Obligation Mexica 4.15% ( US91087BAC46 ) en USD

Société émettrice Mexica
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Mexique
Code ISIN  US91087BAC46 ( en USD )
Coupon 4.15% par an ( paiement semestriel )
Echéance 28/03/2027



Prospectus brochure de l'obligation Mexico US91087BAC46 en USD 4.15%, échéance 28/03/2027


Montant Minimal 200 000 USD
Montant de l'émission 3 150 415 000 USD
Cusip 91087BAC4
Prochain Coupon 28/09/2025 ( Dans 36 jours )
Description détaillée Le Mexique, pays d'Amérique du Nord, possède une riche histoire précolombienne, une culture vibrante mêlant influences indigènes et européennes, et une grande diversité géographique allant de déserts arides à des forêts tropicales luxuriantes.

Cet article présente une analyse détaillée d'une émission obligataire souveraine émise par le Mexique, offrant une perspective sur les termes financiers clés et le profil de l'émetteur. L'émetteur de cette obligation est le Mexique, une économie émergente majeure d'Amérique du Nord, membre du G20 et l'une des plus grandes économies d'Amérique latine, dont la stabilité macroéconomique est généralement soutenue par une politique budgétaire prudente, une forte intégration commerciale, notamment via l'accord USMCA avec les États-Unis et le Canada, et une diversification de ses secteurs économiques incluant l'industrie manufacturière, les services et l'énergie. Il s'agit spécifiquement d'une obligation, identifiée par le code ISIN US91087BAC46 et le code CUSIP 91087BAC4, des identifiants cruciaux pour sa négociation et son suivi sur les marchés financiers internationaux. Cette émission a été réalisée par le pays d'émission, le Mexique, ce qui en fait une dette souveraine. Libellée en dollars américains (USD), cette obligation offre un taux d'intérêt nominal de 4,15%, une caractéristique attrayante pour les investisseurs recherchant des rendements stables dans une devise de référence mondiale. La fréquence de paiement de cet intérêt est semestrielle, avec deux versements par an, garantissant un flux de revenus régulier aux détenteurs. Actuellement négociée sur le marché à 100% de sa valeur nominale, cette cotation indique que l'obligation se traite au pair, reflétant potentiellement une perception stable du risque de l'émetteur et une adéquation entre son coupon et les taux de marché actuels pour un instrument de cette qualité et maturité. La taille totale de l'émission s'élève à 3 150 415 000 USD, ce qui en fait une émission de grande envergure, offrant une liquidité substantielle sur le marché secondaire. La maturité de l'émission est fixée au 28 mars 2027, date à laquelle le capital sera remboursé aux investisseurs. Pour les investisseurs, la taille minimale à l'achat est de 200 000 USD, ce qui positionne cette obligation pour les investisseurs institutionnels ou les particuliers ayant une capacité d'investissement significative. Cette émission représente donc une opportunité d'investissement dans la dette souveraine d'une économie émergente majeure, offrant un rendement fixe en USD sur une échéance à moyen terme.







Final Prospectus Supplement
424B2 1 d323517d424b2.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-209421

