In the first five months of the year, the National Government obtained a financial surplus of almost ARS2.2 trillion, in contrast to a deficit of ARS2.3 trillion obtained in the same period of 2023.

The cumulative primary surplus, which does not include debt interest payments, amounted to ARS6.4 trillion, as opposed to a primary deficit of ARS1.1 trillion a year earlier.

The month of May also recorded financial and primary surpluses of ARS1.3 trillion and ARS2.5 trillion, respectively.

• National Government revenues fell 0.2% and expenditures fell 27.6%.
• All expenditure components showed real declines compared to 2023, except for debt interest payments, which grew 1.5% YoY.
• Pensions decreased 25.8% and explain 9.0 points of the expenditure reduction.
• Due to the fall in real wages and lower employment levels, Social Security contributions decreased by 19.5%.
• Current transfers to the provinces and capital expenditures were the items with the largest decreases, with variations of -84.5% YoY and -81.1% YoY, respectively.
• The level of transfers to universities (68.8%) and energy subsidies (65.2%) stood out in comparison with the execution of total expenditure (52.3%).