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November 5, 2024

Mexico | Pemex contributes to a public spending above budget

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 49.3% of GDP at the end of the third quarter. We anticipate that this balance will be 50.8% by year-end.

August 16, 2024

Mexico | Public debt could reach 60% of GDP in 2030

A fiscal consolidation that would imply a public deficit of 3.0% of GDP (-3.5% of PSBR) is expected for next year, which would occur with a primary surplus and financial cost of 0.4% and 3.4% of GDP, respectively.

August 2, 2024

Mexico | Non-tax revenue, IMSS, ISSSTE and CFE support public income in the first semester

The Historical Balance of Public Sector Borrowing Requirements (HBPSBR) was 47.2% of GDP at the end of the first semester. We anticipate that this balance will be 50.8% by year-end.

July 8, 2024

Spain | Deficits so similar and so different

By the end of 2024, the public deficit is expected to finish at levels similar to those of 2019. However, this apparent similarity hides profound differences in the composition of revenues and expenses.

August 25, 2023

Mexico | Fiscal reform proposal

The next federal government will face a strong pressure on its public finances derived from current spending, pensions and the needs of higher physical investment.

May 3, 2023

Spain | The adjustment to come?

The public deficit appears to be inconsistent with the cyclical position of the Spanish economy. It is contributing to inflation remaining high, in an environment where the unemployment rate is at a 15-year low.