Despite the decrease in revenues, in the first five months of the year the National Government recorded a real drop in the economic, primary, and financial deficits.
- The financial deficit was 10.0% lower than in the same period of the previous year.
- The primary deficit – which does not include interest payments – decreased 27.7%.
- Revenues contracted by 6.7% YoY in real terms and expenditures by 7.5% YoY.
- Tax revenues fell 12.3% YoY, partially offset by a 2.2% YoY improvement in social security contributions.
- Primary expenditures fell 9.9% YoY in the cumulative to May, a contraction led by the reduction in family allowances (30.0% YoY) and energy subsidies (20.0% YoY).
- When comparing month to month of each year, primary expenditures recorded eleven consecutive months of declines.
• Debt interest payments rose 17.8% YoY.
- The following budget appropriations showed high execution percentages: Alimentar benefit (62.8%), Potenciar Trabajo (51.6%) and Progresar student grants (44.4%).