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Spain must continue to offer an attractive society to ensure migratory flows that will transform the demographic structure. Immigration, like productivity growth, helps to spread the increase in pension spending due to the retirement of baby boomers over more decades, though it does not eliminate it.
Tax revenue was MXN 8,922 million (0.03% of GDP) below budget since the excise taxes on fuels intake was below budget despite its real annual increment of 195.1% in 1Q24.
The size of Spain's public sector and its impact on economic growth is a controversial issue, with opposing views and biases that can affect the interpretation of the evidence.
Public revenue in 2023 was MXN 84,326 million (0.27% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
Public revenue in the first semester was MXN 157,650 million (0.5% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
The increase in public debt in 2020 was necessary and good economic policy. From a macroeconomic point of view, the fact that in the following two years 40% of the acquired debt (in terms of GDP) has been reduced is a sign of the soundness of the measure.
Public revenue in the first semester was MXN 189,558 million (0.6% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
Public revenue in the first quarter was MXN 117,486 million (0.4% of GDP) below budget due to lower oil-related income as international prices of a crude oil barrel went down.
Public revenue in 2022 was MXN 422,463 million (1.5% of GDP) above budget due to higher oil-related income and to a lesser extent the performance of non-tax revenue.
For 2022 the Ministry of Finance estimates that the loss of revenue collection from excise taxes on fuels will be around MXN 397,600 million (1.4% of GDP) and oil-related income will be MXN 397,840 million (1.4% of GDP) above budget.
The Ministry of Finance estimates that the loss of revenue collection from excise taxes on fuels will be around MXN 421,600 million (1.5% of GDP) and oil-related income will be MXN 368,710 million (1.3% of GDP) above budget. Consequently, this windfall income will not be enough to compensate the revenue loss of the former.
En Colombia, la demanda interna y la conyuntura externa han presionado al alza la inflación. La respuesta del Banco de la República, mediante la subida de tasas, apunta a una desaceleración saludable de la economía en 2023 y una recuperación en 2024. El consumo y el gasto público determinrán el crecimiento sectorial.