Prospectus Supplement
To Prospectus dated February 8, 2016

United Mexican States
U.S. $3,150,415,000 4.150% Global Notes due 2027
The notes will mature on March 28, 2027. Mexico will pay interest on the notes on March 28 and September 28 of each year, commencing
September 28, 2017. Mexico may redeem the notes, in whole or in part, before maturity, at par plus the Make-Whole Amount and accrued interest,
as described herein. The notes will not be entitled to the benefit of any sinking fund.
The notes will be issued under an indenture. The indenture contains provisions regarding future modifications to the terms of the notes that
differ from those applicable to Mexico's outstanding public external indebtedness issued prior to November 10, 2014. Under these provisions,
which are described beginning on page 17 of the accompanying prospectus dated February 8, 2016, Mexico may amend the payment provisions of
the notes and other reserved matters listed in the indenture with the consent of the holders of: (1) with respect to a single series of notes, more than
75% of the aggregate principal amount of the outstanding notes of such series; (2) with respect to two or more series of notes, if certain "uniformly
applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding notes of all series affected by the proposed
modification, taken in the aggregate; or (3) with respect to two or more series of notes, more than 66 2/3% of the aggregate principal amount of the
outstanding notes of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount
of the outstanding notes of each series affected by the proposed modification, taken individually.
Application will be made to list the notes on the Luxembourg Stock Exchange and to have the notes admitted to trading on the Euro MTF
Market of the Luxembourg Stock Exchange.
Neither the Securities and Exchange Commission ("SEC") nor any other regulatory body has approved or disapproved of these
securities or determined whether this prospectus supplement or the related prospectus is truthful or complete. Any representation to the
contrary is a criminal offense.
The notes have not been and will not be registered with the National Securities Registry maintained by the Mexican National Banking
and Securities Commission ("CNBV"), and therefore may not be offered or sold publicly in Mexico. The notes may be offered or sold to
qualified and institutional investors in Mexico, pursuant to the private placement exemption set forth under Article 8 of the Mexican
Securities Market Law. As required under the Mexican Securities Market Law, Mexico will give notice to the CNBV of the offering of the
notes under the terms set forth herein. Such notice will be submitted to the CNBV to comply with the Mexican Securities Market Law, and
for informational purposes only. The delivery to, and receipt by, the CNBV of such notice does not certify the solvency of Mexico, the
investment quality of the notes, or that the information contained in this prospectus supplement, the prospectus supplement or the
prospectus is accurate or complete. Mexico has prepared this prospectus supplement and is solely responsible for its content, and the
CNBV has not reviewed or authorized such content.

Proceeds to Mexico,


Price to Public(1)


Underwriting Discount

before expenses(1)

Per note


99.676%

0.170%

99.506%
Total

U.S. $3,140,207,655.40
U.S. $ 5,355,705.50
U.S. $3,134,851,949.90

(1)
Plus accrued interest, if any, from March 28, 2017 to the date of settlement, which is expected to be March 28, 2017.
The notes will be ready for delivery in book-entry form only through the facilities of The Depository Trust Company ("DTC"), the Euroclear
System ("Euroclear") and Clearstream Banking, société anonyme, Luxembourg ("Clearstream, Luxembourg") against payment on or about
March 28, 2017.
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Final Prospectus Supplement
Joint Bookrunners

Barclays
Deutsche Bank Securities
J.P. Morgan
March 17, 2017
Table of Contents
TABLE OF CONTENTS

Prospectus Supplement
Prospectus


About This Prospectus Supplement
S-3
About this Prospectus
1
Forward-Looking Statements
S-4
Forward-Looking Statements
1
Use of Proceeds
S-5
Data Dissemination
2
Summary
S-6
Use of Proceeds
2
Description of the Notes
S-10
Risk Factors
3
Recent Developments
S-12
Description of the Securities
6
Plan of Distribution (Conflicts of Interest)
S-27
Taxation
26
Plan of Distribution
33
Official Statements
41
Validity of the Securities
43
Authorized Representative
44
Where You Can Find More Information
44
Glossary
46



Mexico is a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments of courts in the
United States against Mexico. See "Risk Factors" in the accompanying prospectus.

