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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.
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.
Public revenue in the first quarter was MXN 117,486 million (0.4% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
The public deficit appears to be inconsistent with the cyclical position of the Spanish economy. It is contributing to inflation remaining high, in an environment where the unemployment rate is at a 15-year low.
The latest budget execution data confirm that during the latter part of 2022 the path of adjustment slowed down and the estimate of 3.9% of GDP for the public deficit in 2022 and 2023 is maintained. In a no-policy-change scenario, the cycle wil…
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.
