As a result of a cut in public spending and despite a decrease in total revenues, during the first four months of the year, the financial and primary deficits of the National Government fell by 2.2% and 9.3% in real terms, respectively, compared to the same period of the previous year.

  • Revenues contracted 9.1% and total expenditures fell 7.6% in real terms.
  • The primary result was negative ARS1,035.318 billion, which implied a decrease of 9.3% YoY compared to the deficit recorded a year earlier.
  • Primary expenditure fell by 9.2%, with the most pronounced decrease in family allowances (29.9%), energy subsidies (29.5% YoY) and capital expenditures (26.0% YoY).
  • On the other hand, debt interest grew 9.1% YoY, personnel expenses 9.2% YoY, transportation subsidies 24.8% YoY and non-contributory pensions 9.3% YoY.
  • Expenditures on pensions contracted 2.5%. Since January 2022, pension benefits rose 2.4% for those who receive bonuses and fell 18.4% for those who do not.
  • Expenditure execution is equivalent to 27% of the appropriation, 11.8 percentage points lower than that of the previous year.
  • Food Policy and Potenciar Trabajo showed the highest level of execution: 47.0% and 40.5%, respectively.
  • On the other hand, capital transfers to State-owned enterprises and to Trust Funds for the execution of works accounted for 17.9% and 19.6%, respectively.
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