The economic team he leads Luis Caputo managed to secure the fiscal surplus for the entire year in November. Added last month $357,162 million, above expenses, and so he managed a favorable accumulated primary balance of 2.1% of GDP. Although he anticipated that he will close 2024 with an accumulated primary of 1.9% and a financial one of 0.3%.
The November data It is important since December is seasonally a month of higher expenses due to the payment of bonuses for pensions and public employees. In the report provided by the Ministry of Economy on the results of the National Non-Financial Public Sector, it is noted that “even with the rThe seasonally negative result in December will produce a financial surplus of around 0.3% of GDP for the entire year 2024.consistent with a primary result of 1.9% of GDP”.
Going clean: the Government obtained a financial surplus of $357,162 million and one primary of $1.38 billion. In the first case, the accumulated amount is 0.6% of GDP.
As highlighted by Argentine Institute of Fiscal Analysis (IARAF) Last month “total revenues had a real negative interannual variation of 7%” which is explained because “tax revenues rose 6% real interannual but non-tax revenues decreased 65% real interannual.” Primary spending, for its part, registered a real year-on-year reduction of 24.5%.
The entity highlights that ““Interest spending fell 29% in real terms” which allowed “the fiscal deficit of $2 trillion in November 2023 to be transformed into a surplus of $357 billion in November 2024.”
How much was the magnitude of the 2024 chainsaw?
In this way, the study adds that “between a fiscal deficit of 3.1% of GDP in the period January-November 2023 and a fiscal surplus of 0.6% of GDP in 2024 there is a difference of 3.7 percentage points of GDP”. “This would be the effective magnitude of the fiscal adjustment carried out so far this year,” he explains to work. It must be taken into account that the December deficit of last year was 4.1% of GDP, according to IARAF data.
If, as the government affirms, 2024 closed with a favorable balance of 0.3 points of GDP, This year’s final adjustment was 4.4% of GDP.
As reported andl Treasury Palace. The total income of the SPN in the month reached $9.6 billion with a nominal increase of 147.3%. Tax collection showed a growth of +182.1%, mainly explained by the variation in income corresponding to Social Security Contributions and Export Rights and Import Rights.
Instead, during In the month of November, primary expenses of the National Public Sector reached $8.2 bmillion (+100.9% yoy). Regarding Social Security benefits, they amounted to $3.2 billion (+175.7% yoy), product of the impact of the mobility formula approved by Law No. 27,609 and DNU 274/24, that adapted the aforementioned formula so that pension increases accompany the evolution of inflation and granted an additional compensation of 12.5% for all liabilities under that regime. On the other hand, salaries reached $1.1 billion as a result of the increases granted within the framework of the agreed salary policies.
Source: Ambito
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