During the first five months of the year, the primary deficit amounted to ARS775.379 billion, which implies an increase in real terms of 196.1% with respect to the previous year. Adding debt interest, the negative financial outturn grew by 80.3%.

  • Total revenue (ARS4.248,739 trillion) grew 1.9% YoY, driven by tax revenues and Social Security contributions. However, non-tax revenues were 52.3% lower due to the contraction of the Solidarity Contribution by 96.9%.
  • Total expenditure amounted to ARS5.496,658 trillion and grew at a rate of 13.1% YoY.
  • The variations recorded in subsidies (29.8% YoY) and in current transfers to provinces (23.0% YoY) stand out. Energy subsidies increased 49.4% YoY.
  • As of May 31, total expenditure amounted to ARS5.496,658 trillion, equivalent to 50.6% of the current budget appropriation.
  • Within current expenditures, interest on debt (61.3%), family allowances (60.3%) and social programs such as Progresar grants (81.6%) and Potenciar Trabajo (65.3%) stand out, which will require budgetary reinforcements to continue with the execution rate of the first 5 months of the year.
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