OPC 5 Budget Execution 5 ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – APRIL 2022

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – APRIL 2022

May 10, 2022

In April, the primary deficit grew 143.8% compared to the same month of last year, largely because of the increase in social spending which, to maintain its current execution rate, will require budget reinforcements.

  • National Government revenues totaled ARS 851.515 billion and remained unchanged in real terms: the drop in tax revenue was offset by an improvement in Social Security contributions.
  • Primary expenditures totaled ARS 1.023,084 trillion and expanded by 11.0% YoY, mainly driven by energy subsidies (53.4% YoY) and social benefits (8.6% YoY).
  • Pension amounts increased by 7% YoY and debt interest payments decreased, which contained the increase in total expenditure by 6.4% YoY.
  • In the first four months of the year, current revenues grew by 2.9% YoY and current expenses grew by 14.6% YoY.
  • The primary deficit was ARS 171.569 billion, the financial deficit was ARS 206.249 billion (44% YoY) and the economic result was negative by ARS 122.473 billion (73.7% YoY higher).
  • In the first four months of the year, the execution of expenditures in the Progresar educational grants (84.3%) and the Potenciar Trabajo program (50.9%) stood out.
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