While Mexico’s oil industry generated US$18.7 billion and tourism $17 billion in 2016, remittances reached $27 billion.
95% of those remittances come from the U.S.
The money that Mexicans send home also supports domestic consumption, which was the main driver of the country’s 2.3% economic growth last year. Industrial production was virtually flat, and exports of manufactured goods fell 1.2% in the full year.
In other news, Mexico Says Nafta Negotiations Should Start in May
— Prof. Steve Hanke (@steve_hanke) February 1, 2017