ARGENTINA – Confidence in the government rose higher in November

According to the Universidad Torcuato Di Tella’s monthly survey, confidence in the government rose by 17.5% MoM (following an 8.2% expansion in the previous month) to 49.4% in November. Relative to the previous administrations, confidence is above Alberto Fernández (November 2021) yet below Mauricio Macri (November 2017), at the time.

All components increased in November. The "general evaluation of the government" rose by 30.6% MoM. Moreover, the "ability to solve the country's problems" increased by 18.6% and the "concern for the general interest" rose by 16.8% MoM. Additionally, the "efficiency in the management of public expenditure" increased by 12.6% MoM, while the "honesty of public officials" rose by 12.4% MoM.

Our take: Following the incumbent’s better-than-expected midterm results and the rebound in the confidence in the government, the government will likely push for greater momentum on a second phase of reforms. The “Bases” Law II, which builds on the bill approved in 2024, would include reforms to education, the labor market, natural resource exploitation, private property, and a tax framework. Separately, the 2026 Budget bill discussion continues in Congress, with a fiscal balance still the main anchor of the program. The next Confidence government index will be published on December 29.