S-2
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement supplements the accompanying prospectus dated February 8, 2016, relating to Mexico's debt securities and
warrants. If the information in this prospectus supplement differs from the information contained in the prospectus, you should rely on the
information in this prospectus supplement.
You should read this prospectus supplement along with the accompanying prospectus. Both documents contain information you should
consider when making your investment decision. Mexico is responsible for the information contained and incorporated by reference in this
prospectus and in any related free-writing prospectus or prospectus supplement that Mexico prepares or authorizes. Mexico has not authorized
anyone else to provide you with any other information, and takes no responsibility for any other information that others may give you. Mexico and
the underwriters are offering to sell the notes and seeking offers to buy the notes only in jurisdictions where it is lawful to do so. The information
contained in this prospectus supplement and the accompanying prospectus is current only as of the dates of this prospectus supplement and the
accompanying prospectus, respectively.
Mexico is furnishing this prospectus supplement and the prospectus solely for use by prospective investors in connection with their
consideration of a purchase of the notes. Mexico confirms that:

· the information contained in this prospectus supplement and the accompanying prospectus is true and correct in all material respects and

is not misleading;

· it has not omitted other facts the omission of which makes this prospectus supplement and the accompanying prospectus as a whole
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Final Prospectus Supplement

misleading; and


· it accepts responsibility for the information it has provided in this prospectus supplement and the accompanying prospectus.
This prospectus supplement does not constitute an offer to sell or the solicitation of an offer to buy any notes in any jurisdiction to any
person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The distribution of this prospectus supplement and the offer or
sale of notes may be restricted by law in certain jurisdictions. Mexico and the underwriters do not represent that this prospectus supplement may be
lawfully distributed, or that any notes may be lawfully offered, in compliance with any applicable registration or other requirements in any such
jurisdiction, or pursuant to an exemption available thereunder, or assume any responsibility for facilitating any such distribution or offering. In
particular, no action has been taken by Mexico or the underwriters which would permit a public offering of the notes or distribution of this
prospectus supplement in any jurisdiction where action for that purpose is required. Accordingly, no notes may be offered or sold, directly or
indirectly, and neither this prospectus supplement nor any offering material may be distributed or published in any jurisdiction, except under
circumstances that will result in compliance with any applicable laws and regulations and the underwriters have represented that all offers and sales
by them will be made on the same terms. Persons into whose possession this prospectus supplement comes are required by Mexico and the
underwriters to inform themselves about and to observe any such restriction. In particular, there are restrictions on the distribution of this prospectus
supplement and the offer or sale of notes in Canada, Chile, Colombia, the European Economic Area, France, Germany, Hong Kong, Italy, Japan,
Mexico, the Netherlands, Singapore, Spain, Switzerland, the United Kingdom and Uruguay, see the section entitled "Plan of Distribution" in this
prospectus supplement and in the accompanying prospectus.

S-3
Table of Contents
FORWARD-LOOKING STATEMENTS
This prospectus supplement may contain forward-looking statements. Statements that are not historical facts, including statements about
Mexico's beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and
therefore you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and Mexico
undertakes no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent
risks and uncertainties. Mexico cautions you that a number of important factors could cause actual results to differ materially from those contained
in any forward-looking statement. Such factors include, but are not limited to:

· Adverse external factors, such as high international interest rates, low oil prices and recession or low growth in Mexico's trading
partners. High international interest rates could increase Mexico's expenditures, low oil prices could decrease the Mexican

Government's revenues and recession or low growth in Mexico's main trading partners could lead to fewer exports. A combination of
these factors could negatively affect Mexico's current account.

· Instability or volatility in the international financial markets. This could lead to domestic volatility, making it more complicated for the

Mexican Government to achieve its macroeconomic goals. This could also lead to declines in foreign investment inflows, portfolio
investment in particular.

· Adverse domestic factors, such as domestic inflation, high domestic interest rates, exchange rate volatility and political uncertainty.

Each of these could lead to lower growth in Mexico, declines in foreign direct and portfolio investment and potentially lower
international reserves.

