Due to the drought, the primary deficit was $228,134 million in February

The National Public Sector registered a primary deficit of 228,134.0 million pesos in February 2023, which was accompanied by a financial deficit of 485,590.9 million pesos, due to the payment of interest on the public debt net of intra-public sector payments, which reached 257,456.9 million pesos. .

The total income obtained by the SPN during the second month of the year reached 1,570,391.1 million pesos. Said figure was affected by the consequences generated in foreign trade as a result of the impact of the drought.

If these taxes are not taken into account, the collection presented a growth of 105%, but if they are contemplated, it is 85.6%.

The magnitude of the impact of the drought reduced export duties by 45 percent year-on-year and it is estimated that the loss of these reaches 200 billion pesos during the first two months.

On the other hand, tax revenues linked to economic activity grew 107.2 percent year-on-year on the side of VAT net of Refunds and 99.3 percent year-on-year on the income tax side. Meanwhile, Social Security contributions grew 106.9 percent year-on-year.

The primary expenditure of the National Public Sector reached 1,798,525.1 million pesos and presented a year-on-year increase of 95%.

At the same time, capital spending grew 246.6 percent year-on-year compared to February 2022, marking a sustained acceleration in public investment associated with energy, housing, and transportation infrastructure works.

Although the evolution of primary expenditures reflects the prudence of the fiscal administration during the first two months of 2023, the drop in the collection of Export Duties measured in dollars to values ​​close to half of what was collected in 2021 and 2022 for the same period and the estimated drop in the volume of agricultural production account for the severity of the impact of the drought in public accounts.