Public spending

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 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.

The findings of this document seem to confirm that fiscal policy in Mexico has been procyclical in the period spanning from 1993 to 2019.

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.

In December 2021 the historic balance of public sector borrowing requirements (HBPSBR) was 50.3% vs. 51.7% of GDP in December 2020. The reduction in such balance was due to the fall of 1.6 percentage points of GDP in the external debt component. In contrast, the domestic debt element increased by 0.2 percentage points.

This observatory analyses how regional public accounts may evolve towards 2022, with the aim of assessing the situation in which Regional Governments will find themselves once the crisis is over. To this end, different scenarios are considered, starting with the closing of the 2020 accounts.