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Mexico - November 2020

Economic Highlights

Primary fiscal surplus: On 30 September Mexico’s finance ministry (SHCP) published public finance and debt figures for the January-August period, which indicate a primary fiscal surplus of M$155.3bn (US$7.1bn). In a statement, the SHCP noted that due to its “responsible management of public resources”, it has been able to simultaneously respond to the economic impact of the coronavirus (Covid-19) pandemic and maintain “healthy” public finances. Over the first seven months of 2020, revenues equalled those taken over the same period last year. Non-oil income rose by 4.3% year-on-year in real terms, to M$3.2trn, and federal government revenues increased by 6% in real terms, to M$2.6trn. Meanwhile, “as a result of the tax-collection efficiency measures implemented”, federal tax revenues rose by 1.6% year-on-year in real terms. The SHCP also underscored that it hasn’t solicited any additional debt beyond that authorised by the federal congress, and that its debt portfolio is in “robust” shape - net public sector debt stands at M$12.2trn, and net federal debt at M$9.2trn, of which 74% is denominated in national currency.

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