The fiscal deficit stood at 2.6% in the 12 months ended in September, and fell by one tenth from the data closed in August of 2.7%, according to the Ministry of Economy and Finance this Monday. With this new decline, it is the lowest record of the administration of Luis Lacalle Pou.
In the 12 months ended September, the result of the Central Government-Social Security Bank (GC-BPS) was -2.2% of GDP. Said estimate presents an increase of 0.1% of GDP compared to August of this year. The income of funds to the Social Security Trust (FSS) within the framework of the provisions of Law No. 19,590 (fifty-year-olds) was 0.3% of GDP, so the fiscal result of the GC-BPS excluding income to the FSS stood at -2.5% of GDP.
GC-BPS revenues stood at 26.6% of GDP in September, decreasing 0.1% of GDP compared to the 12 months ending in August. This figure is explained by a 0.1% reduction in income from the DGI.
The primary expenses of the GC-BPS were located at 26.6% of the GDP. This value shows a decrease of 0.1% of GDP compared to the 12 months ending in August of this year and is mainly explained by a reduction in the Non-Personal Expenses category. This reduction, as in previous months, is due to lower expenditures associated with the end of the health emergency. For their part, the items Remuneration, Liabilities, Transfers and Investments remained stable in terms of GDP compared to August 2022.
In the 12 months ending in September, the net expenses allocated to the Covid-19 Solidarity Fund were estimated at 0.6% of GDP, decreasing 0.1% of GDP compared to the previous month. Finally, GC-BPS interest payments stood at 2.2% of GDP, remaining stable in terms of GDP compared to August this year.
FEM
The result of Public Companies (EEPP) stood at 0.2% of GDP, remaining stable in terms of GDP in the 12 months ending in September.
The result of the Non-Monetary Public Sector (SPNM) stood at -1.6% of GDP in August. Excluding income from the FSS, the fiscal result of the SPNM was -1.9% of GDP.
For its part, the global result of the BCU was -0.7% of GDP, remaining stable in terms of GDP compared to August 2022.
Finally, the result of the Global Public Sector (GSP) was -2.3% of GDP and adjusted for the HSS effect (50-somethings) stood at -2.6% of GDP.
The fiscal result projected for 2022 by the MEF for the GC-BPS is a red 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 structural deficit 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%. The current administration took office with a fiscal deficit of 5% of GDP.
