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Fiscal deficit had a slight rebound in April to 3.6% of GDP

The fiscal deficit had a slight deterioration (one tenth) in the 12 months ending in April and stood at 3.6% of GDP.

In the 12 months ending Aprilthe result of the Central Government-Social Security Bank (GC-BPS) stood at -3% of GDP. Said estimate remains constant in terms of GDP compared to March of this year, adjusted for the advance payment of liabilities and remuneration corresponding to the month of April 2021, the Ministry of Economy and Finance (MEF) reported in its statement.

The income of funds to Social Security Trustl (FSS) within the framework of the provisions of Law No. 19,590 (fifty-year-olds) was 0.4% of GDP, so the fiscal result of the GC-BPS excluding income to the FSS was -3.4% of GDP.

Meanwhile, GC-BPS revenues stood at 26.1% of GDP, decreasing 0.4% in terms of GDP compared to the 12 months ending in March. This drop is due to the fact that the 12-month measurement leaves the income from BROU profit transfers corresponding to the 2020 financial year (0.3% of GDP). For its part, the income of the DGI fell 0.1% of GDP compared to the previous month while the income of the BPS increased in the same proportion, according to the MEF.

The GC-BPS primary expenditures stood at 27.1% of GDP, decreasing 0.4% of GDP compared to the 12 months ended March of this year once the estimate of the advance payment of liabilities and remunerations corresponding to April 2021 is refined, explained the MEF. Said decrease is explained by a reduction of 0.2% of GDP in liabilities and 0.1% of GDP in Non-Personal Expenses, as a result of lower expenditures associated with the health emergency.

In the 12 months ending in April, the net expenses allocated to the Covid-19 Solidarity Fund were estimated at 1.3% of GDPreported the MEF.

FEM

Finally, the GC-BPS interest payment remained at 2.1% of GDP. The result of public companies stood at 0.2% of GDP, remaining constant in terms of GDP in the 12 months ending in April. For its part, the result of the Non-Monetary Public Sector (SPNM) stood at -2.3% of GDP in April. Excluding income from the FSS, the fiscal result of the SPNM was -2.7% of GDP.

For its part, the overall result of the BCU was -0.9% of GDP, stable compared to March 2022

Finally, the result of the Global Public Sector (GSP) was -3.2% of GDP and adjusted for the HSS effect, it stood at -3.6% of GDP.

The fiscal result projected in 2022 by the MEF for GC-BPS remains at 3.1% of GDP. Meanwhile, the structural fiscal result is projected at -2.4% of GDP.

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