Mexico’s federal budget for 2011 is good news in two ways for Mexico real estate buyers. One is that it is announcing an increasing amount of investment into ongoing improvements of Mexico’s continuously modernizing infrastructure; the other is that it offers a very small deficit, indicating a strong sense of financial responsibility on the side of Mexico’s federal government.
The Expenditure Budget of the Mexican Federation for Fiscal Year 2011 was officially approved and passed for an amount of just over 3.4 trillion pesos (3,438,895.5 million pesos, or just under 300 million USD.) This budget surpassed the previous proposal by about 60 billion pesos. From the original proposal, there was also net reallocation of 98 billion pesos, reflecting increased taxes in the Revenue Act and reductions in the Federal Government’s current expenditure.
The budget amount reflects both moderation, presenting a deficit of less that 0.5% of the GDP, but giving emphasis to import areas of investment within the Mexican economy. This combination is important for investors in properties such as Mexico condos, showing that while spending responsibly, the government is continuing to invest in important infrastructure which helps increase tourism and property value.
The budget allotted 240 billion pesos (about 20 billion USD) for the payment of public debt.
Other noteworthy items include 18.3 billion pesos for the Marina, about 50 billion for National Defence, and about 35.5 billion for the Ministry of Public Security. The Ministry of Economy was allotted 16.5 billion pesos, Public Education, 23 billion, Health with 105.5 billion and Labor and Social Welfare about 3.7 billion. For the Ministry of Energy about 3 billion was budgeted, and for Social Development just over 80 billion pesos. These areas are important since the point to an increased standard of living throughout the country, increasing social stability and addressing social problems. Many areas where expats choose to buyer properties are very safe, and investment in the services will help to keep them this way, building a strong community atmosphere.
Significantly, tourism will be receiving a record high budget of almost 5 billion pesos, reflecting Mexico’s increasing emphasis on developing this industry. For real estate buyers, this is especially good news, since many of the benefits of owning Mexico real estate, such as road infrastructure, activities, shopping centers, etc, stem directly from the country’s healthy tourism industry.
On the whole, Mexico has been increasing the efficiency of balancing spending in social aspects to increase the standards of living, and investment into industries, such as tourism, which generate economic growth; both are beneficial both to Mexican citizens and to Americans and Canadians considering buying real estate in Mexico.
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