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

Analysis of Budget Execution – June 2019 – Accrual Basis

July 10, 2019

Due to an exceptional increase in resources and a new contraction in expenditures, June’s financial balance improved with respect to that of a year ago, both in nominal and real terms, although it was in deficit by AR$130.07 billion.

In the first half of the year, a primary surplus of AR$104.62 billion was recorded, which implies an improvement of 260.2% compared to the same month of the previous year. Likewise, the financial deficit for the same semester amounted to AR$324.32 billion, 8.7% higher than that of the same period of the previous year, but 29.5% lower in real terms.

The level of budget execution was similar to that of 2018 and only the payment of interest on the debt and transfers to the provinces were above average.

If Property Income -exceptionally high in the month- and Export Duties -with good performance in the last months- were excluded from total revenues, total resources would reflect a real contraction of 10.1% year-on-year.

The approved Budget increased by AR$70.53 billion at the end of the first semester (1.7% of the initial appropriation). Forty-nine percent of these increases were implemented through Administrative Decisions, while the remaining 51% were implemented through a Necessity and Urgency Decree.

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