Mexico’s Ministry of Finance and Public Credit (SHCP) confirmed its estimates of 3% growth for the gross domestic product (GDP) this year.
“The Mexican economy continued to grow with solid macroeconomic balances, and GDP is expected to reach 3% in 2023,” the SHCP said.
Mexico’s Ministry of Finance highlighted the growth of private investment with an increase of 3.3% from January to March 2023 and the decrease in the first half of July of inflation to 4.8%.
“This has been made possible by the reforms adopted by this government, which have allowed us to reach historical highs in employment levels and worker buying power,” SHCP stated in a statement.
Mexico’s total public debt amounted to 46.2% of the country’s GDP in the first half of 2023, up from 45.8% reported in the same period last year.
Total net debt was reported at almost 14.19 billion pesos in the first half of the year. This is an increase of 0.4% compared to the nearly 13.26 billion pesos that the Treasury reported in June 2022.
Despite the year-on-year increase, the SCHP showed that the debt-to-GDP ratio fell last June compared to December 2022, when it was 49.3%.
The Ministry of Finance defended the fact that public debt continued on a stable and sustainable trajectory as a result of responsible fiscal policy.
“The public finance balances are in line with the program for the end of 2023, which ensures that public debt to GDP remains at a sustainable level,” SHCP said in the statement.
