The economy of Mexico is the 14th largest in the world in nominal terms and the 11th by purchasing power parity, according to the World Bank. The economy contains rapidly developing modern industrial and service sectors, with increasing private ownership. One of the most important sector in Mexico's industry is the automotive industry. Major Mexican industries include food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism.
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