Overview

• Argentina's national and provincial governments recorded a fiscal surplus in 2024 for the first time since 2006, signaling a significant financial turnaround.
• The national government posted a surplus of 1.7 trillion pesos, reflecting a sharp shift from 15 consecutive years of deficits.
• This fiscal reversal was driven by substantial public spending cuts, including reductions in infrastructure projects, subsidies, and intergovernmental transfers.
• Provincial performances varied widely, with Córdoba achieving 12 surplus years since 2005, while Buenos Aires recorded deficits throughout the 20-year period analyzed.
• The challenge now lies in institutionalizing fiscal discipline to sustain these gains amidst political and economic pressures.