Mexico | Oil revenues explain lower income in relation to the program in 1H26

Summary

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 52.6% of GDP at the end of 2025 vs. 51.0% in June 2026. We expect the HBPSBR to be around 53.9% by year-end.

Key points

• Key points:
• The HBPSBR was lower than in 2025 because the domestic and foreign components of debt showed a decrease of 0.8 percentage points of GDP.
• Oil revenues contributed to total revenue being lower by MXN 141 billion than the program's target for 1H26.

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