Petro Government Spent Much More Than It Had: Fiscal Deficit, Excluding Interest, Grew by $60 Trillion Between 2023 and 2025
The cash flow problems of Gustavo Petro's Government seem to be getting worse and worse. Proof of this is that its fiscal deficit excluding interest payments (primary deficit) closed at 3.4% of GDP in 2025. In simple terms, without considering debt interest, the National Government spent $63 trillion more than it received in revenue.
TL;DR
- The government's primary fiscal deficit (excluding interest) was 3.4% of GDP in 2025, spending $63 trillion more than it received.
- This deficit represents a one percentage point deterioration compared to the target set in the Medium-Term Fiscal Framework (MFMP).
- The deficit has grown significantly, increasing by approximately $60 trillion between 2023 and 2025.
- The increase in the deficit is linked to a rise in primary spending, which reached 20% of GDP in 2025, 1.1 percentage points higher than in 2024.
- Government cash reserves remain historically low, with January 2026 figures significantly below the historical average and January 2025 levels.