’s tourism sector has continued to expand steadily. According to government counts, more than 39m foreign tourists visited the country in 2017. Demand for Mexico’s medical tourism has recently picked up and is forecast to grow further, largely as a result of the changes made to the US health care system. Mexico’s natural beauty has long attracted...
Driven by an ongoing process of economic opening since the 1990s, Mexico has established a solid macroeconomic base. Structural reforms have improved the country’s trade flows, helped to soften the impact of a gradual slowdown in hydrocarbons production and exports, and enabled manufacturing-led economic diversification and regional integration.
Receiving more than 35m international visitors in 2016 – 2.8m more than in 2015 – Mexico continues to move up the world tourism league table. The country’s ranking in terms of arrivals in global tourism destinations improved from 10th to ninth position in 2016, according to the UN World Tourism Organisation. A weak peso has boosted margins for operators and attracted more visitors while at the...
At a time when a number of major Latin American economies, including Brazil and Venezuela, are heading toward recession, Mexico’s economy stands out in the region for its resilience. Projections for 2017 are couched in more uncertainty than is usual, however, in light of the lack of clarity over and the potential impact of policy changes in the US during the first year in office for US President Donald Trump.
Two straight years of record growth in Mexico’s tourism sector have solidified its importance as a motor for economic growth. Tourism contributes over 8.7% to Mexico’s GDP, employs 3.6m people directly and is the fourth most important source of foreign currency. The sector exceeded growth expectations for 2014, registering a record number of international tourist arrivals, at nearly 29.3m, and...