During the first eleven months of the year, the financial deficit fell by 7.6% YoY due to a reduction in total expenditures (4.1% YoY) that exceeded the fall in revenues during that same period (3.1% YoY).

  • The primary and economic deficits were also reduced.
  • The resources of the National Government that contracted the most were Export Duties (62.3% YoY), basically because of the fall in agricultural exports due to the drought, and Income Tax (15.3% YoY), due to the modality for settling the tax and the exclusion of salaried employees from the taxable base.
  • Transfers to provinces grew 5.6%. Until July they fell 28.0% YoY, but thereafter they grew every month: 27% YoY in August, 70.3% YoY in September, 57.0% YoY in October and 45.7% YoY in November.
  • Energy subsidies (-28.4% YoY), family allowances (-30.7% YoY) and pensions (-4.4% YoY) were those items that contributed most to the reduction in primary expenditure.
  • Other economic subsidies and transfers to finance capital expenditures were the expenditure items that increased the most.
  • Interest payments increased by 1.2% YoY and attenuated the reduction in total expenditures.
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