Global Cultural Analysis: Italy
Mexico's Gross Domestic Product (GDP) in purchasing power parity (PPP) was estimated at US $1,748.908 billion in 2012, and $1,231.642 billion in nominal exchange rates. As such, its standard of living, as measured in GDP in PPP per capita was US $15,782.897. The World Bank reported in 2009 that the country's Gross National Income in market exchange rates was the second highest in Latin America, after Brazil at US $1,830.392 billion, which lead to the highest income per capita in the region at $14,400. As such, Mexico is now firmly established as an upper middle-income country. After the slowdown of 2001 the country has recovered and has grown 4.2, 3.0 and 4.8 percent in 2004, 2005 and 2006, even though it is considered to be well below Mexico's potential growth. The Mexican currency is the peso ISO 4217: MXN; symbol. One peso is divided into 100 centavos cents. MXN replaced MXP in 1993 at a rate of 1000 MXP per 1 MXN. The exchanged rate has remained stable since 1998, oscillating between 10.20 and 11.50 MXN per US$. Interest rates in 2007 were situated at around 7 percent, having reached a historic low in 2002 below 5 percent. Inflation rates are also at historic lows; the inflation rate in Mexico in 2006 was 4.1 percent, and 3 percent by the end of 2007. Unemployment rates are the lowest of all OECD member countries at 3.2 percent. However, underemployment is estimated at 25 percent. Mexico's Human development index was reported at 0.829, comprising a life expectancy index of 0.84, an education index of 0.86 and a GDP index of 0.77, ranking 52 in the world within the group of