During 2022, the primary and financial deficits were reduced with respect to the previous year, in relation to the Gross Domestic Product. To a large extent, the result was driven by a cut in primary expenditures, which reached 7.4% in the year-on-year comparison

  • On the other hand, the economic deficit reached 4% of GDP, higher than in the previous year.
  • The largest declines in primary expenditure were recorded in capital expenditures (37.6% YoY), goods and services (30.2% YoY) and economic subsidies (11.3% YoY).
  • Personnel expenses grew by 8.5% in real terms and pensions by 0.3%, basically due to the compensatory bonuses for the lowest benefits and the increase in the number of beneficiaries.
  • Pension benefits adjustments during the year were below inflation (62.7% YoY vs. 72.4% YoY) due to the application of the mobility formula.
  • In the last three years, expenditure on social programs increased by 1.2 percentage points of GDP, basically due to the increase in the number of beneficiaries.
  • Capital contributions to Aerolíneas Argentina (ARS72.908 billion) decreased 33.5% YoY.
  • Total resources fell 4.2%, basically because of lower collection of the Solidarity Contribution and SDRs.
  • Tax and Social Security revenues increased by 4.0% YoY and 4.1% YoY, respectively.
  • Export duties accounted for 17% of tax revenues: prices of soybean products rose, although sales abroad did not grow in real terms.
  • Collection of the Tax for an Inclusive and Solidarity-based Argentina increased by 80.1%.
  • Current appropriations increased by 68.2% during the year: interest on debt and social expenditures rose above this annual average.
  • Thirteen budget amendments were made, two by Necessity and Urgency Decree (DNU), which increased the financial deficit.
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