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Mexico City Says 2025 Revenues Beat Target as Investment Rises and Debt Slips

Robust local tax collection, especially payroll and property levies, powered the outperformance.

Overview

  • Total revenues reached MXN 334,327.6 million for 2025, up 8.5% year over year and 14.7% above the approved revenue law.
  • Locally generated income rose 21.7% to MXN 150,635.2 million, with tax revenues up 24.9% driven by a 37.5% jump in payroll tax and 21.8% growth in property tax.
  • Total net spending was MXN 318,165.2 million, as public investment increased 9.5% and locally financed investment climbed 24.9% to MXN 50,354.8 million.
  • The year-end debt balance stood at MXN 107,263.6 million, reflecting a 0.6% real decrease from 2024.
  • Credit ratings were reaffirmed at the top state-level tier by Moody’s, Fitch and HR Ratings, and the city placed a record green bond targeting MXN 3,000 million that drew bids exceeding MXN 6,000 million.