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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 exter…

The forecasts of the Stability Program point to a fairly strong recovery, with GDP growth above potential, but the public accounts suggest a cyclical improvement of the deficit rather than its structural component.

The Government's forecasts in the Stability Program should make it clear that economic recovery will not be enough to consistently reduce the public deficit. Everything points to part of the expenditure having taken a structural leap and that t…

2021 closed with a deficit of 6.8% of GDP, the same as estimated three months ago. The invasion of Ukraine and measures to mitigate the rise in energy prices slow down the adjustment, and the deficit is expected to fall to 6.0% in 2022. In 2023, the deficit would fall to 4.6% of GDP.

We take a look at the monetary policy measures adopted by the ECB in response to COVID-19, evaluating their effects on financial markets during the pandemic, examining their quantitative impact on economic activity and analyzing the challenges the central bank faces.