Mexico's Central Government Debt (% of GDP), 1990-2022

Mexico's central government debt saw a notable reduction during the 1990s, dropping from 37.79% in 1990 to 19.07% in 2000, driven by economic reforms and debt restructuring following the 1980s debt crisis. However, the 1994 Tequila Crisis caused a temporary spike to 32.46% in 1995 as government intervention stabilized financial markets.

Debt ratios began rising again after 2008, following the global financial crisis, and reached 41.41% in 2020 amid COVID-19-related expenditures. Despite economic pressures, Mexico managed to maintain debt levels around 40% by 2022, reflecting a balance between fiscal discipline and growth policies.