Balance of public finances at mid-year: primary deficit and surplus

Public finances recorded a budget income of 4,277 trillion pesos (-3.2% of what was budgeted) and a net expenditure of 4,856 trillion (-9.3%) in mid-2026, generating a public deficit of 559 billion and a primary surplus of 125 billion.

Tax revenues were 1.8% below schedule, with declines in ISR (-5.5%), IEPS (-5.6%) and imports (-24.2%), although VAT increased 12.7%. Total budget spending was 2.1% higher than 2025, but -9.3% lower than budgeted.

Reductions in spending on Agrarian Development (-70.6%), Infrastructure (-64.8%), and Energy (-61.7%) stand out. The public debt amounted to 20,335 billion pesos, 54.8% of GDP.

Physical public investment decreased 7.9% compared to the same period in 2025, with an increase in investment for security and social development, but a decrease in economic development.