S-4
Table of Contents
USE OF PROCEEDS
The net proceeds to Mexico from the sale of the notes will be approximately U.S. $3,134,651,949.90, after the deduction of the underwriting
discount and Mexico's share of the expenses in connection with the sale of the notes, which are estimated to be approximately U.S. $200,000.
Mexico intends to use the net proceeds of the sale of the notes, (i) in part, for refinancing, repurchase or retirement of domestic and/or external
indebtedness of Mexico, from time to time, including to pay the purchase price for certain outstanding notes of Mexico, which Mexico may
purchase pursuant to a tender offer (the "Tender Offer"), on the terms and subject to the conditions set forth in the offer to purchase, dated
March 16, 2017 (the "Offer to Purchase"); (ii) in part, to redeem part or all of its outstanding 5.950% Global Notes due March 2019 (the "2019
notes"); and (iii) in part, for the general purposes of the Government of Mexico. The outstanding principal amount of the 2019 notes, which are
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Final Prospectus Supplement
scheduled to mature in March 2019, is approximately U.S. $1,643,518,000, and Mexico plans to give a notice of redemption pursuant to the
provisions of the 2019 notes promptly following the pricing of the offering of the notes. The underwriters of this offering are acting as joint dealer
managers for the Tender Offer. None of the underwriters shall have any responsibility for the application of the net proceeds of the notes.

S-5
Table of Contents
SUMMARY
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. It does not
contain all the information that you should consider before investing in the notes. You should carefully read this entire prospectus supplement.

Issuer
The United Mexican States
Aggregate Principal Amount U.S. $3,150,415,000
Issue Price
99.676%, plus accrued interest, if any, from March 28, 2017
Issue Date
March 28, 2017
Maturity Date
March 28, 2027
Specified Currency
U.S. dollars (U.S. $)
Authorized Denominations
U.S. $200,000 and integral multiples of U.S. $1,000 in excess thereof
Form
Registered; Book-Entry through the facilities of DTC, Euroclear and Clearstream, Luxembourg
Interest Rate
4.150% per annum, accruing from March 28, 2017
Interest Payment Date
Semi-annually on March 28 and September 28 of each year, commencing on September 28, 2017
Regular Record Date
March 22 and September 22 of each year
Status
The notes will constitute direct, general, unconditional and unsubordinated public external indebtedness of
Mexico for which the full faith and credit of Mexico is pledged. The notes rank and will rank without any
preference among themselves and equally with all other unsubordinated public external indebtedness of
Mexico. It is understood that this provision shall not be construed so as to require Mexico to make
payments under the notes ratably with payments being made under any other public external indebtedness.
Optional Redemption
Mexico will have the right at its option, upon giving not less than 30 days' nor more than 60 days' notice,
to redeem the notes, in whole or in part, at any time or from time to time prior to their maturity, at a
redemption price equal to the principal amount thereof, plus the Make-Whole Amount (as defined below),
plus interest accrued but not paid on the principal amount of the notes to the date of redemption. "Make-
Whole Amount" means the excess of (i) the sum of the present values


S-6
Table of Contents
of each remaining scheduled payment of principal and interest on the notes to be redeemed (exclusive of
interest accrued but not paid to the date of redemption), discounted to the redemption date on a semi-
annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
defined below) plus 25 basis points, over (ii) the principal amount of such notes.
"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity or interpolated maturity of the Comparable Treasury Issue (as defined below),
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Final Prospectus Supplement
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.
"Comparable Treasury Issue" means the United States Treasury security or securities selected by an
Independent Investment Banker (as defined below) as having an actual or interpolated maturity
comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of investment grade
debt securities of a comparable maturity to the remaining term of such notes.
"Independent Investment Banker" means one of the Reference Treasury Dealers (as defined below)
appointed by Mexico.
"Comparable Treasury Price" means, with respect to any redemption date, (i) the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such
Reference Treasury Dealer Quotation (as defined below) or (ii) if Mexico obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations.
"Reference Treasury Dealer" means each of Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P.
Morgan Securities LLC or their affiliates which are primary United States government securities dealers
and their respective successors, and two other Primary Treasury Dealers (as defined below) selected by
Mexico; provided that if any of the foregoing shall cease to be a primary United States government
securities dealer in the City of New York (a "Primary Treasury Dealer"), Mexico will substitute therefor
another Primary Treasury Dealer.
"Reference Treasury Dealer Quotation" means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by Mexico, of the bid and ask prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to
Mexico by such Reference Treasury Dealer at 3:30 p.m., New York time on the third business day
preceding such redemption date.


