“The financial surplus achieved last month contrasts with the deficit recorded in August 2023, which at current prices was equivalent to almost $1,300,000 million”the Treasury Palace indicated.
According to official information, the SPN accumulated in the first eight months of the year a financial surplus of approximately 0.4% of GDP (primary surplus of approximately 1.5% of GDP).”“In this way, the fiscal anchor of the government program continues to be consolidated,” the Treasury Department said.
In this sense, official data indicate that Total revenues for the month reached $8.7 billion with an increase of 89.8% year-on-year.
As far as the r is concerned,tax collection, an increase of 199.6% was recorded. explained by the PAIS Tax and the income corresponding to Contributions and Contributions to Social Security (215%) and Export Duties (317.4%).
What was spent during August?
During August, meanwhile, lPrimary expenditures reached $7.8 billion with a nominal year-on-year increase of 156.9%.
Economy reported that Social Security expenses amounted to $4.56 billion (182.3%), due to the “impact of the mobility formula approved by Law No. 27,609 and DNU 274/24which adapted the aforementioned formula so that pension increases would follow the evolution of inflation and granted an additional compensation of 12.5% for all pensioners under that regime.”
“If the reinforcement of pension income of up to $70,000 (more than $331.6 billion) is added, The variation in national pension expenditure was 202.7% year-on-year. On the other hand, salaries reached $1. billion (162.4%) as a result of the increases granted within the framework of the agreed salary policies,” reported the Ministry of Finance.
Meanwhile, the tCurrent transfers reached $2.6 trillion (130.1%).. Those aimed at the private sector showed a growth of $1.2 billion (133.6%). Among them, it is worth highlighting that the Universal Allocation for Social Protection was increased by 100% in January by Decree 117/2023) and the Food Policy programs (with an increase in the Food Card of 138% between January and July, and the 1,000-Day Plan.
For their part, the Current transfers to the public sector in August reached $511.586 billion which implies a growth of 118.6% while “economic subsidies showed an increase of $752,726 million (192.2%), where energy subsidies varied by $550,289 million (171.7%), while those destined for transportation did so by $204,172 million (311.7%).
Source: Ambito
