OPC 5 Budget Execution 5 Budget Execution Report – April 2019

Budget Execution Report – April 2019

May 10, 2019

In April, the nominal increase in national government total revenues was higher than that of expenditures, which helped to generate a primary surplus of AR$36.83 billion and to reduce the financial deficit, which totaled AR$76.36 billion.

The most dynamic expenditure item continues to be the payment of interest on the debt, while the most dynamic revenue item is export duties: total revenue grew last year almost as much as inflation but, excluding withholdings, this increase is reduced by 17.5 percentage points.

Both total revenues and total expenditures fell by 2.7% and 9.4%, respectively.

  • The cumulative financial balance for the first four months of the year recorded a deficit of AR$138.75 billion. In real terms, this implies an improvement of 24.2% YoY compared to the same period of the previous year (-AR$119.65 billion).

  • Tax revenues increased 56.5% YoY in the month, in line with inflation (-0.1% YoY in real terms).

  • Current expenditures increased by 44.7% YoY, while capital expenditures contracted by 6.0% YoY.

  • Interest on debt was the component with the highest growth (108.9% YoY), accounting for 60% of the increase in current expenditure.

  • As of April 30, the initial budget appropriation increased by AR$56.93 billion, AR$34.57 billion through Necessity and Urgency Decrees – DNU (61%) and AR$22.35 billion through Administrative Decisions – DA (39%).

  • The execution of total expenditure was 27.4% in the four-month period.

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