Even with the real fall in National Government revenues, in the first nine months of the year, the financial deficit decreased 2.9% YoY (year-on-year) in real terms and the primary deficit decreased 10.9% YoY.

  • Revenues fell 4.5% YoY in real terms: 9.5% YoY decline in tax revenues and a 1.4% YoY increase in Social Security contributions.
  • Income Tax collection fell 11.0% YoY, driven by the use of the credit balance to offset other taxes, and Export Duties fell 62.0% YoY.
  • Primary expenditure was cut by 5.5% YoY, with more pronounced falls in family allowances (27.4% YoY), energy subsidies (24.1% YoY), and social programs (12.6% YoY).
  • On the other hand, the main real increases in expenditures were recorded in transportation subsidies (14.0% YoY), transfers to universities (12.5% YoY) and interest on debt (11.5% YoY).
  • Pension benefits paid by ANSES (National Administration of Social Security) fell 4.4% YoY.
  • Pension benefits updated only by the mobility formula (not covered by bonuses) showed a reduction in purchasing power of 13.8% YoY, while minimum pension benefits practically equaled inflation (0.5% YoY).
  • Year-to-date, current appropriation increased by 28.2% with respect to the initial amount, reaching ARS37,113.343 billion. The expenses that increased the most with respect to the initial appropriation were transportation subsidies (61.3%).
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