OPC 5 Budget Execution 5 ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – OCTOBER 2022

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – OCTOBER 2022

A real contraction of revenues and of expenditures was recorded during the first ten months of the year, which led to a deepening of the negative results in the National Government’s accounts.

  • The primary deficit of ARS1,733.787 billion, was 21.9% higher in real terms in relation to the accumulated deficit as of October 2021, and the financial deficit increased by 9.7%.
  • From January to October, total revenues contracted 4.7% year-on-year (YoY), due to the lack of extraordinary resources such as Solidarity Contributions and Special Drawing Rights. Excluding these exceptional items, they would have risen 5.4% YoY.
  • In the last four months, primary expenditures fell 16.2% YoY, a drop that contrasts with the expansion of the first half of the year.
  • For the first time this year, the main expenditure items contracted in the October 2022 vs. October 2021 comparison.
  • The level of cumulative expenditure execution as of October 2022 is lower than in the previous year, both in current and capital expenditures.
  • Of the net increase in budget appropriations, 57.1% was concentrated in pensions, energy subsidies and social programs.
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