2025/08/25 | Diego Ciongo & Soledad Castagna
According to the Universidad Torcuato Di Tella’s monthly survey, confidence in the government fell by 13.6% MoM to 42.3% in August, marking the lowest level since Milei took office in December 2023. Furthermore, confidence in the government is 26.0% below the peak in December 2023. Relative to the last previous administrations, confidence in the administration is above Alberto Fernández (August 2021) yet below Mauricio Macri (August 2017).
All components dropped in August. The "concern for the general interest" fell by 18.2% MoM and the "honesty of public officials" decreased by 9.9% MoM. Additionally, the "ability to solve the country's problems" fell by 14.6% MoM, and the "efficiency in the management of public expenditure" decreased by 13.2% MoM. The "general evaluation of the government" fell by 12.8% MoM.
Our take: The sharp and broad-based decline in government confidence takes place with elections taking place in the short term. Elections are scheduled in the Province of Buenos Aires on September 7, and national elections at the end of October. The August survey took place between August 1-14 and hence did not incorporate noise related to corruption allegations. However, the survey may incorporate the effects of greater domestic interest rate volatility. The next government confidence report will be released on September 29.