Mexico and El Salvador report rising public debt levels

Mexico’s public debt reached 52.6% of its GDP at the end of September 2026, according to the Ministry of Finance and Public Credit (SHCP). While the debt amount increased by 5.3% nominally since December, the proportion relative to GDP remained stable. Public revenues saw a real decline of 2.8%, and oil revenues dropped 21.5%. However, interest payments fell by 3.7% in real terms due to a stronger peso and favorable interest rate conditions.

In El Salvador, total public debt rose 4.3% to reach $35.267 billion between January and September 2026, according to the Central Reserve Bank. This includes $15.79 billion in external debt and $19.47 billion in internal debt, with a significant portion of the latter held by private pension funds. Despite the debt increase, the Salvadoran economy grew by 4.79% in the first quarter of 2026, driven by construction and mining.