OPC 5 Budget Execution 5 ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2021

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2021

March 10, 2021

National government resources had a real increase of 7.0% in February compared to the same month of the previous year.
Primary expenditures increased by 14.4% year-on-year (YoY) and total expenditures by 9.1% YoY, a moderate increase due to a reduction in the payment of interest on the debt (-31.4% YoY).
Because of these dynamics, both the primary and financial balances were negative: AR$76.1 billion and AR$116.4 billion, respectively, a decline compared to a year ago.

  • Expenditures related to the pandemic accrued approximately AR$21.4 billion, without which primary expenditures would have expanded by 9.6% YoY.
  • Pensions and expenditure on personnel decreased at rates of 7.0% YoY and 11.7% YoY, respectively, in comparison with the February 2020 records.
  • Social Security resources were the item with the sharpest decline (10.4% YoY), caused by the reduction of tax rates to alleviate the employer’s burden during the pandemic and the lower taxable base of salaries, which grew less than inflation.
  • Subsidies increased 224.0% YoY.
  • Capital contributions to Aerolíneas Argentinas were the main reason for the increase in financial investment, which grew 41.1% YoY.
  • Through February, AR$5.9 billion was spent on the purchase and transportation of vaccines against COVID-19, which is equivalent to 43.3% of the appropriation allocated for this purpose.
  • The cumulative primary balance as of February shows a surplus of AR$62.5 billion.

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