More revenue, less deficit; Treasury closed 2025 with stable public finances

At the end of 2025, tax collection was 5 trillion 351 billion pesos, an amount that saw an increase of 4.1 percent in real terms compared to 2024, which was achieved without increasing taxes and maintaining greater control, reported the Ministry of Finance and Public Credit (SHCP), a department that also stressed that the debt remained at a sustainable level.

“The results for 2025 reflect an economy that is growing with price stability and a responsible fiscal framework. This not only preserves the confidence of analysts and markets, but above all it protects the well-being of families, giving us room to continue investing in the priorities of its population, even in a complex international environment,” said the Secretary of the Treasury, Édgar Amador Zamora, when presenting the Public Finance Report for the fourth quarter of 2025.

The agency highlighted that tax revenues represented a historical maximum of 15.1 percent of the gross domestic product (GDP). The greater dynamism is explained by the positive behavior of taxes related to economic activity.

Income tax collection stood at 2 trillion 888 billion pesos at the end of 2025, an amount that showed an advance of 3.7 percent in real terms, that is, when discounting the effect of inflation.

Due to the value added tax, the Treasury recorded an income of one trillion 499 billion pesos, an increase of 2.6 percent in real terms. Tax collection on products and services totaled 617 billion pesos, which represented an increase of 2.6 percent.

“Collection is growing due to efficiency, formalization and better control. Not by creating new general taxes,” said Amador Zamora.

However, oil revenues stood at 968 billion pesos at the end of last year, which translated into a drop of 2.7 percent in real terms.

The official pointed out that on the spending side, the well-being of the population was prioritized. According to the Treasury, between January and December 2025, the public sector spent 9.34 billion pesos, a figure that showed a reduction of 1.8 percent in real terms, due to the principles of efficiency and austerity.

Spending on social development reached a historical maximum of 13.1 percent of GDP, with real annual growth of 2.7 percent.

“In 2025, the Mexican government allocated 794 billion pesos to welfare programs, strengthening the economic security of the most vulnerable sectors,” said the head of the Treasury.

The budget balance observed a deficit of 3.9 percent of GDP, lower than the 5 percent observed in 2024.

The Treasury indicated that the historical balance of the financial requirements of the public sector (SHRFSP), known as the concept of broad debt, was located at 52.6 percent of GDP.

The Treasury reiterated that Grupo Salinas will finish paying its tax debt, after reaching an agreement with the authority under the applicable terms of the law, in the middle of next year.