empresas públicas - Oficina de Presupuesto del Congreso

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2024

by Nicolas Perez | Mar 7, 2024 | Budget Execution

Due to a decrease in expenditures (-23.8% YoY) and a slight increase in revenues (+0.4% YoY), in the first two months of the year, the National Government recorded a financial surplus 150.0% higher in real terms than in the same period of the previous year.

The primary surplus, which does not include interest payments, was 1,805.5% higher than that obtained a year earlier.
Total revenues grew 0.4% in the year-on-year comparison, driven by increases in the PAIS Tax (405.9% YoY), in Export Duties (70.9% YoY) and in VAT (15.4% YoY). These increases were partially offset by the decrease in resources from Social Security (-25.1% YoY) and Income Tax (-36.5% YoY).
Total National Government expenditures recorded a real fall of 23.8% YoY in the first two months of the year and the cut in primary expenditures, which does not include the increase in debt interest, rose to 33.6% YoY.
Pensions (-33.0% YoY real), energy subsidies (-59.5% YoY real), capital expenditures (-82.4% YoY real) and social programs (-29.9% YoY real) were the items that most contributed to the reduction in expenditures. However, debt interest grew 34.2% YoY.
In February, the financial result was in deficit (-ARS186.635 billion), although in the first two months of the year the surplus was maintained (ARS1,020.296 billion), with levels above the average of a 15-year cycle.
Total accrued expenditures represented 24.0% of the budget, which is an extension of the budget in force during 2023.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2024

THE OPC PRESENTED THE LATEST BUDGET EXECUTION REPORT TO LEGISLATORS

by Nicolas Perez | Feb 16, 2024 | Activities

The Argentine Congressional Budget Office presented the latest published report on the Analysis of the National Government Budget Execution – January 2024 to national legislators and their advisors.

This is one of the periodic works conducted by the OPC with the purpose of monitoring revenues collected and expenditures accrued.

The presentation was given by the OPC Director, Gabriel Esterelles, together with the directors of Sustainability and Public Debt Analysis, Joel Vaisman; of Fiscal and Tax Analysis, Martín López Amorós; of Budget Analysis, Ignacio Lohle, and the analyst of this last directorate, María Laura Cafarelli.

The purpose of the online meeting was to provide members of the Chamber of Deputies and the Senate, as well as their assistants, with technical elements to improve the understanding of the monthly report disseminated through the OPC web page, offering, at the same time, the possibility of clarifying doubts about the methodology used and the results obtained.

The good reception of this new work modality was the basis for the decision to repeat it periodically to consolidate the technical dialogue between the OPC and the National Congress.

ANALYSIS OF BILL “BASES AND STARTING POINTS FOR THE FREEDOM OF ARGENTINES” – REPORT 5 – PRIVATIZATION OF STATE-OWNED ENTERPRISES (SEC. 8 AND 11)

by Nicolas Perez | Jan 17, 2024 | 25-PE-2023_ENG, Cost Estimates

Sections 8 and 11 of the Bill establish that state-owned enterprises are subject to privatization and authorize the Executive Branch to sell its share in those in which the State does not have control, a situation in which the approval of Congress is not required for a potential sale.

During 2023, transfers and contributions to state-owned enterprises totaled ARS2,301.385 billion, equivalent to 1.22% of GDP.
Most of the funds were current transfers and the rest were capital transfers, but these contributions are not directly related to the operating result.
As of October, 134 thousand workers were employed in the companies. Operadora Ferroviaria S.E., YPF S.A., Banco de la Nación Argentina, Correo Oficial de la República Argentina S.A., Aerolíneas Argentinas S.A. and AYSA accounted for almost 77%.
The lack of data on the net worth and market value of each company and of information regarding transfers and contributions in relation to the operating result does not allow estimating the fiscal impact of future actions enabled by the Bill.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – NOVEMBER 2023

by Nicolas Perez | Dec 14, 2023 | Budget Execution

During the first eleven months of the year, the financial deficit fell by 7.6% YoY due to a reduction in total expenditures (4.1% YoY) that exceeded the fall in revenues during that same period (3.1% YoY).

The primary and economic deficits were also reduced.
The resources of the National Government that contracted the most were Export Duties (62.3% YoY), basically because of the fall in agricultural exports due to the drought, and Income Tax (15.3% YoY), due to the modality for settling the tax and the exclusion of salaried employees from the taxable base.
Transfers to provinces grew 5.6%. Until July they fell 28.0% YoY, but thereafter they grew every month: 27% YoY in August, 70.3% YoY in September, 57.0% YoY in October and 45.7% YoY in November.
Energy subsidies (-28.4% YoY), family allowances (-30.7% YoY) and pensions (-4.4% YoY) were those items that contributed most to the reduction in primary expenditure.
Other economic subsidies and transfers to finance capital expenditures were the expenditure items that increased the most.
Interest payments increased by 1.2% YoY and attenuated the reduction in total expenditures.

ANALYSIS OF THE 2022 NATIONAL GOVERNMENT FINANCIAL REPORT

by Nicolas Perez | Sep 26, 2023 | Financial Report

The primary result of the National Government during fiscal year 2022 was negative by ARS2,915.619 billion, equivalent to 3.5% of GDP. Excluding the remission of profits of the Central Bank received in 2021, the primary deficit implied an improvement of 1 percentage point compared to that year.

Total revenues fell 12.7% year-on-year in real terms, and primary expenditures declined 7.4% YoY.

Interest on debt increased by 18.0% YoY, moderating the 5.6% YoY decline in total expenditure.
Due to differences between the mobility adjustment formulas and inflation, family allowances fell 2.4% YoY and general regime pensions fell 2.5% YoY.
Capital expenditures contracted 37.6% YoY, reflecting decreases in all items and recipients.
The financial deficit was 5.4% of GDP, lower than in the previous year.
A total of 96.3% of the budget increases were allocated through a Necessity and Urgency Decree (DNU).
The stock of public debt payable in foreign currency totaled USD264.032 billion, showing an increase of USD10.023 billion during 2022.
Debt in pesos increased by the equivalent of 4.8% of GDP, reaching 28.1% of GDP.
During the year, the deficit of the National Non-Financial Public Sector, which includes state-owned enterprises, trust funds and other national entities, increased to 5.0% of GDP.