Not all changes in economic growth or trade and investment patterns in Mexico since 1994 can be
attributed to NAFTA. The economy has also been affected by other factors such as Mexico’s
previous market-opening measures in Mexico, financial crises, exchange rates, oil prices, and
business cycles. Trade-related job gains and losses since NAFTA probably accelerated trends that
were ongoing prior to NAFTA and are not totally attributable to the trade agreement. Isolating the
economic effects of NAFTA from other economic or political factors is difficult. Mexico has
experienced at least two major events outside of NAFTA that had significant economic
consequences. Unilateral trade liberalization measures prior to NAFTA and the currency crisis of
1995 both affected economic growth, per capita GDP, and real wages in Mexico.