LatinNews Daily - 01 July 2022

In brief: Mexico’s public finances in line with fiscal targets

*Mexico’s finance ministry (SHCP) has released new figures which show that the country’s total public sector revenues increased by 4% in real terms between January and May 2022 compared to the same period in 2021. Overall revenues for the period totalled M$2.75trn (US$135.7bn) in real terms and are therefore in line to meet fiscal targets for the end of 2022. According to the SHCP, the increase was largely carried by higher-than-expected income from taxes and oil. Tax revenues were M$20.87bn higher than the approved amount and registered an overall increase of 3.3% on the same period of 2021. Income tax and import taxes delivered particularly high revenues with a 15.5% and 25.6% yearly increases respectively. Meanwhile, oil revenues were 26.9% higher than in the same period of 2021, exceeding the expected figure by M$34.3bn. The SHCP attributes this to the 63.5% increase in the average price of the Mexican oil mix over the period.

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