Officials from the Palacio de Hacienda assured that based on the new macroeconomic projections that emerged with the adjustment of the budget to an inflation of 62% with an annual growth of 4% and a GDP estimated at $76.5 billion, the fiscal data fit for compliance of the goal of 2.5% of GDP, even within the context of spending growth.
In Economy for now they do not want to anticipate the numbers of the new quarterly goals until the IMF board approves this Friday the review report of the first quarter numbers and authorizes the disbursement of almost US$4,000 million.
The May deficit contrasts with the surplus of $25,714 million last year, which had been achieved based on the liquidation of the Solidarity Contribution. In one year the deterioration of the accounts was $217,242 million, according to the guidelines with the IMF, and this is due to a strong increase in expenses that exceeded the improvement in income. The financial account showed a deficit of $242,342 million, against $114,852 million in May of last year. In this way, it accumulated $848,339 million in 5 months.
The total Income of the National Public Sector (SPN) amounted to $1.12 trillion in May, with a year-on-year growth of 58.7%, affected by the high comparison base of May 2021, as a result of the collection of the Solidarity and Extraordinary Contribution. Without this, the variation would have been 78.7% year-on-year. According to official data, tax revenue grew 76%, mainly driven by the increase in income associated with Profits (110%), Personal Assets (96.5%), Debits and Credits (88.6%) and those related to Social Security (75.9%).
On the other hand, and outside the financial statements that are taken into account for the fulfillment of IMF goals, the Palacio de Hacienda includes property income for $84,638 million, a figure that is 113% higher than that of the same month of the year past.
On the other hand, primary spending in May registered a rise of 88.3% with an increase of 84.7% in capital investment and 94.7% for the “combination with measures of inclusion and social containment”, specified the Ministry of Economy.
Carlos Lamiral
Source: Ambito
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