The Government of Javier Milei once again recorded a positive financial result during July, achieving a surplus of $244.897 million, according to data released by the Ministry of Economy regarding public accounts.
The result was the consequence of a primary surplus of $2.960.333 million in the National Public Sector, which allowed for the compensation of public debt interest payments, net of those corresponding to the sector itself, amounting to $2.715.436 million.
With this result, Milei's Government accumulated a financial surplus equivalent to about 0.1% of Gross Domestic Product (GDP) during the first seven months of the year.
Javier Milei and Luis Caputo
In the same period, the primary result reached approximately 0.9% of GDP, in line with the official goal of maintaining balance in public accounts as one of the main pillars of the economic program.
Total revenues of the National Public Sector during July reached $17.092.374 million, representing a year-on-year increase of 30.4%. Within that result, tax revenues showed a rise of 29.6% compared to the same month of the previous year.
On the expenditure side, primary expenditures totaled $14.132.041 million during July, with a year-on-year growth of 24.4%. Thus, the increase in revenues was above the evolution of primary expenditure during the period.
Luis Caputo
Components of Expenditure
One of the main components of expenditure was social benefits, which reached $8.687.144 million, with a positive year-on-year variation of 22.9%. The comparison is influenced by the behavior of different concepts during the previous year.
Within social benefits, the evolution of the Universal Child Allowance (AUH) stood out, which recorded a year-on-year increase of 38.9%. This increase was partially offset by the concentration of payments that occurred during July of last year in the form of food assistance.
Remunerations, for their part, reached $2.178.520 million during July, representing a year-on-year increase of 28.7%. Current transfers amounted to $4.766.318 million and recorded a positive variation of 24.7% compared to July of the previous year.
Among current transfers, those allocated to national universities were particularly notable. According to official data, these resources had a year-on-year increase of 44.9%, in line with the decisions made by the National Congress.
Economic subsidies represented another component of public expenditure during July. In total, they reached $1.180.615 million. Within that amount, $874.568 million corresponded to the energy sector and $305.189 million to transportation.
Capital expenditure also showed a significant increase during the period. In July, it amounted to $280.951 million, with a year-on-year rise of 42.5%.
Within capital expenditures, projects related to electrical infrastructure stood out, recording a year-on-year increase of 124.6%. Resources allocated to transportation infrastructure also grew, with a positive variation of 46.5%, and water works, which increased by 30.2% compared to July of the previous year.
