LatinNews Daily - 03 October 2022

In brief: Mexico’s fiscal deficit increases year-on-year

*Mexico’s finance ministry (SHCP) has released new figures which show that between January and August 2022, Mexico registered a fiscal deficit of M$285.70bn (US$14.2bn). According to the SHCP, this figure “compares favourably” with the expected deficit of M$514.95bn. The SHCP figures from September 2021 show that during the same period of last year, Mexico’s public deficit stood at M$262.44bn, which means that there has been an annual increase of 8.62% compared to 2021. The statement reveals that in the first eight months of the year, public sector revenues reached M$4.38trn which represents annual growth of 4.4% in real terms. The SHCP states that “this is thanks to the strengthening of income tax (ISR), value-added tax (VAT) and the tax on imports” which grew by 14.8%, 2.7% and 24.8% respectively between January and August in real terms. Oil revenues of state oil company Pemex and the federal government also exceeded expectations by M$178.08, mainly because the price of oil was 70% higher than expected. The SHCP stated that “Mexico’s public finances remain healthy and in line with the fulfilment of fiscal targets for the end of 2022.”

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