MEXICO CITY – Mexico posted a budget surplus of 69.7 billion pesos ($3.5 billion) during the January-November period, thanks to higher revenues and reduced spending, the Finance and Public Credit Secretariat said.
During the same period in 2016, the federal government posted a budget deficit of 278.8 billion pesos ($14.16 billion), the secretariat said in the Public Finances and Public Debt report submitted to Congress.
The figures for the January-November 2017 period were a surprise since the secretariat had originally projected a budget deficit of 412.5 billion pesos (nearly $21 billion).
Revenues, including one-time and special items, rose 1.4 percent in real terms, compared to the first nine months of 2016, coming in above the projection of 575 billion pesos ($29.2 billion), the secretariat said.
Spending, meanwhile, totaled 4.4 trillion pesos ($227.28 billion), a figure that was higher than forecasts for this year but fell below the level in January-November 2016.