Friday, January 21

Primary deficit was $ 134,653 million in November (spending again grew above income)

Thus, as of November, a primary deficit of $ 911,298 million (-2.1% of GDP) and a financial deficit of $ 1,579,888 million (-3.7% of GDP) accumulated, after excluding extraordinary income corresponding to the SDR issued by the IMF at the end of last August.

In November, Total revenues of the SPN amounted to $ 793,086 million (+ 69.3% year-on-year). Meanwhile, tax collection grew 61.3% yoy, driven by the good performance of taxes from Foreign Trade, Social Security and economic activity

SPN expenditures reached an increase of 76.0% yoy, a figure that rises to 81.2% yoy after excluding extraordinary expenses associated with Covid-19 in 2020 and 2021. This expansion of spending is driven both by capital investment and by the different measures of inclusion and social containment of the National Government throughout the year.

Current transfers reached $ 350,586 million (+ 85.0% yoy; + 113.3% yoy net of COVID spending). Those destined for the private sector presented a growth of + $ 123,332 million (+ 86.7% yoy; + 107.9% yoy net of Covid spending).

In this universe, the increments of three programs stand out: Food Policies (+ $ 15,261.3 million), product of the initiative of the National Government to increase the allocation in February 2021 (50%) and to expand the universe of beneficiaries up to 14 years, inclusive; Promote Work (+ $ 13,828.8 million), due to the increase in beneficiaries and the Minimum Living and Mobile Salary; and Employment Actions (+ $ 8,696.4 million) mainly Repro II for assistance to productive sectors critically affected by the pandemic

Regarding energy subsidies, Assistance to Cammesa (+ $ 33,318 million) and the payments of the Hydrocarbon Policy Formulation and Execution program (+ $ 7,815.3 million) are recorded, mainly due to higher expenditures under the Plan Gas program.

Last year Argentina registered a primary deficit equivalent to 6.5% of GDP.