Revenues recorded a real fall of 14.7% year on year (YoY) in February, while expenditures grew by 1.3% YoY. This dynamic resulted in a financial deficit of AR$65.5 billion, increasing the unbalance of the same month of 2019, when the deficit was AR$7.04 billion.

All revenue components showed year-on-year declines below inflation, although the most pronounced was that of property income and non-tax revenues. The most significant proportional increase in expenditures was the payment of interest on debt, a situation similar to that recorded in recent months. Although to a lesser extent, social benefits were above inflation.

  • The resources from the Sustainability Guarantee Fund (FGS) totaled AR$4.49 billion and showed a real contraction of 69.3% year-on-year.
  • Economic subsidies had a real contraction of 55.8% year-on-year, basically due to a decrease in those allocated to the energy sector, which fell 87.5% year-on-year.
  • Debt interest payments implied an outlay of AR$42.36 billion in February, registering a real increase of 137.4% YoY. Thus, this item became the expenditure component with the highest positive real variation.
  • Transfers to provinces accounted for 20.5% of the allocated budget in the first two months of the year, leading the execution level reached in the first two months of the year.
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