S-7
Table of Contents
Optional Repayment
Holders of the notes will not have the option to elect repayment by Mexico before the maturity dates of the
notes.
Underwriters
Barclays Capital Inc.
Deutsche Bank Securities Inc.
J.P. Morgan Securities LLC
Purchase Price
99.506 %, plus accrued interest, if any, from March 28, 2017
Method of Payment
Wire transfer of immediately available funds to an account designated by Mexico.
Listing
Application will be made to list the notes on the Luxembourg Stock Exchange and to have the notes
admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange. The Luxembourg Stock
Exchange has allocated to Mexico the number 2395 for listing purposes.
Securities Codes

CUSIP:
91087B AC4
ISIN:
US91087BAC46
Trustee, Principal Paying
Deutsche Bank Trust Company Americas
Agent, Transfer Agent and
Registrar

Luxembourg Listing Agent
KBL European Private Bankers S.A.
Withholding Taxes and
Subject to certain exceptions, Mexico will make all payments on the notes without withholding or
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Final Prospectus Supplement
Additional Amounts
deducting any Mexican taxes. For further information, see "Description of the Securities--Additional
Amounts" in the accompanying prospectus.
Further Issues
Mexico may from time to time, without the consent of holders of the notes, create and issue notes having
the same terms and conditions as the notes offered pursuant to this prospectus supplement in all respects,
except for the issue date, issue price and, if applicable, the first payment of interest thereon; provided,
however, that any such additional notes shall be issued either in a "qualified reopening" for U.S. federal
income tax purposes or with no more than de minimis original issue discount for U.S. federal income tax
purposes. Additional notes issued in this manner will be consolidated with, and will form a single series
with, any such other outstanding notes of the series.


S-8
Table of Contents
Payment of Principal and
Principal of and interest on the notes will be payable by Mexico to the Principal Paying Agent in U.S.
Interest
dollars.
Governing Law
New York; provided, however, that all matters governing Mexico's authorization and execution of the
indenture and the notes will be governed by and construed in accordance with the law of Mexico.
Notwithstanding any authorization or any reserved matter modification, all matters related to the consent
of holders and to modifications of the indenture or the notes will always be governed by and construed in
accordance with the law of the State of New York.
Additional Provisions
The notes will contain provisions regarding future modifications to their terms that differ from those
applicable to Mexico's outstanding public external indebtedness issued prior to November 10, 2014.
Those provisions are described beginning on page 17 of the accompanying prospectus dated February 8,
2016.
Conflicts of Interest
As described in the "Use of Proceeds," some of the net proceeds of this offering may be used to fund our
purchase of certain outstanding notes of Mexico from time to time. An affiliate of Barclays Capital Inc.,
Deutsche Bank Securities Inc. or J.P. Morgan Securities LLC may be a holder of certain of the outstanding
notes of Mexico as set forth in the Offer to Purchase and may receive 5% or more of the proceeds from
this offering. Because of the manner in which the net proceeds are being used, this offering will be
conducted in accordance with Financial Industry Regulatory Authority ("FINRA") Rule 5121.
Stabilization
In connection with issues of notes, Deutsche Bank Securities Inc. (the "stabilizing underwriter") or any
person acting for the stabilizing underwriter may over-allot or effect transactions with a view to
supporting the market price of notes at a level higher than that which might otherwise prevail for a limited
period after the issue date. However, there may be no obligation of the stabilizing underwriter or any agent
of the stabilizing underwriter to do this. Any such stabilizing, if commenced, may be discontinued at any
time, and must be brought to an end after a limited period.


