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48m ago

Argentina’s September Transfers to Provinces Rose Nominally but Fell 10.3% After Inflation

A tax‑mix swing with steep internal‑tax losses plus a wealth‑tax timing effect drove the real decline.

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Overview

  • The consolidated flow to provinces and CABA reached ARS 5.091 trillion, a 18.3% year‑over‑year rise in pesos that equals a 10.3% real drop, according to IARAF.
  • Pure coparticipation amounted to ARS 4.6 trillion and slipped 0.8% in real terms, based on data from the Economy Ministry’s provincial relations office.
  • IARAF said that excluding Bienes Personales from automatic transfers would turn September into a 1.8% real year‑over‑year increase.
  • Politikon Chaco attributed the shortfall mainly to sharp declines in Internal Taxes (-34.6% y/y) and “Other Coparticipated” revenue (-83.2% y/y).
  • Córdoba received ARS 423,196.5 million in automatic transfers (+15.2% nominal) yet -14.6% in real terms, while Santa Fe’s total transfers fell 12.8% in real terms.