Economy registered a primary deficit of $247,650 million in May

Economy registered a primary deficit of 7,650 million in May

The Ministry of Economy announced that the financial imbalance was $631,071 million. In addition, he reported that the collection fell by $670,000 million between January and May due to the drought.

He The National Public Sector (SPN) registered a primary deficit of $247.650 million during Maywhile the financial imbalance reached $631,071 million, due to the payment of interest on the public debt net of intra-public sector payments, which reached $383,420.9 million, as reported by the Ministry of Economy on Thursday.

“Once again, there was evidence of a deepening of the impact of the drought on the collection associated with the export rights received by the National State, as a result of the drought”highlighted the official statement.

Between January and May, the Ministry of Economy estimated a fall of approximately $670,000 million (0.4% of GDP) compared to the projections on export duties contained in the 2023 Budget Law.

Income and expenses

During May, the total income of the SPN reached $2,311,571.6 million with an interannual growth of 104.8%, affected by taxes on foreign trade.

In turn, hehe primary expenditures of the National Public Sector reached $2,559,222.5 million in May, with an increase of 98.2% year-on-year, where educational policy, both wages and infrastructure, were prioritized; and other concepts of public investment with special emphasis on energy and transportation.

“In the framework of this restrictive scenario, the administration of the fiscal policy established by the authorities of the Ministry of Economy prioritized during May the financial allocations for educational policy and public investment programs with an emphasis on energy infrastructure“Added the statement from the Palace of Finance.

In this way, “the moderation in the execution of the rest of the budgeted expenses managed to compensate the negative impact on the primary outcome of the period caused by the drought. In fact, the real interannual variation of primary spending in the current month was negative at 7.5% interannual”.

Source: Ambito

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