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Mexico’s public finances remain strong despite world crisis

Mexico’s public finances remain strong despite world crisis

Mexico City, Dec 1 (Prensa Latina) Mexico's public finances remain strong despite the world economic crisis while debt has not increased, the Secretariat of Finance and Credit stated in a communique on Thursday.

The Secretariat points out in its latest report that from January to October, public income remained in line with the program’s forecast, boosted by a 35.7 percent annual increase in the oil component and the solid performance of income tax collection, which increased by 14.3 percent.

It adds that social protection spending continued to add high records from January to October and was 9.6 percent higher than the amount recorded in 2021. The economic development presented an annual growth of 6.9 percent, in line with the progress of different strategic infrastructure projects.

The report refers to public debt in the local market, which was reduced by 19 billion pesos (950 million dollars) thanks to the active and efficient management of public indebtedness.

In the January-October period, public sector budget revenues amounted to 5.39 trillion pesos (more than 260 billion dollars), an amount higher than 12.6 billion dollars expected in the program and accounting for a 5.0 percent annual growth in real terms.

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