Public revenue in 2022 was MXN 422,463 million (1.5% of GDP) above budget due to higher oil-related income and to a lesser extent the performance of non-tax revenue.
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Public revenue in 2022 was MXN 422,463 million (1.5% of GDP) above budget due to higher oil-related income and to a lesser extent the performance of non-tax revenue.
For the stability of the broadest public debt (% of GDP) indicator in the following years, the federal government assumes that public sector borrowing requirements will be reduced from 4.1% in 2023 to 2.7% of GDP in 2024-28 and economic growth forecasts of 2.3% for 2023 and 2.0% for 2024-28.
Spain must combine fiscal consolidation and budgetary stability with growth. It must increase the weight of productive public expenditure over total public spending and improve its efficiency, as a strategy for inclusive progress, in order to r…
2022 has been a dismal year for the fixed income market in general, including sovereign bonds. As the year draws to a close, bond prices, which move inversely to their yields, have fallen by an average of about 15% globally.
For 2022 the Ministry of Finance estimates that the loss of revenue collection from excise taxes on fuels will be around MXN 397,600 million (1.4% of GDP) and oil-related income will be MXN 397,840 million (1.4% of GDP) above budget.
Sound budget execution data lead to an improvement in the public deficit forecast to 4.2% of GDP in 2022 and 4.4% in 2023. The reduction of the imbalance will be limited by announced or prolonged measures, by the impact of inflation on spending and by the effect that the slowdown may have
The economic package reinforces the commitment to fiscal discipline by setting a target of 0.2% of GDP for the primary deficit and stability around 49.4% of GDP for the public debt.
The Ministry of Finance estimates that the loss of revenue collection from excise taxes on fuels will be around MXN 421,600 million (1.5% of GDP) and oil-related income will be MXN 368,710 million (1.3% of GDP) above budget. Consequently, this …
Sound budget execution data introduce positive biases on the deficit forecast in 2022, while the slowdown in activity in 2023 will dampen the cyclical recovery of the government balance. Deficit projections are revised to 5.5% of GDP in 2022 an…
The COVID-induced crisis has left a legacy of more public debt and higher public deficits in Spain. Moreover, the envisaged path of budget balances makes public accounts more exposed to the existing risk scenarios.
The high levels of public debt that have been building up since 2020 and the need to lower this burden have prompted a debate on fiscal rules relating to national accounts, aside from the matter of Europe approving common financing instruments to address the big strategic challenges that lie ahead.
In March 2022 the historic balance of public sector borrowing requirements (HBPSBR) was 46.8% vs. 50.0% of GDP in December 2021. The reduction in such balance was due to the fall of 1.7 and 1.5 percentage points of GDP in the internal and external debt component, respectively.