S-9
Table of Contents
DESCRIPTION OF THE NOTES
Mexico will issue the notes under an amended and restated indenture, dated as of June 1, 2015, between Mexico and Deutsche Bank Trust
Company Americas, as trustee. The information contained in this section summarizes some of the terms of the notes and the indenture. This
summary does not contain all of the information that may be important to you as a potential investor in the notes. You should read the prospectus,
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Final Prospectus Supplement
the indenture and the form of the notes before making your investment decision. Mexico has filed or will file copies of these documents with the
SEC and will also file copies of these documents at the offices of the trustee.
Terms of the Notes
The notes will:


· be issued on or about March 28, 2017 in an aggregate principal amount of U.S. $3,150,415,000;


· mature on March 28, 2027;

· bear interest at a rate of 4.150% per year, accruing from March 28 , 2017 and ending on the maturity date. Interest on the notes will be

payable semi-annually on March 28 and September 28 of each year, commencing on September 28, 2017;

· pay interest to the persons in whose names the notes are registered at the close of business on March 22 and September 22 preceding

each payment date;

· constitute direct, general, unconditional and unsubordinated external indebtedness of Mexico for which the full faith and credit of

Mexico is pledged;

· rank without any preference among themselves and equally with all other unsubordinated public external indebtedness of Mexico (it

being understood that this provision shall not be construed so as to require Mexico to make payments under the notes ratably with
payments being made under any other public external indebtedness);


· be represented by one or more global securities in book-entry, registered form only;


· be ready for delivery in the book-entry form only through the facilities of DTC, Euroclear and Clearstream, Luxembourg;

· be redeemable before maturity at the option of Mexico upon giving not less than 30 days' nor more than 60 days' notice, to redeem the
notes, in whole or in part, at any time or from time to time prior to their maturity, at a redemption price equal to the principal amount

thereof, plus the Make-Whole Amount, plus interest accrued but not paid on the principal amount of such notes to the date of
redemption;


· not be repayable before maturity; and

· contain "collective action clauses" under which Mexico may amend certain key terms of the notes, including the maturity date, interest

rate and other terms, with the consent of less than all of the holders of the notes.

S-10
Table of Contents
For more information, see "Description of the Securities ­ Debt Securities" in the accompanying prospectus.

S-11
Table of Contents
RECENT DEVELOPMENTS
The information in this section supplements the information about Mexico corresponding to the headings below that is contained in Exhibit
D to Mexico's annual report on Form 18-K, as amended, for the fiscal year ended December 31, 2015 (the 2015 Form 18-K). To the extent that
the information included in this section differs from the information set forth in the 2015 Form 18-K, you should rely on the information in this
section.
United Mexican States
New U.S. Administration
Changes in economic, political and regulatory conditions in the United States or in U.S. laws and policies governing foreign trade and foreign
relations could create uncertainty in the international markets and could have a negative impact on the Mexican economy. Economic conditions in
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Final Prospectus Supplement
Mexico and the value of securities issued by Mexico may be affected by economic and market conditions in the United States. This correlation is
due, in part, to the high level of economic activity between the two countries generally, including the trade facilitated by the North American Free
Trade Agreement ("NAFTA"), as well as physical proximity.
Following the U.S. elections in November 2016 and the change in the U.S. administration, there is uncertainty regarding future U.S. policies
with respect to matters of importance to Mexico and its economy, particularly including trade and migration. Changes in U.S. policy could have an
adverse effect on the Mexican economy and public finances. In particular, the U.S. administration has raised the possibility of re-negotiating
NAFTA. It has also raised the possibility of taking various forms of action in the area of trade, tariffs, immigration and taxation that could affect
Mexico. Because the Mexican economy is closely tied to the U.S. economy, the re-negotiation of NAFTA, or other U.S. policies that may be
adopted by the new U.S. administration, may adversely affect economic conditions in Mexico. U.S. immigration policies could also affect trade
and other relations between Mexico and the U.S. and have other consequences for Mexican Government policies. These factors could have an
impact on Mexico's gross domestic product ("GDP") growth, the exchange rate between the U.S. dollar and the Mexican peso, levels of foreign
direct investment and portfolio investment in Mexico, interest rates, inflation, and the Mexican economy generally.
Form of Government
On January 4, 2017, Luis Videgaray was appointed as the Secretary of Foreign Affairs of Mexico by President Enrique Peña Nieto. Mr.
Videgaray previously served as the Secretary of Finance and Public Credit of the Ministry of Finance and Public Credit of Mexico from 2012 to
2016.
Legal and Political Reforms
Consistent with the National Development Plan, on January 9, 2017, the Government announced that it signed the Acuerdo para el
Fortalecimiento Económico y la Protección de la Economía Familiar (Agreement for Economic Strengthening and Protection of the Economy of
the Family). This agreement aims to strengthen the domestic market in Mexico with a focus on protecting the economic well-being of Mexican
families, increasing investment and maintaining job creation, economic growth and competitiveness.
Environment
On November 4, 2016, the Paris Agreement entered into force. As part of Mexico's commitment to comply with the terms of the Paris
Agreement, the Secretaría de Medio Ambiente y Recursos Naturales (Ministry of Environment and Natural Resources, or SEMARNAT) presented
Mexico's strategy to reduce greenhouse gas emissions through 2050 during a Meeting of the Parties to the Paris Agreement on November 17,
2016.

