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Financial News: ARGENTINA: Government Meets Fiscal Deficit Target In 3Q17

ARGENTINA: Government Meets Fiscal Deficit Target In 3Q17

10/24/2017 - 20:11:00 (RTTNews)

(RTTNews) - Argentina's primary fiscal deficit accumulated to September amounted to 222,379 million pesos, equivalent to 2.2% of the Gross Domestic Product (GDP), meeting the target set for the third quarter, of 3.2% of GDP, said the South American country's Ministry of Finance.

In September, total revenues increased 27%, while primary expenditures increased 17%, recording a significant deceleration in spending. With this result, September is the third consecutive month in which revenues outstrip the primary expenditures of the Argentinean public administration.

According to the Ministry, revenue growth was driven by increased economic activity and employment. Regarding the deceleration of primary expenditure, economic subsidies fell 42% in annual terms, current transfers to the provinces grew by 9% while salaries increased by 14%.

For the next year, the Argentinean government intends to reduce its fiscal deficit target to 1% of GDP, as established in the draft budget bill sent last month to the Congress.

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