The fiscal deficit had an improvement of three tenths in the 12 months ending in May and stood at 3.3% of GDP, the lowest record of the current government administration. For To find a red in the public accounts at that level, you have to go back to November 2017.
In the 12 months ended May 2022, the result of the Central Government-Social Security Bank (GC-BPS) stood at -2.8% of GDP. This estimate presents an improvement of 0.3% of GDP compared to April this year. The income of funds to the Social Security Trust (FSS) —law of the fifties— was 0.3% of GDP, so the fiscal result of the GC-BPS excluding income to the FSS was -3.1 % of GDP, according to the statement from the Ministry of Economy and Finance (MEF).
GC-BPS revenues stood at 26.6% of GDP, improving 0.3% in terms of GDP compared to the 12 months ended April. This improvement is due to an increase of 0.1% of GDP in the income of the DGI, compared to the previous month and an improvement of 0.3% of GDP in other income derived from income from BROU profit transfers corresponding to the 2021 financial year. For its part, BPS income remained constant compared to the previous month.
The primary expenditures of the GC-BPS stood at 27.1% of GDP, decreasing 0.1% of GDP compared to the 12 months ending in April of this year. This decrease is explained by a reduction in the Transfers and Non-Personal Expenses items associated with lower expenditures related to the health emergency.
In the 12 months ending in May, net expenses allocated to the Covid-19 Solidarity Fund were estimated at 1.2% of GDP. Lastly, the GC-BPS interest payment stood at 2.3% of GDP, showing an increase of 0.2% of GDP compared to April this year. The result of the Public Companies (EEPP) stood at 0.2% of GDP, improving 0.1% in terms of GDP in the 12 months ending in May.
FEM
The result of the Non-Monetary Public Sector (SPNM) stood at -2.2% of GDP in May. Excluding income from the FSS, the fiscal result of the SPNM was -2.5% of GDP.
For its part, the overall result of the BCU was -0.8% of GDP, remaining stable compared to April. Finally, the result of the Global Public Sector (GSP) was -3% of GDP and Adjusted for the HSS effect, it stood at -3.3% of GDP.
The fiscal result projected in 2022 by the MEF for GC-BPS (before submitting the Rendering of Accounts) was 3.1% of GDP. Meanwhile, the rThe structural fiscal result is projected at -2.4% of GDP for the end of this year.
