Mexico's public debt hits 51% of GDP in first half of 2026

Mexico public debt 51% of GDP 19.59 trillion pesos fiscal deficit sustainable debt

Mexico's net public debt rose to 51 % of gross domestic product in the first half of 2026, according to the Secretaría de Hacienda y Crédito Público (SHCP). The total debt stock reached 19.59 trillion pesos (about 1.12 trillion USD), a real increase of 11.7 % compared with the same period a year earlier. Government revenues for the six‑month period amounted to 4.27 trillion pesos, while total expenditures rose to 4.85 trillion pesos, creating a fiscal deficit of roughly 580 billion pesos. The primary budget posted a surplus of 115 billion pesos. The financial cost of the debt fell 4.8 % in real terms, helped by lower interest rates and a refinancing strategy. Officials stressed that the debt level remains below the average of Latin‑American economies and is considered sustainable within the fiscal ceilings approved by Congress.

The SHCP also reported that internal debt accounts for about 82 % of the total portfolio, with the remaining 18 % in external markets. The debt trajectory is expected to stay within the authorized limits for the 2026 fiscal year.

Entities: BBVA · BBVA México · Carlos Torres · Edgar Amador Zamora · Latin American economies · Mexico · Mexico public debt · Nacional Financiera · Onur Genç · Public debt of Mexico · Secretaría de Hacienda y Crédito Público · Secretaría de Hacienda y Crédito Público (SHCP)

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[○ 1 SOURCE] BBVA's profit attributable in Mexico for the first half of 2026 was €2.979 billion, a 8.2% year‑on‑year increase. (BBVA financial results)
[○ 1 SOURCE] BBVA's global profit for the first half of 2026 was €6.051 billion, up 11.1% YoY. (BBVA financial results)
[○ 1 SOURCE] Nacional Financiera's net profit for the first half of 2026 was 1.930 billion pesos. (Nacional Financiera report)
[○ 1 SOURCE] Nacional Financiera extended credit totaling 539.155 billion pesos, with about 230 billion pesos disbursed to roughly 294 000 companies in the first half of 2026. (Nacional Financiera report)
[○ 1 SOURCE] The real financing cost of Mexico's public debt fell 4.8% year‑on‑year in the first half of 2026. (Secretaría de Hacienda y Crédito Público)
[○ 1 SOURCE] Mexico's public debt retained investment‑grade ratings from eight credit agencies. (Secretaría de Hacienda y Crédito Público)
[○ 1 SOURCE] Micro‑enterprises received 260 876 loans from NAFIN, representing 89% of its total credit count. (Nacional Financiera report)
[DISPUTED] Mexico's public debt reached 19.0477 trillion pesos in the first half of 2026, representing 51% of GDP. (Secretaría de Hacienda y Crédito Público)
[DISPUTED] Mexico's net public debt totalled 19.59 trillion pesos in the first half of 2026. (public debt figures)
[○ 1 SOURCE] The overall budget deficit was 358 billion pesos below the programmed target in the first half of 2026. (budget deficit gap)
[● 2 SOURCES] The primary budget balance recorded a surplus of 115 billion pesos in the first half of 2026. (existing)
[● 3 SOURCES] The debt represented 51 percent of Mexico's GDP in the first half of 2026. (debt‑to‑GDP ratio)