In 2024, public spending exceeded the scheduled, especially for a higher expense for administrative agencies and public companies of the State, which was partially counteracted by public income also above the scheduled, in particular because there was a greater amount of income Tax, the Ministry of Finance and Public Credit (SHCP) reported.
According to reports on the economic situation, public finances and public debt to the fourth quarter of 2024, last year the public spending was 9,157 billion pesos, a higher figure in 135,042.2 million pesos to the programmed, which implied a Annual real growth of 7.7%.
Within public spending, it is observed that within the programmable spending, the one destined for administrative branches exceeded what was scheduled in 189,879.7 million pesos, which implied an annual real growth of 16.4%.
In addition, the expense for public companies (Federal Electricity Commission and Petróleos Mexicanos) was higher than estimated at 151,108 million pesos, an annual real increase of 1.7%.
However, although the financial cost grew at an annual real rate of 5.1%, due to higher interest rates, it was below the provisions of 113,567.1 million pesos, due to as a result of a prudent and effective financial management in the refinancing operations carried out during the year.
Public income
Meanwhile, public revenues amounted to 7,493 billion pesos, 164,800.3 million pesos more than scheduled by the federal government, which implied an annual real growth of 1.7%, which partially compensated an annual real drop of 15.1% in income oil tankers, affected by lower prices of natural gas
The agency stressed that tax revenues reached a historical maximum of 14.6% of the gross domestic product (GDP) in 2024, with an annual real growth of 4.7%, higher than the program planned at 11,783.4 million pesos, which was achieved by Control measures, collection efficiency and promotion of compliance with tax obligations.
Specifically, the collection of income tax (ISR) grew 2.2% in real terms and reached 7.9% of GDP, the highest registered level. This result was promoted by the increase in employment and the highest labor income.
VAT, meanwhile, exceeded the planned program at 78,000 million pesos and reached 4.1% of GDP, reflection of the dynamism of private consumption, while the collection of the Special Tax on Production and Services (IEPS) amounted to 1.9% of GDP, with an increase of 34.8% compared to 2023, highlighted the fuel component with an annual growth of 67.5%.
Budget balance
The budget deficit was lower than scheduled and was 4.9% of GDP, while the financial requirements of the public sector reached 5.7% of GDP, 0.2 percentage points below the estimate published in the general criteria of economic policy 2025.
Public debt
In 2024, the public debt was at 17 billion 426 billion pesos, amount equivalent to 51.4% of GDP.
The net debt of the federal government was located at 15 billion 215 billion pesos in 2024. 83.5% remained in the domestic market, of which 77.3% was hired at a fixed rate and with long -term maturities.
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