In October, the primary deficit amounted to ARS229.512 billion and the financial deficit amounted to ARS277.88 billion, which implies 35.9% and 24.4% higher than those recorded in the same month of the previous year, respectively.
Total revenues for the month expanded by 4.8% year-on-year (YoY) in real terms, driven by the good performance of tax revenues and Social Security contributions, with increases of 6.1% YoY and 7.3% YoY, respectively.
- Non-tax revenues grew 61.0% YoY, boosted by the collection of ARS 2.751 billion from the Solidarity and Extraordinary Contribution in the month of October.
- The amounts received from Export Duties, which grew 43.4% YoY, both because of the increase in prices and in the quantities of soybean products sold, stand out. On the other hand, Wealth Tax revenue contracted by 35.8% YoY.
Primary expenditures rose for the third consecutive month with an increase of 11.4% YoY in real terms. - One of the most expansive components of expenditure was energy subsidies, which increased 124.5% year-on-year in real terms. They also recorded the highest level of execution so far this year: 96.4%.
- Social programs had a real increase of 8.9% YoY in October, mainly because of the increase in the value of benefits and the number of beneficiaries that has been verified throughout this year in the Socio-Productive Inclusion and Local Development (Potenciar Trabajo), Food Policies, PROGRESAR education grants and REPRO II programs, among others.
- Retirement and pensions recorded a 4.0% year-on-year decrease once again, and non-contributory pensions fell by 4.4% year-on-year.
- During the first ten months of the year, the initial budget approved increased by ARS1.341 trillion, through different measures.