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Thursday, December 8, 2022

the fiscal deficit hit a new low in September

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Meanwhile, the income of funds to the Social Security Trust (FSS), within the framework of the provisions of Law 19,590, was 0.3% of GDP. This leads to a total of -2.5% in the fiscal result of the GC-BPS excluding FSS revenues.

The variations are explained, on the one hand, by a reduction in income from the General Tax Directorate (DGI) of Uruguay; and, on the other, due to a reduction in the item of Non-Personal Expenses compared to lower expenses associated with the cessation of the health emergency (Covid-19 Solidarity Fund expenses decreased by 0.1% compared to the previous month).

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Also, the result of the Public Companies (EEPP) stood at 0.2% of GDP, remaining stable, while the Non-Monetary Public Sector (SPNM) reached -1.6%. On the other hand, the overall result of the Central Bank of Uruguay (BCU) registered a total of -1.7% of GDP, also remaining stable compared to last month.

The fiscal performance of the Lacalle Pou government

The administration of Luis Lacalle Pou has been reducing the fiscal deficit since July 2021 (5.3%), with the exception of March 2022 when it was above the 3.5% reached in February of this year. In this sense, the structural fiscal result projected for the end of this year is a deficit of 2.6% of GDP, and 2.9% for the GC-BPS.

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The management, which began with a red of 5% and reached its maximum in September 2021, in the midst of the Covid-19 pandemic; Already is below the goal that the government projected for this year. In 2023, an effective result of -2.6% is projected, and a deficit structural result of 2.5% of GDP.

Source: Ambito

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