Mexico’s net public debt reached 49.9% of Gross Domestic Product (GDP) during the third quarter of 2025, the Ministry of Finance and Public Credit (SHCP) reported Thursday.
This figure represents a slight increase compared to the same period last year, when debt was equivalent to 49.3% of GDP, and translates to a total net debt of 18.28 trillion pesos reported in the first nine months of the year. Compared to June 2024, when the figure was 16.88 trillion pesos, the increase is more than 8.8%.
Despite the growth, the Ministry of Finance and Public Credit (SHCP) assured that debt remains at “low and stable” levels, even below the 51.3% of GDP recorded in December 2014.
“The strength of public finances has allowed us to maintain access to financing on favorable terms and preserve our investment grade rating with the main credit rating agencies,” the federal agency stated in a press release.
The report also detailed that budget revenues totaled 4.61 trillion pesos in the first nine months of the year, a year-on-year real growth of 9.2%, the highest for a similar period since 2016.
According to the Ministry of Finance, this performance is due to sustained progress in tax collection, particularly through auditing strategies, combating smuggling, and broadening the tax base.
Total tax revenue grew by 7%, while income tax revenues increased by 6.1%, reaching up to 60 billion pesos.
In contrast, net budget spending reached 7.03 trillion pesos, representing a 1% increase compared to the same period in 2024.
The data was released following the preliminary GDP estimate for the third quarter of 2025, which reflected a contraction of 0.3% quarter-on-quarter and 0.2% year-on-year, according to figures from the National Institute of Statistics and Geography (INEGI).
Despite this outlook, the Finance Minister emphasized that Mexico maintains its investment grade rating from the eight major credit rating agencies, and has also received recognition from the International Monetary Fund (IMF) for the strength of its fiscal framework and the credibility of its national economic policy.
The government maintains a growth projection of between 1.5% and 2.3%, while the consensus among private analysts estimates a more moderate increase of just 0.5% by year-end.
Source: mimorelia
