OPC 5 Budget Execution 5 Analysis of Budget Execution – August 2019 – Accrual Basis

Analysis of Budget Execution – August 2019 – Accrual Basis

September 10, 2019

The national government recorded primary and financial surpluses of AR$119.8 billion and AR$110.01 billion in August, which implies a substantial improvement over the fiscal outcome obtained in the same period of the previous year. Although largely due to the inflow of extraordinary funds from Central Bank profits, total resources recorded the highest rate of expansion so far this year (115.1%), while expenditures fell in real terms for the tenth consecutive month.

  • Property income totaled AR$136.9 billion and accounted for 52.8% of the increase in resources.
  • Expenditure increased 37.5% year-on-year (YoY), with economic subsidies (106.1% YoY) and capital expenditures (61.7% YoY) being the components with the highest increase.
  • In the first eight months of the year, the cumulative financial balance was negative by AR$216.6 billion, recording, however, an improvement of 60.6% YoY in real terms.
  • Budget execution level of total expenditures as of August 31 was 64.2% (64.6% as of the same date of the previous year), with the items economic subsidies and current transfers to the provinces standing out as the ones with the highest execution, with 70.5% and 71.3%, respectively.
  • As a result of the economic measures adopted on August 14, an increase in expenditure of AR$39.89 billion is expected for the remainder of the year.
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