As a result of a greater real fall in expenditures than in revenues, in the first eight months of the year the financial (11.2%), primary (26%), and economic (9.9%) deficits were reduced in real terms.

  • Total revenues fell by 2.7% YoY in real terms, a decline which is attenuated if the ARS400 billion that the Central Bank transferred to the Treasury between July and August is considered.
  • Primary expenditure fell by 6.8% and total expenditure by 4.8% YoY, since the latter includes the payment of the public debt, an item that increased during this period.
  • Some expenditure items recorded increases in relation to the same period of the previous year: debt interest (16.7% YoY), transportation subsidies (13.9% YoY), transfers to universities (11.1% YoY), and personnel expenses (7.9% YoY).
  • As for capital expenditures, the transfers to ENARSA, ARS232.768 billion (932.2% real) for energy works, stand out.
  • Budget amendments were made which enabled higher expenditures in the items requested by the legislators in the parliamentary discussion of the Budget Bill.
  • As of August, energy subsidies stood out for their level of execution, with 74.0% of the current appropriation.
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