In the first quarter of the year, the National Government improved its financial and primary results with respect to the same period of the previous year: both were in surplus, as opposed to the deficits of the same period of the previous year. However, both were negative in the month of March.

  • The cumulative financial surplus amounted to ARS0.7 trillion and the primary surplus to ARS3.4 trillion.
  • Total revenues fell 4.1% YoY in real terms and total expenditures declined 30.7% YoY in real terms.
  • The proportionally more pronounced cuts were in capital expenditures (83.3%), transfers to provinces (85.1%) and subsidies (57.9%).
  • Pension benefits not supplemented with bonuses fell 42.0% YoY in real terms during the quarter, and those supplemented with bonuses fell 27.8% YoY in real terms.
  • Capital transfers to state-owned enterprises, provinces and municipalities and for educational equipment were reduced by more than 90%.
  • Interest payments increased 7.3%.
  • During the first quarter of 2024, expenditure authorizations were increased by 36.0% with respect to the initial appropriation (ARS14.5 trillion). The main increases were allocated to Family Allowances, transportation subsidies and interest.
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