S-12
Table of Contents
The Economy
Gross Domestic Product
The following tables set forth the composition of Mexico's real GDP by economic sector, in constant 2008 pesos and in percentage terms,
for the periods indicated.
Table No. 1--Real GDP by Sector in Billions of Constant Pesos (1)



2015

2016(2)

Primary Activities:


Agriculture, forestry, fishing, hunting and livestock(3)

Ps.
432.6
Ps.
450.4
Secondary Activities:


Mining


964.6

902.9
Utilities


324.9

335.6
Construction


1,035.2

1,054.1
Manufacturing


2,373.7

2,404.6
Tertiary Activities:


Wholesale and retail trade


2,219.6

2,273.3
Transportation and warehousing


835.8

859.2
Information


489.4

538.6
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Finance and insurance


643.6

693.1
Real estate, rental and leasing


1,676.8

1,708.0
Professional, scientific and technical services


312.2

334.0
Management of companies and enterprises


88.0

92.1
Administrative and support and waste management and
remediation services


435.1

452.7
Education services


496.2

501.3
Health care and social assistance


259.7

263.0
Arts, entertainment and recreation


61.9

65.5
Accommodation and food services


303.8

315.2
Other services (except public administration)


287.8

304.5
Public administration


509.6

509.8








Gross value added at basic values


13,750.5

14,058.0
Taxes on products, net of subsidies


385.0

402.9








GDP

Ps 14,135.5
Ps 14,461.0









Note: Numbers may not total due to rounding.

(1)
Based on GDP calculated in constant 2008 pesos.
(2)
Preliminary figures.
(3)
GDP figures relating to agricultural production set forth in this table and elsewhere herein are based on figures for "agricultural years," with
the definition of the relevant "agricultural year" varying from crop to crop based on the season during which it is grown. Calendar year
figures are used for the other components of GDP.
Source: INEGI.

S-13
Table of Contents
Table No. 2--Real GDP Growth by Sector
(% change against prior years)(1)



2015

2016(2)
GDP (constant 2008 prices)

2.6%

2.4%
Primary Activities:


Agriculture, forestry, fishing, hunting and livestock(3)

1.5

4.1
Secondary Activities:


Mining

(4.6)
(6.4)
Utilities

2.3

3.3
Construction

2.5

1.8
Manufacturing

2.5

1.3
Tertiary Activities:


Wholesale and retail trade

4.7

2.4
Transportation and warehousing

4.3

2.8
Information

7.8
10.1
Finance and insurance

4.3

7.7
Real estate, rental and leasing

2.5

1.9
Professional, scientific and technical services

4.2

7.0
Management of companies and enterprises

3.5

4.7
Administrative support, waste management and remediation services

1.2

4.1
Education services

0.0

1.0
Health care and social assistance

(2.3)

