Argentina’s Economy Ministry announced Friday that the public sector had a AR$523.4 billion financial surplus in October — the ninth consecutive month in which the national government registered a positive fiscal balance. Javier Milei, who campaigned on building surpluses, has been able to achieve his aims by enacting abrupt and often draconian austerity measures. The primary fiscal balance represents the difference between a government’s revenues and its expenditures, whereas the financial balance constitutes that difference plus net interest payments on public debt. “In other words, the difference in financial results versus October 2023 is AR$1.8 trillion.”According to Caputo, the cumulative financial deficit for the year is AR$2.9 trillion, or 0.5% of GDP. Total revenues during October amounted to AR$9.3 trillion —an inter-annual growth of 167.8% —while primary expenditures amounted to AR$ 8.6 trillion.

Source: Bueno Aires Herald November 16, 2024 09:48 UTC