GROWTH Mexico’s Finance Ministry released its 2020 budget proposal forecasting a GDP expansion in a range between 1.5% and 2.5%, considered somewhat optimistic per analysts estimates; yet, the Ministry accepted that economic growth wont reach original goal of 4% in by 2024.
EXPENDITURES With Presidential terms in Mexico lasting 6 years, this is the first budget proposal fully designed under Andrés Manuel López Obrador -who took office in December of last year- and its budget commits to a relatively conservative primary fiscal surplus of 0.7%
QUOTE: “We favor three spending purposes: Social welfare, security and fiscal support for Pemex (the state-owned oil company) “, said Finance Minister, Arturo Herrera, who added that Mexico’s main revenue structure will have no major changes but that it expects a more efficient collection.
DATES By law, Mexico’s Lower House and Senate have to tackle first a revenue bill that has to be voted in final form by October 30. After that, both houses of Congress focus then on a spending bill that has to be voted in final form sometime around November 15.