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The accrued primary deficit had a 45.3% reduction in the first two-month period, reported the OPC

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The accrued primary result of the National Public Administration (APN) reached $107,185 million in the first two months, with a reduction of 45.3% in real terms compared to the same period in 2022, reported the Congressional Budget Office (OPC).

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The bicameral body also indicated that the financial deficit, which includes the payment of debt services, was $655,215 million, with a year-on-year increase of 8.7%.

The OPC report anticipates the one that will be released by the Ministry of Finance on Monday, March 20, although the numbers will differ for methodological reasons.

In this regard, the OPC itself pointed out in its presentation that its report is prepared taking the “accrued basis”, which is when the obligation to pay is firm “regardless of the moment in which the movement of funds occurs”, but the Treasury does the “cash basis”, which records the outflow of funds “regardless of the fiscal year in which the transaction has accrued”.

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For this reason, in January the primary result was a surplus for the OPC and a deficit for the Ministry of Finance.

Likewise, the parliamentary entity takes as its universe the APN (central administration, decentralized organizations and Social Security institutions) and the Treasury the Non-Financial National Public Sector, which also includes trust funds, public companies and other entities.

In the first two-month period, APN revenues amounted to $2.876 trillion, with a nominal year-on-year increase of 86.3% and a retraction of 7.2% at constant values.

On the other hand, total expenses reached $3.532 trillion, with a nominal increase of 91.5% and a real reduction of 4.6% compared to the first two months of 2022.

Since interest represented $548,031 million, primary spending in January and February was $2.983 billion, with a nominal increase of 81.8% and a reduction in real terms of 9.4%.

Thus, interest had a nominal rise of 170.5% and a real one of 34.8%.

The financial deficit had a nominal increase of 118.2% and a real one of 8.7% and the primary an increase of 9.7% in current terms and a decrease of 45.3% at constant values.

The largest real decreases in spending were concentrated in current transfers to provinces (-38.3%), capital expenditures (-37.4%), and economic subsidies (-22.7%).

Conversely, among the expenses that grew the most at constant values, in addition to the aforementioned interest, are personnel expenses (5.5%), non-contributory pensions (5.1%) and social programs (4.2% ).

Source: Ambito

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