With total revenues of ARS37.95 trillion and expenditures totaling ARS37.61 trillion, the National Government recorded a financial surplus of ARS0.34 trillion in the first half of the year and a positive primary result of ARS4.97 trillion. In the month of June, a primary deficit of -ARS1.44 trillion and a financial deficit of -ARS1.82 trillion were recorded.
- National Government revenues decreased 3.6% YoY with respect to the same period of the previous year. Social Security Contributions (-18.0% YoY), VAT (-8.7% YoY) and Income Tax
(-6.0% YoY) were the main contributors to the drop. - On the other hand, taxes linked to the exchange rate, such as those related to foreign trade (+10.3% YoY) and the PAIS Tax (+414.7% YoY), showed real increases with respect to the same period of the previous year.
- Total expenditures fell 29.0% YoY in the first six months of the year. Nearly one third of this reduction resulted from the fall in pension benefits (down 23.5% YoY in real terms).
- The purchasing power of the average pension fell 30.1% YoY in the first half of the year, a loss that was reduced to 19.0% YoY for those pensions supplemented with a bonus.
- Capital expenditures and transfers to the provinces were reduced by more than 80% YoY in real terms.
