The Central Reserve Bank indicated that the fiscal deficit (the superiority of expenses compared to government income) of the last 12 months, as of September 2024, would amount to 4% of GDPa ratio similar to that registered since May and higher by 1.2 percentage points compared to December 2023.
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According to the monetary authority, between August and September 2024, an increase in government income was recorded from 18.9% to 19.1% of GDP, associated with the recovery of economic activity, higher prices of export products and extraordinary income such as registration of the transfer of profits from the National Fund for Financing State Business Activity (Fonafe) to the Public Treasury.
However, the BCR indicated that said improvement in income was offset by the increase in the government’s non-financial expenses, from 21.1% to 21.7% of GDP, mainly due to the registration of the capitalization operation of Petroperú within the framework of the provided by DU No. 013-2024.
“It should be noted that these last two operations (the advance of Fonafe profits and the capitalization of Petroperú) do not have a direct impact on the deficit of the non-financial public sector. In the capitalization operation, the higher expense is offset by a higher income of the state company registered in the Others category,” indicated the BCR.
The monetary authority explained that Petroperú’s negative results “had been impacting the fiscal deficits of previous periods.” However, its impact was offset by the increase in the oil company’s income, as well as the advance of Fonafe’s profits.
Thus, if the capitalization of Petroperú had not been needed, the deficit would have been smaller.
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