Mexico's net external debt reached $157.448 billion in June 2026, an increase of over $31 billion since the start of President Claudia Sheinbaum's administration in September 2024. ^[1] In the first quarter of 2026, final consumption accounted for 81.5% of Mexico's GDP while gross fixed capital formation fell 3.3% in nominal terms and its share of GDP dropped from 22.7% to 21.2% in one year. ^[2] INEGI, Mexico's national statistics agency, reported that in the first quarter of 2026 employee compensation represented 30.8% of GDP, up from 29.1% in the same period a year earlier, while gross operating surplus fell from 41.0% to 39.4% of GDP. ^[3] One of the central historical pillars and promises of Andrés Manuel López Obrador and the self-proclaimed Fourth Transformation (4T) was the political commitment not to increase debt or contract liabilities that would compromise macroeconomic stability. ^[4] The Ministry of Finance and Public Credit reported that the total public debt measured by the Historical Balance of Financial Requirements of the Public Sector (SHRFSP) was 19.47 trillion pesos at the end of the second quarter of 2026. ^[5] The total public debt of 19.47 trillion pesos represents 51.0% of Mexico's Gross Domestic Product (GDP) as of June 2026. ^[6]