During January, total revenues of the National Government fell by 6.7% in real terms compared to the same month of 2021, while expenditures increased by 28.6% year-on-year (YoY). Compared to the previous year, a negative balance of ARS51.295 billion was recorded. The primary surplus was ARS31.044 billion, a decrease in real terms of 85.1% YoY, compared to a year ago. Finally, the financial deficit was ARS86.045 billion, which contrasts with the positive balance recorded in January 2021.

  • Among the most dynamic items of expenditure were subsidies, which grew by 95.7% YoY: those for transportation increased by 109.5% YoY and energy subsidies by 93.8% YoY.
  • Real direct investment also increased by 94.6% YoY and social programs by 60.5% YoY.
  • Debt interest payments recorded an increase of 157.7% YoY, basically because of payments on securities issued in the restructuring process.
  • The 10.3% YoY decline in tax resources could not be offset by the 10.9% YoY increase in Social Security revenues.
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