Deficit will drop to 3.9% of GDP
Ramírez de la O explained that the projected deficit for 2025 is 3.9% of GDP in expanded formand the budget deficitin which the central authority has full control of income and expenditure in its programming, is of 3.2% of GDP, with a level of public debt of 51.4% of GDP.
To achieve this deficit, the Treasury will apply a cut public spending of 179.4 billion pesoscompared to the total net spending approved for 2024, the total net spending will be 9,226 billion pesos, while the amount approved for this year is 9,405 billion. Internally, a cut of 273.6 billion pesos will be applied in programmable spending, which is what is applied for the operation of public institutions, and for the delivery of goods and services to the population.
“This implies maintaining debt at a sustainable level, supporting financial stability in the medium and long term. Projecting a significant fiscal consolidation effort and allowing us to fulfill the vision of the president, Claudia Sheinbaum Pardo, of preserving solid public finances and a manageable debt,” he explained.
Read: Mayan Train and other priority works in the 2025 Economic Package
Tax revenue will break record
In line with these growth expectations, the Income Law initiative of the Federation provides income of 8 billion pesoswith tax collection as the main source of resources.
According to the official, the projection of 5.3 trillion pesos in tax revenue represents a real increase of 2.6% compared to 2024, and “for the first time in our modern history, tax revenue will reach 14.6% of the Gross Domestic Product.”
“It is essential to highlight the collection effort that we have carried out, these results are achieved without creating new taxes, or increasing existing ones in real terms, we trust that the collection efficiency and tax digitalization measures, led by the SAT and the Tax Agency Digital Transformation and Telecommunications will expand the tax base and improve oversight even further in 2025,” said the senior official.
Inflation will be higher in 2024
Treasury hopes that the inflation at the end of the following year closes at 3.5%while he adjusted his perspective for the closing of 2024 from 3.8% to 4.3%.
“We deliver these documents in a positive international economic context, the inflation problem that has affected recent years shows signs of improvement and global economic growth remains solid, in our country economic activity continues to demonstrate strength,” he noted. the O.
Meanwhile, for the exchange rate expect it to average 18.7 pesos per dollarwhen the average approved for 2024 was 17.1 pesos per dollar.
