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2h ago

Argentina Posts October Surplus, Edges Closer to IMF Fiscal Target

Seasonal payments alongside softer real revenues now test the consolidation.

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Javier Milei y Luis Caputo celebraron el superávit fiscal y que no hubo "plan platita" electoral.
El Ministerio de Economía difundió los resultados fiscales de septiembre y octubre, que muestran superávit consecutivo en medio de un escenario de presión creciente hacia fin de año.
El gasto subió algo en la comparación mensual en los dos meses previos a la elección de medio término y en la interanual acumulada

Overview

  • The Economy Ministry reported a primary surplus of $823.925 billion and a financial surplus of $517.672 billion in October after net interest payments of $306.253 billion.
  • Cumulative results for the first ten months show a primary surplus near 1.4% of GDP and a financial surplus around 0.5%, leaving roughly 0.2 percentage points of GDP to reach the 1.6% primary goal in November–December.
  • In real terms, total revenues fell 2.4% year over year and primary spending declined 1.3%, yielding a smaller real surplus than in October 2024, according to IARAF.
  • Year-over-year comparisons were distorted by the 2024 elimination of the impuesto PAIS and one‑off inflows from asset regularization, while export duties revenue dropped 55.3% after a temporary suspension on a quota of shipments.
  • Spending composition shifted with pensions and certain transfers rising and subsidies and some social programs reduced, as officials cast the surplus as the government's fiscal anchor during the election period.