Mexico is a huge country with an incredibly diverse population packed with rich culture. Mexico is also one of the most visited countries in the world. There are many reasons why you may want to start a business or hire employees in Mexico. Below we provide three unique facts about Mexico before you expand or open your company there.
As of 2019, Mexico is the sixth most visited country in the world. Tourism is one of the biggest contributors to Mexico’s economy. It has the fifteenth highest income from tourism in the world. In 2018, tourism in Mexico generated $22.51 million USD in revenue, compared to 2017’s tourism revenue of $21.3 billion USD.
Other major industries in Mexico include food and beverage, motor vehicles, and aerospace. Tourists from all over the world fly to the country to immerse themselves in Mexico’s world-famous cultural diversity and natural environment at affordable prices. With all these enticing amenities the county has to offer, there is no doubt that tourism in Mexico is projected to grow in the years to come.
Mexicans are working the longest average hours per week in the world! Did you know that in total, the average Mexican works 43 hours per week, or 2,255 hours per year? 29% of Mexico’s workforce works 50 hours or more a week.
While the Mexican people seem to have a great work ethic, this leaves less time for personal care and leisure activities. In the long-term this could lead to a lot of health issues and poor work-life balance.
Mexico City has the highest elevation and is the oldest city in North America. However, it’s also built over the ruins of a great Aztec city Tenochtitlán on a lake. The Aztecs created intricate systems like canals to control the flow of water, but the Spanish decided to drain the lakebed after realizing how labor intensive maintaining the canals were.
Fast forward many years later, Mexico City is now sinking at a rate of 6 to 8 inches a year as pumps draw water out for the city’s growing population. Within the last 60 years, the city has sunk more than 32 feet. The growing population has made the demand for water increase which has led to serious issues with unstable infrastructure in the area.
Whether you want to start a business or hire employees in Mexico, NNRoad can assist. We offer employee outsourcing and company formation services, in addition to our other offerings. Get in touch today to learn how we can support your company in global expansion.