According to the projections that the Palacio de Hacienda has, this year Argentina will close with a loss of public accounts, equivalent to 3.5% of the Product, while for 2022, according to the multi-year plan that is It is expected that it will be sent to Congress shortly, the red would be 3.3%, with the exception that next year it will not be able to count on the Solidarity Contribution and the differential in the price of soy that generated the highest collection on the side of withholdings on exports. That would remove 0.7 points from GDP in tax revenue in the next period.
Economy reported in a statement that “if this accumulated primary deficit to date is discounted both the resources and the extraordinary outlays of the Solidarity Contribution, said result deepens to 2.4% of GDP.”
The report adds that “among the different jurisdictions that make up the SPN, the National Public Administration (APN) registered as of November an accumulated deficit of $ 1.46 trillion (3.4% of GDP) net of extraordinary income corresponding to the Special Drawing Rights (SDR), while the rest of the SPN registered a surplus of $ 546,183 (1.3% of GDP), partly favored by extraordinary resources such as the Solidarity Contribution ”.
In the reference period, the total revenues of the National Public System amounted to $ 793,086 million (69.3% year-on-year). Tax revenues grew 61.3%, driven by the performance of taxes from Foreign Trade, Social Security and economic activity.
On the other hand, income related to economic activity, such as VAT net of refunds, grew 63.7% and Credits and Debits 59.7%. Regarding expenses, they grew 76% year-on-year, but if expenses related to covid-19 were excluded, they would have risen 81.2%.