OPC 5 Investment Account 5 Analysis of the Investment Account 2018 – Budget Execution

Analysis of the Investment Account 2018 – Budget Execution

August 07, 2019

The national budget executed in 2018 recorded resources and expenditures above those projected for the year, although the primary deficit was very similar to that predicted (-AR$271.63 billion), with a deviation of -0.8%.

Budget execution showed a deviation of 13.0% in the initial estimate of resources, of 14.6% in total expenditures and of 11.4% in primary expenditures compared to the initially approved appropriation.

However, due to the 33.8% deviation in debt interest, the financial deficit was almost 20% higher than what had been projected in the Budget and reached
-AR$813.7 billion.

In terms of expenditure purposes, the only expenditure that increased was public debt, with a real year-on-year increase of 27.1%, while there were real decreases in government management (-32.5% YoY), defense and security services (-11.0% YoY), economic services (-7.1% YoY) and social services (-6.2% YoY).

The comparison of what was budgeted and executed shows differences in macroeconomic projections such as the evolution of GDP: the assumption was that it would grow 3.5% but it fell 2.5%.

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