Overview
- Official data show a primary surplus of ARS 1,556,864 million in August and a financial surplus of ARS 390,301 million after ARS 1,166,564 million in interest payments.
- Through August, the national public sector reports a primary surplus equal to roughly 1.3% of GDP and a financial surplus near 0.4% of GDP, moving toward the 1.6% IMF primary target for 2025.
- August revenues totaled ARS 11,366,068 million (+29.9% y/y) and primary spending was ARS 9,809,204 million (+25% y/y), with strong contributions from import duties, social security contributions and income tax.
- Economic subsidies fell ARS 214,933 million y/y (−18.8%), including declines in energy (−ARS 166,107 million) and transport (−ARS 52,231 million), while transfers to national universities rose 45.9% y/y to ARS 341,231 million.
- Luis Caputo defended the fiscal stance and criticized opposition moves in Congress, as analysts flag market stress and note that excluding capitalized interest on peso debt remains a point of contention for sustainability assessments.