Close readers have noticed that this post about Mexico’s public finances labeled federal revenue at around 18% of GDP. Conversely, this earlier post about the recently announced budget cuts said that the Mexican government took in roughly 28% of GDP. What explains the difference?
Well, the 18% number comes from the Mexican finance ministry (SHCP, for its initials in Spanish). It includes only revenues earned by the federal government the way most people would think of it. The 28% number, on the other hand, comes from the IMF and it includes all public entities, including Pemex.
So what does that mean? Well, the SHCP numbers include only the tax payments that Pemex makes to the federal government. The IMF numbers, on the other hand, include all Pemex gross revenues. That is, they include every single penny of hydrocarbon sales. The same applies to other state enterprises, including the Comisión Federal de Electricidad ... meaning that every penny of retail electricity sales is also counted as government revenue under the IMF reckoning.
For the purposes of each posts, the relevant number is used.