Overview
- Economy Ministry data show an October primary surplus of $823,925 million and a financial surplus of $517,672 million after $306,253 million in interest payments.
- The cumulative primary balance reached about 1.4% of GDP through October, compared with the 2025 program goal of 1.6%.
- Officials estimate the remaining gap at around 0.2 percentage points for November and December, with year-end bonus payments likely to tighten fiscal space.
- Total October revenues were about $11.9 trillion, up 28.1% year over year, with strong gains in import duties (+65.7%), income tax (+41.8%), and bank debits/credits (+41.2%).
- Year-on-year comparisons reflect the removal of the PAIS tax and some one-off inflows, while IARAF notes pension outlays rose 18.7% and subsidy cuts financed roughly 56% of that increase.