Tax revenue was MXN 8,922 million (0.03% of GDP) below budget since the excise taxes on fuels intake was below budget despite its real annual increment of 195.1% in 1Q24.
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Spain has committed to undertake a huge fiscal adjustment over the next few years. While the impact on the economy will depend on its composition, evidence suggests that it may be significant. Even if this is not the case, it will create social tension.
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- Spain
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- Regional Analysis Spain
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Public revenue in 2023 was MXN 84,326 million (0.27% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
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2023 deficit estimate remains at around 4,1% of GDP. In 2024 with the prolongation of the Central Government Budget and part of the anti-crisis measures, the deficit would be reduced to 3.7% of GDP. This scenario points to a smooth downward pat…
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- Spain
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- Regional Analysis Spain
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The FLA allowed regional governments access to financing on favourable terms. However, its costs should lead to changes in its design and implementation. Governments that have not accessed the FLA have helped reduce the risk premium, are financ…
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- Spain
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- Regional Analysis Spain
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Public revenue in the first semester was MXN 157,650 million (0.5% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
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- Mexico
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The COVID-19 crisis and the aftermath of the war in Ukraine have left a legacy of ballooning public debt levels and structural fiscal deficits higher than those existing in 2019 in many EU countries. Reducing them to avoid greater evils will be a crucial and ambitious task in the coming years.
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- Europe
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- Global Economy
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The increase in public debt in 2020 was necessary and good economic policy. From a macroeconomic point of view, the fact that in the following two years 40% of the acquired debt (in terms of GDP) has been reduced is a sign of the soundness of t…
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- Spain
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- Regional Analysis Spain
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The central reflection when analyzing the fiscal package for 2024 is that Mexico needs a fiscal rule. A public deficit of 4.9% of GDP is proposed for 2024, which, if materialized, will be the highest since 1990.
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- Mexico
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- Global Economy
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The crises of the last fifteen years have resulted in a sharp increase in regional debt, which has also conditioned its structure. The FLA provided access to financing at a time when the markets were closed on very favourable terms, and has bec…
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- Spain
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- Regional Analysis Spain
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The 2024 Economic Package was built with realistic macroeconomic assumptions. The fiscal equilibrium will be maintained in spite of such package setting a target of -1.2% of GDP for next year’s primary balance.
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Public revenue in the first semester was MXN 189,558 million (0.6% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
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- Mexico
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- Country Risk
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