The fiscal deficit had an improvement of four tenths in the 12 months ending in June and stood at 2.9% of GDP, the lowest record of the current government administration.
In the moving year to June, the result of the Central Government-Social Security Bank (GC-BPS) was -2.6% of GDP. This estimate shows an improvement of 0.2% of GDP compared to May this year. The income of funds to the Social Security Trust (FSS) —law of the fifties— was 0.2% of GDP, so the fiscal result of the GC-BPS excluding income to the FSS was -2.9 % of GDP, according to the statement from the Ministry of Economy and Finance (MEF).
GC-BPS revenues stood at 26.6% of GDP, remaining stable in terms of GDP compared to the 12 months ending in May. Both the income of the DGI, as well as the income of the BPS remained constant in terms of GDP compared to the previous month, according to the MEF.
The primary expenditures of the GC-BPS stood at 27% of GDP, decreasing 0.1% of GDP compared to the 12 months ending in May of this year. This decrease is mainly explained by a reduction in the Non-Personal Expenses item derived from lower expenses related to the health emergency. In the 12 months ended June, The net expenses allocated to the COVID-19 Solidarity Fund were estimated at 1% of GDP.
Finally, the GC-BPS interest payment stood at 2.2% of GDP, remaining stable in terms of GDP compared to May this year. The result of Public Companies (EEPP) stood at 0.3% of GDP, improving 0.1% in terms of GDP in the 12 months ending in June. The result of the Non-Monetary Public Sector (SPNM) stood at -1.8% of GDP in June. Excluding income from the FSS, the fiscal result of the SPNM was -2.2% of GDP.
FEM
For its part, the global result of the BCU was -0.7% of GDP, improving 0.1% of GDP compared to May 2022. Finally, the result of the Global Public Sector (GSP) was -2, 6% of GDP and adjusted for the HSS effect, it stood at -2.9% of GDP.
The fiscal result projected for 2022 by the MEF for GC-BPS is 2.9% of GDP. Meanwhile, the rThe structural fiscal result is projected at 2.6% of GDP for the end of this year.
For the year 2023, an effective result of -2.6% of GDP and a deficit structural result of 2.5% of GDP are projected. Finally, in 2024, an effective fiscal deficit result of 2.2% of GDP is expected to be reached, which, adjusted for cyclical and extraordinary effects, would be located at a structural fiscal deficit of 2.3%.
