Mexico | Public debt (% of GDP) will be stable in 2025

Summary

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 51.3% of GDP at the end of 2024. We expect the HBPSBR to be around this level at year-end.

Key points

• Key points:
• The HBPSBR was 49.9% of GDP in September 2025 and it was lower than last year's figure because the contributions of the domestic and foreign debt components registered drops of 0.9 and 0.5 percentage points, respectively.
• Excluding federal government support for Pemex debt repurchase of MXN 253.8 billion, oil revenues contributed to total revenue being lower than the program's target for January-September 2025.

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