Compared to what was scheduled for January-April, income was 155,913 million pesos less.
The total drop in revenue is related to a marked decline in the collection of oil revenues of 28.8% due to the fall in the price of oil internationally.
Tax revenues helped cushion the fall in the price of oil, its collection increased 2.6% annually in real terms. It should be noted that in the 2023 Economic Package, the Treasury forecast the price per barrel of the Mexican oil mix at 68.7 dollars, but adjusted this price to 66.6 dollars per barrel in the 2024 Economic Pre-Criteria, on March 31.
“Thanks to the solid performance of the ISR, as well as the good results of the IEPS and the Tax on New Cars. These three taxes, together, increased by 6.0% per year in real terms,” the Treasury stressed in its report.
In accordance with the lower international fuel prices and the gradual reduction of the fiscal stimulus on the IEPS tax on gasoline and diesel, the collection of this tax remained in positive territory for the sixth consecutive month, totaling 44,353 million pesos so far this year .
They put scissors to spending
The drop in revenues and the federal government’s promise not to issue more debt than approved, encouraged cuts in public sector spending, which decreased 2.1% compared to January-April 2022. In nominal terms and compared to what was programmed , the income was 316,231 million pesos less.
Administrative branches such as education, health, security, were the ones that accumulated the most cuts, with a total of 14%.
While the productive companies of the State; Pemex and CFE reported a 14.4% cut, compared to what was executed in the first four months of 2022. The shares that the federal government transfers to the entity governments decreased 8.3%.