Fiscal deficit fell again and was 3.9% of GDP in the 12 months to January

The fiscal result of the Central Government-Social Security Bank (GC-BPS) was -3.7% of GDP. Meanwhile, the impact of income from the Social Security Trust Fund -50-year-old law- was 0.4% of GDP. Thus, the fiscal result adjusted for this effect was -4.1% of GDP.

The income of funds to the Social Security Trust (FSS) within the framework of the provisions of Law No. 19,590 was 0.4% of GDP, for which the fiscal result of the GC-BPS adjusted for said effect was located at -4.1% of GDP.

GC-BPS revenues stood at 26.4% of GDP, remaining stable in terms of GDP compared to the measurement of the last 12 months ending in December, reported the MEF.

Meanwhile, the primary expenses of the GC-BPS stood at 26.8% of GDP, decreasing 0.1% in terms of the product compared to the previous month. This decrease is explained by a reduction of 0.1% of GDP in transfers.

In the 12 months ending in January, the net expenses allocated to the Covid-19 Solidarity Fund were estimated at 1.6% of GDP.

Lastly, the GC-BPS interest payment was 2.2% of GDP, remaining constant in terms of GDP with respect to the previous month.

The result of Public Companies (EEPP) was 0.5% of GDP, decreasing 0.1% in terms of GDP compared to the 12 months ended December 2021. This decrease is explained entirely by an increase in Ancap’s stocks of crude oil and derivatives.

The result of the Non-Monetary Public Sector (SPNM) was -2.6% of GDP in the twelve months ending in January 2022. Excluding FSS revenues, the fiscal result of the SPNM was -3% of GDP.

For its part, the overall result of the BCU was -0.9% of GDP, increasing 0.1% in terms of GDP compared to the moving year ending in December.

Finally, the result of the Global Public Sector (GSP) was -3.5% of GDP which, adjusted for the HSS effect, stood at -3.9% of GDP.