In the first seven months of the year, National Government expenditures fell more than revenues in real terms, resulting in a financial surplus of ARS1.18 trillion. If debt interest is deducted, the primary surplus reached ARS7.18 trillion.
- Revenues contracted 2.7% in real terms between January and July, although in the month of July the variation was positive by 1.7% YoY.
- In contrast to the average tax revenue, the collection of taxes linked to the exchange rate grew above inflation, led by the PAIS Tax, which rose 420.1% year-to-date.
- In July, Income Tax revenues contracted 20.6%.
- Social Security resources fell 16.4% as a result of the reduction in employment levels and the fall in real wages.
- Total expenditure fell 27.9% YoY in real terms.
- As for pension benefits, when comparing the average purchasing power of seven months of 2024 with respect to the same period of 2023, there was a real fall of 29.2% YoY; however, minimum benefits (with bonuses) lost 18.5% YoY.
- With respect to December 2023, pension benefits higher than the minimum showed a recovery of 9.2% in real terms, whereas minimum benefits (with bonuses) fell 4.9% in real terms, as a result of the impact of the bonuses, which have not been increased since March.
- Current transfers to the provinces fell 83.5% YoY and capital expenditures fell 80.9% YoY.
- Total expenditure executed 48.5% of its current budget, 9.1 percentage points below the level reached a year earlier.
- Energy subsidies, debt interest and transfers to universities exceeded the average.
