A report of the Mediterranean Foundation reveals that, measured in dollars, Consolidated public spending, which includes the Nation and the provinces, has remained constant over the last 25 years. This 2024 will add close to US$190,000 million, and will be within the average of the last quarter of a century.
The report indicates that despite the efforts of the national government to shrink the state, there is still a long way to gofor which the consensus of the governors is required to reach the ideal level.
“If you take the primary expenditure of the provinces, measured in constant dollars, in 2024 primary expenditures will approach $90 billion40% lower than in 2015, the maximum in 25 years, and 30% higher than what occurred in 2000,” the work says.
In that sense, the Mediterránea maintains that “If the primary expenditure in constant dollars of the Nation plus Provinces is considered, it is estimated that in 2024 it will amount to $188.5 billion, practically the average of the last 25 years.” “Thus, current consolidated expenditures will be 45% lower than those of 2015 and 41% higher than those of 2000, in full convertibility,” it is noted.
How much is national spending?
He National Public Sector spending measured in dollars is 43% higher than what it was at the time of convertibility. The study indicates that the level of the Nation’s spending measured in hard currency is 9% below the average of the last 25 years.
“If we consider the period 2000 – 2024, national public sector spending (SPN) in 2024 is US$100 billion, 9% below the average of the last 25 yearsin constant dollars,” states the report from the Córdoba-based entity.
The analysis states that “national spending in dollars of 2024 is half of that observed in 2015the highest of the entire period, and is also 27% lower than in 2022.” “Nevertheless, Expenditures in 2024 are 43% higher than what occurred in 2000, in full currency convertibility,” the study states.
Why measure spending in dollars
The study suggests that it is pertinent to measure public spending in dollars to evaluate the competitiveness of the economy since, as noted, “it approximates the weight it means for the production of tradable goods sustain the services provided by the public sector (basically non-tradable services), measured in the same currency that is used to carry out international transactions.”
The Mediterranean Foundation points out that “Considering the amount of spending planned in the national budget project for 2025, expenditures in that year would be US$96 billion. 13% below the average of the last 25 years.”
“If to make the comparison – it is explained – If the informal or parallel dollar is used, national spending in dollars would be US$78 billion in 2024, 57% lower than the highest in the period, which corresponds to the year 2017″.
The report indicates that “if the focus is on the last two years, In this case, measuring in current official dollars, total national spending went from US$14.9 billion in November 2023 to US$6.2 billion in January 2024.although with the ‘crawling peg’ of 2% monthly spending in dollars resumed a growing trend since January, until stabilizing around “US$9,000 million per month in recent months, with data from 2024”
Source: Ambito
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