Mexican government spending totaled 692.1 billion pesos ($52.9 billion) in the first two months of 2014, up 19 percent from the same period of last year, the Finance Secretariat said.
Programmable spending of federal entities grew 19.2 percent, the secretariat said, highlighting the dynamism seen in the areas of communications and transportation, health, public education and agriculture and ranching.
Meanwhile, public-sector revenues totaled 650 billion pesos ($49.7 billion), a 3.1 percent increase in real terms relative to January-February 2013.
Non-oil tax revenue grew 4.8 percent to 459 billion pesos ($35 billion) thanks to last year’s tax overhaul, which, among other things, increased levies on high-calorie foods and high-income earners.
Oil tax revenues declined 1 percent to 190.7 billion pesos ($14.6 billion) due to a drop in the average price of crude exports from $98.10 per barrel in the first two months of 2013 to $91.2 per barrel in the same period of 2014.
The lower oil tax take was also attributed to lower production of crude and natural gas, partially offset by an increase in natural gas prices.
The Finance Secretariat said the federal budget deficit totaled 45.7 billion pesos ($3.5 billion) for the first two months of 2014 and that the federal government’s net external debt stood at $71.1 billion.
At the close of February, the Mexican government’s total gross debt totaled $391.2 billion, 18.4 percent of which corresponded to external debt and the remainder to domestic debt.
The debt of the entire public sector, which includes state-owned companies and organizations, totaled $485.9 billion at the end of February, 28.7 percent of which corresponded to external debt and the rest to domestic debt.