1.3
Arts, entertainment and recreation

3.8

5.7
Accommodation and food services

5.8

3.8
Other services (except public administration)

2.7

5.8
Public administration

2.7

0.0

Note: Numbers may not total due to rounding.
https://www.sec.gov/Archives/edgar/data/101368/000119312517087257/d323517d424b2.htm[3/20/2017 9:54:31 AM]


Final Prospectus Supplement

(1)
Based on GDP calculated in constant 2008 pesos.
(2)
Preliminary figures.
(3)
GDP figures relating to agricultural production set forth in this table and elsewhere herein are based on figures for "agricultural years," with
the definition of the relevant "agricultural year" varying from crop to crop based on the season during which it is grown. Calendar year
figures are used for the other components of GDP.
Source: INEGI.
According to preliminary figures, Mexico's GDP increased by 2.4% in real terms during 2016 as compared to 2015. This increase was due to
an increase of 4.1% in the primary activities sector as well as important increases in some tertiary activities such as 10.1% in information, 7.7% in
finance and insurance, 7.0% in professional, scientific and technical services and 5.8% in other services (except public administration). Such
increases compensated for the 6.4% decrease in the mining sector, the only sector that contracted in 2016.
Employment and Labor
According to preliminary Tasa de Desocupación Abierta (open unemployment rate) figures, Mexico's unemployment rate was 3.5% as of
December 31, 2016, a 0.7% decrease from the rate registered on December 31, 2015. As of December 31, 2016, the economically active
population in Mexico 15 years of age or older consisted of 54.0 million individuals.

S-14
Table of Contents
Principal Sectors of the Economy
Manufacturing
The following table shows the value of industrial manufacturing output in constant 2008 pesos and the percentage of total output accounted
for by each manufacturing sector for the periods indicated.
Table No. 3--Industrial Manufacturing Output Differential by Sector
(in billions of pesos(1) and percent change against prior year(2))



2015(3)

2015(3)

2016(3)

2016(3)
Food

Ps.
494.8

2.0%
Ps.
507.7

4.7%
Beverage and tobacco products


121.6

9.8

128.1

4.1
Textile mills


16.7

3.0

16.6
(3.1)
Textile product mills


14.3

2.3

14.9

7.7
Apparel


58.0
19.2

56.8
(8.4)
Leather and allied products


18.2

4.0

17.9

0.5
Wood products


23.4

0.6

22.2

0.1
Paper


47.7

3.3

49.3

2.2
Printing and related support activities


15.6

6.2

15.1
(2.7)
Petroleum and coal products


72.0

1.7

63.9
(25.6)
Chemicals


250.0
(1.7)

243.1
(5.8)
Plastics and rubber products


70.3

4.5

72.5

1.6
Nonmetallic mineral products


119.1

3.3

122.5

4.9
Primary metals


159.6
(7.6)

164.7

7.8
Fabricated metal products


78.8

2.7

81.4

8.6
Machinery


94.6
(2.0)

97.8

9.4
Computers and electronic products


109.5

9.8

116.2

5.8
Electrical equipment, appliances and components


73.3

7.1

75.9

4.7
Transportation equipment


455.4

8.9

456.3

3.6
Furniture and related products


28.4
(20.6)

27.4
(9.4)
Miscellaneous


52.6

6.0

54.3
(9.4)
Total expansion/contraction

Ps. 2,373.7

3.1
Ps. 2,404.6

1.8

(1)
Constant pesos with purchasing power as of December 31, 2008.
https://www.sec.gov/Archives/edgar/data/101368/000119312517087257/d323517d424b2.htm[3/20/2017 9:54:31 AM]


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