Ir para menu Ir para conteúdo principal Ir para rodapé
We continue to see a primary fiscal surplus of 0.5% of GDP in 2024.
2024/05/17 | Andrés Pérez M., Diego Ciongo & Soledad Castagna

Argentina’s treasury ran another primary surplus in April, reaching ARS 265.0 billion, snapping back from the deficit of ARS 331.4 billion posted one year earlier. The nominal fiscal balance stood at ARS 17.4 billion, also printing positive after a deficit of ARS 407.4 billion in the same month one year ago. As a result, the primary balance during the first four months of the year reached 0.7% of GDP, while the nominal balance stood at 0.2% of GDP. 



Real tax revenues fell in the quarter ended in April, amid weak activity. Tax collection fell by 7.8% yoy in real terms in the period, after dropping by 4.8% in 1Q24. Total real revenues decreased by 7.1% yoy in the period (-5.0% in 1Q24).


Real primary expenditures plummeted in the quarter ended in April. Primary expenditures fell by 29.0% yoy in real terms in the period, compared with a 34.7% yoy drop in 1Q24. Pension payments were down 31.2% yoy (-35.6% in 1Q24), while payrolls decreased by 16.1% yoy (+19.4% in 1Q24), both affected by the sharp acceleration of year-over-year inflation. Capital expenditures collapsed by 84.1% yoy (-86.9% in 1Q24) due to the freezing of public works. Energy subsidies decreased by 22.3% yoy, compared with a drop of 48.7% in 1Q24. On the other hand, expenses in social programs fell by 8.3% yoy, while transfers to provinces crashed by 76.8% yoy.


Our take: We continue to see a primary fiscal surplus of 0.5% of GDP in 2024, but the approval of the fiscal package under discussion in the Senate could further improve our fiscal projection.