The financial result for April was positive by ARS0.2 trillion, so that the first four months of the year recorded a surplus of ARS0.8 trillion, which contrasts with the deficit of ARS1.9 trillion obtained in 2023.
- The cumulative primary surplus totaled ARS3.9 trillion, compared to a negative result of ARS1 trillion a year earlier. Also in April, the primary result was positive by ARS0.5 trillion.
- Revenues had a real decrease of 2.8% year-on-year (YoY), as the increases in the PAIS Tax (431.3% YoY) and Export Duties (69.1% YoY) failed to offset the decrease in Social Security resources
(-21.6% YoY). - Total expenditure fell 28.6% YoY, with real decreases in all items except for interest payments, which rose 2.0% YoY.
- Pension expenditure contracted 28.5% YoY, but given its high incidence in the total, it contributed 10.2 points to the overall drop.
- Capital expenditures recorded a negative variation of 80.8% YoY in the four-month period, as did current transfers to provinces (-85.4% YoY).
- For the first time in April, energy subsidies increased (44.5% YoY), mainly due to transfers to CAMMESA (electricity) for ARS791.76 billion. However, in the cumulative amount up to April 2024, energy subsidies show a negative variation of 40.6% YoY.
- Between January and April, the National Government spent ARS21.4 trillion, 39.1% of the budget appropriation. Transfers to universities (51.7%), non-contributory pensions (51.3%) and family allowances (50.7%) stand out for their high level of expenditure execution.
