Overview
- Official data show a September primary surplus of $696,965 million and a financial surplus of $309,623 million for the national public sector.
- Year to date, the government reports a primary surplus equal to 1.3% of GDP and a financial surplus of 0.4% of GDP, which officials say leaves about 0.2 percentage points to reach the 2025 financial target cited in the 2026 Budget.
- The Economy Ministry said primary spending was flat in real terms versus a year earlier, with sharp real declines in national public-sector wages and provincial health transfers alongside higher capital outlays.
- Ministry figures reported sizeable real increases in public works, including transport, education and potable water, even as public wages fell 14.7% and health transfers to provinces dropped 56.7% in real terms.
- Consultancy LCG estimates the zero‑retenciones measure cost roughly 0.25% of GDP and warns that, absent offsetting revenues, equivalent spending cuts will be needed in the final quarter to sustain the government’s 1.6% primary‑surplus goal.