Although the Mexican economy remained solid in the face of external shocks, the appreciation of the peso against the dollar and the drop in the international cost of oil affected public finances during the first half of the year, revealed the Ministry of Finance and Public Credit (SHCP).
When presenting the report on public finances and public debt, cut to June 2023, the agency specified that the country had income of three trillion 464 thousand 708 million pesos, 189 thousand 557 million pesos compared to the estimate.
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The non-compliance in collection was mainly the result of lower oil revenues, which amounted to 481 thousand 929.1 million pesos, 220 thousand 510.6 million pesos more than programmed.
Similarly, the SHCP specified that the appreciation of the national currency had an unfavorable impact on the collection of the Value Added Tax (VAT), which was 609 thousand 519.7 million pesos, an amount lower by 101 thousand 29.9 million pesos compared to to the projected
In general, the collection of taxes in the country was lower by 89 thousand 710.3 million pesos than estimated, with a total bag of two trillion 274 thousand 616.9 million pesos between January and June 2023.
“Public finances remained healthy, with better results in fiscal balances than planned. The risks associated with high interest rates were kept under control, while the effect of the appreciation of the peso on collections and oil revenues was monitored,” the agency pointed out.
Regarding public debt, at the end of the first semester it was located at 45.8 percent as a proportion of the Gross Domestic Product (GDP) with a balance of 14 trillion 60 thousand 651.3 million pesos.
At a press conference, Gabriel Yorio, Undersecretary of Finance, pointed out that the financial profile of the debt has a low exchange rate and interest rate risk, so it is expected that the fiscal goals projected by the agency will be achieved by the end of the year. .
In addition, he stressed that given the rise in interest rates, the financial cost, which is made up of interest payments and other services derived from the acquisition of public debt, does not represent a burden on public finances.
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“We anticipate that it will be 0.2 percent for this year and that is in line with what is programmed and authorized by the Congress of the Union. In addition, the increase in interest rates is already projected for the next Economic Package”, stated Yorio González.
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2023-07-27 21:16:06
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