Thus, The monthly primary result marked a 94.5% increase in income compared to the same month in 2021 and a 63.5% increase in primary spending.
In Octobertax revenues grew 97% mainly driven by the increase in collection associated with Profits, which presented an increase of $108,212.6 million (137.5% year-on-year), as a result of the income of the first installment of the extraordinary payment on account of profits made by companies.
The primary expenditure of the National Public Sector reached 1,603,706.9 million and presented a rise of +63.5% year-on-year.
At the same time, the accumulated primary spending of the National Public Sector during the January-October period showed a year-on-year increase of 72.4% compared to the same period of the previous year, “and it has been decelerating for five consecutive months in this indicator measured in real terms”, highlighted the Ministry of Economy through a report.
the economist Nadin Arganaraz assured that “in order to meet the annual fiscal goal, an effort of 0.35% of GDP remains in the last two-month period. Knowing the income and expenditure data of the National Non-Financial Public Sector for the month of October, it is concluded that the accumulated primary deficit during the first ten months of the year was 1.5% of GDP. This imbalance was less than that of the same period last year by 0.17 percentage points of GDP.”
Given the above, if the primary deficit goal of 2.5% of GDP agreed with the IMF is to be met, “the primary deficit for the last two-month period of the year must be 1% of GDP. This objective implies that the primary deficit of the last two-month period must be 0.35 percentage points of GDP lower than that of the same two-month period of 2021added the economist.
Under the assumption that the total income of the Non-Financial National Public Sector ends the year 2022 with the same relative importance of GDP as in 2021, “the reduction of the deficit of the last two-month period must fall on a reduction in spending of that magnitude”closed Argañaraz.
Source: Ambito
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