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National Transfers Edge Up in October as Córdoba and Santa Fe Post Real Declines

Fiscal analysts tie the gap between provinces to uneven VAT and income tax receipts.

Overview

  • The national government sent provinces and CABA about $5.485 trillion in automatic transfers in October, equal to roughly a 1% real gain, according to Iaraf.
  • Córdoba received $456.819 million in coparticipation, which provincial calculations show as a 2.9% year‑on‑year drop in real terms and a third consecutive monthly decline.
  • Using a national deflator, Iaraf estimates Córdoba down 0.3% and Santa Fe down 0.4% in October, while Buenos Aires province rose 2.2%, a 2.6‑point spread across districts.
  • Within the mix, coparticipation rose 1.5% in real terms, Compensación del Consenso Fiscal jumped 41.7%, and resources from special laws fell 28.5% due to weaker Personal Assets tax.
  • For January–October, Córdoba received $4.104 trillion nominal, a 44.1% increase that translates to a 3.5% real loss under the province’s inflation measure.