The Ministry of Economy reported that During March, the National Public Sector (SPN) registered a exceeding financial result for $ 398,909 million, product of a primary result of $ 745,339 million, and a payment of interest in the Net Public Debt of the Public Intra-Sector for $ 346,430 million.
In this way, in the first quarter of the year the accumulated primary surplus reached 0.5% of the internal gross product (GDP) while the financial one was 0.2%. It is to remember that in the light of the according to the IMFEasally announced Argentina has to finish 2025 with a primary balance in favor of 1.3% and with a neutral financial. Beyond that, the president Javier Milei said he wants to achieve 1.6% surplus this year, what another financial financial one would leave.
According to official information, The total income of the SPN in the month reached $ 9.47 billion with an interannual nominal increase of 54.8% which marks a real 1% drop.
Fiscal surplus: Javier Milei’s government is aimed at the goal of 2025
Regarding Tax resources, they presented a 60.1% growth mainly explained by the variation of the corresponding income to profits (104.3%), contributions and contributions to Social Security (99.7%)Import rights (89.8%) and export (78%), net VAT of refunds (59.4%) and debit and credits (57%).
The Minister of Economy, Luis Caputo, He pointed out that “the fiscal surplus achieved in the first quarter of the year It is part of the commitment assumed from the beginning of the managementmaking order in public accounts a fundamental pillar of the economic program. “
“In this sense, it is worth remembering that the Ministry of Economy It ordered to implement an additional fiscal adjustment by 2025 of 0.3% of GDP, which is equivalent to 0.5% annualized and implies a rise in the primary surplus established for the year from 1.3% of GDP to 1.6% of GDP, “said the head of the Treasury Palace.
The official said that “the surplus was simultaneously reached to the validity of different tax reduction measures that have been implemented in recent months.”
“Among them are: i) the PAIS TAX EXPIRATION In December (he had contributed 0.3% of GDP in the first quarter of 2024), II) the TRANSITORY OF EXPORT RIGHTS FOR EXPORTERS that comply with the period established for the liquidation of currencies, as stipulated by Decree 38/2025 and III) the repeal from March of the suspension of exclusion certificates, which negatively affects the collection of customs perceptions in VAT and profits, “said the head of the Treasury Palace.
On the other side, according to the Treasury Palace, last month the primary expenses “reached $ 8.73 billion COn one Improvement of 58.8% year -on -year nominal. ”
Regarding social benefits, They amounted to $ 6.3 billion (73%), product of the impact of the mobility formula approved by Law No. 27,609 and DNU 274/24and of annual school aid that is usually granted in the month of March.
On the other hand, the remuneration reached L$ 1.14 billion with a nominal improvement of 39.3% product of the increases granted within the framework of the agreed salary policies.
Meanwhile, according to the official information the current transfers reached $ 3 billion, with a nominal increase of 39.6% as that the subsidies presented a drop of $ 52,499 million (-11.9%), where energy varied -$ 163,914 million (-53.1%), while transport destined increased by +$ 119,314 million ( +114.7%) ..
What happened in the first quarter
According to him Argentine Institute of Fiscal Analysis (Iaraf) During the first three months of the yearTotal income grew by 0.6% real year -on -year, while primary expenditure grew by 11.1% real year.
According to our analysis of the recent STAFFF REPORT DEL IMFthe iNational Taxes in the year should grow to 1.5% real interannual to meet the projection included in the report. For its part, andThe primary expenditure, given the greatest fiscal effort decided by the Government, should have real growth of the order of 1% in the year.
Of this behavior, the primary surplus of the period January-March 2024 of $ 7 billion in constant pesos of March 2025, It became a surplus of $ 4,552,000 million in 2025.
Since Ipaid debt ntresses fell 36% real interannual in the period, The accumulated fiscal surplus of $ 2,032,000 million in the year 2024, was transformed into A fiscal surplus of $ 1,358,000 million this year, always considering the currency of March 2025.
Source: Ambito
