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%).
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