After freezing spending in September, the National government achieved a favorable result in the National Public Sector (SPN) of $696,965 million. With this, in the first nine months of the year, accumulates a surplus of 1.3% of GDP and is about to achieve the goal of 1.5% that appears in the 2026 Budget project.
This was reported this Thursday through his account in x the Minister of Economy, Luis Caputo, who vindicated the budgetary health policy undertaken by the national government.
The head of the Treasury Palace officially indicated that “in September 2025 the “National Public Sector (SPN) recorded a primary surplus of $696,965 million and a financial surplus of $309,623 million.”
“In the first nine months of the year there was a primary surplus of approximately 1.3% of GDP and a financial surplus of 0.4% of GDP”, added the Minister. The data indicates that it would only have to add 0.2 points to achieve the goal of 1.5 of this year’s GDP.
Caputo specified that “in the monthprimary spending remained stable in real terms compared to September 2024″ and indicated that “at a disaggregated level, retirements and contributory pensions grew 8.9% year-on-year, the Universal Allowance for Social Protection, 17.9% and transfers to universities 3.2%” .
“The financial surplus of $309,623 million contrasts with the result of September 2023, where a deficit of $511,533 million had been recorded, equivalent to almost $2,100,000 million adjusted for inflation,” indicated Caputo, who in this regard said that “in the face of attempts by part of the political spectrum to break the fiscal balance, the Government will continue to guarantee order in public accounts, since it is a necessary condition to continue improving the quality of life of Argentines.”
“Since last year, The fiscal order has been a fundamental pillar to lower inflation and reduce tax pressure on the private sector, making possible a reduction in taxes equivalent to 2.5% of GDP since the beginning of the administration and a strong growth in credit for families and companies,” said Caputo.
The view of the private sector
like him National government is persistently registering a drop in income, both tax and other sources, is obliged to deepen the adjustment in some items that still remain to be cut. The surplus achieved in September is lower, in fact, than that of the same month last year.
The increase of indexed spending, especially in retirements, some social plans and salaries, is being compensated with reduction of subsidies and shipments to the provinces.
The Argentine Institute of Fiscal Analysis (IARAF) indicated that “from the analysis of the cash-based budget execution of the National Non-Financial Public Sector (SPNNF) for the month of September 2025, it emerges that “Total revenues had a real negative interannual variation of 3%.”
“This is because “tax revenues decreased in real terms by 6.8% year-on-year and non-tax revenues increased by 48% in real terms year-on-year.”says the study.
Primary spending, for its part, remained constant in real terms compared to the same month last year. “As a result, the primary surplus of September 2024 of 1,075 trillion in constant pesos of September 2025 was transformed into a primary surplus of $696,000 million in September 2025 (real decrease of 35%),” said the entity headed by the economist Nadin Argañaras.
Source: Ambito
