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Financial News: ARGENTINA: Primary Fiscal Deficit Falls 30% In August

ARGENTINA: Primary Fiscal Deficit Falls 30% In August On Annual Basis

09/19/2017 - 16:37:00 (RTTNews)

(RTTNews) - Argentina's Ministry of Finance reported a 24.65 billion pesos (US$ 1.44 billion) deficit in August's primary result of the national non-financial public sector. The result is 30% lower than the deficit posted in August 2016.

The deficit reduction is primarily due to a 31% growth in revenue compared to the same month of the previous year, while spending growth slowed down to a 17% increase. It was the lowest year-on-year increase in spending in the last 16 months.

The deceleration in expenses is primarily due to a 30% year-on-year reduction in spending on economic subsidies, including a 38.6% annual drop in subsidies for the energy sector.

The Argentinean government aims to meet the fiscal target for the third consecutive quarter, since the accumulated deficit in the first eight months of the year was 1.9% of the Gross Domestic Product (PNI), while the target cumulative for the third quarter is 3.2% of the GDP, the ministry said.

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