🇲🇽 Mexico

Public Sector Debt · 2026

Total Debt

72.4%

of GDP

Global Rank

#60

of 192

Interest Burden

26%

of govt revenue

S&P Rating

BBB

Credit rating

SOE Debt

+12.5%

1 categories

Interest Cost

6.5%

of GDP (govt only)

Where the Debt Sits

Central Government

Subnational

Energy SOEs

Central Government: 46.7%Subnational: 13.2%Energy SOEs: 12.5%

Who Holds This Debt

Holder Breakdown

Domestic 84%

Foreign 16%

Domestic: 84%Foreign: 16%

Currency Denomination

Local 84%

Foreign 16%

Local currency: 84%Foreign currency: 16%

Full Debt Breakdown

Central Government46.7% of GDP

Central GovernmentIMF WEO — General Government Debt

46.7%

Subnational / Regional13.2% of GDP

SubnationalIMF WEO — General Government Debt

13.2%

Energy SOEs12.5% of GDP

Pemex (Petróleos Mexicanos)Pemex 20-F SEC Filing 2024, IMCO analysis, Columbia CGEPTotal liabilities: ~$97B financial debt + ~$65B pension obligations + ~$20B supplier arrears. Government injected $7.7B in 2024 alone. Net worth negative $87B.

10.0%

CFE (Comisión Federal de Electricidad)CFE 2024 Annual Report, IMCO analysis, Expansion~$25B financial debt + ~$22B pension liabilities. CFE spends more on pensions than on physical investment.

2.5%

Total Corporate Debt21.5% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025Low by intl standards. Pemex + CFE = ~7% GDP.

21.5%

Household Debt17.2% of GDP

Household debtBIS Credit Statistics Q3 2025Very low. Limited mortgage penetration.

17.2%

Unfunded Pension Liabilities87.7% of GDP

IMSS (pre-97) + ISSSTE + Bienestar unfundedNBER; OECD Mexico 2016; IMF WP/24/053Transition costs persist through ~2060.

80.0%

IMSS pension actuarial deficitIMSS Informe Financiero y Actuarial 2024Present value of accrued pension obligations minus assets. 1.80 trillion pesos. Active-to-pensioner ratio deteriorating: only 25% active workers per pensioner. Peak spending projected 2036.

5.2%

ISSSTE pension actuarial deficit (est.)CIEP pension financing scenarios, IMF WP 2024/053Civil servant pension system. Legacy defined-benefit obligations. Combined IMSS+ISSSTE+Pemex+CFE labor liabilities exceed 9 trillion pesos (58% of GDP per CIEP).

2.5%

All Layers Total198.8%