Official sources in Argentina reported that the country had a financial surplus of 518.408 billion Argentine pesos, about $620 million, in January. This is the first positive result for the country since August 2012 and the first surplus in a January since 2011.
Economy Ministry data shows Argentina recorded a primary surplus of 2.01 trillion Argentine pesos ($2.408 billion) in the first month of 2024. Total sales reached 6.1 trillion ($7.361 billion), an increase of 256.7% compared to the same period last year. This growth in tax revenues was driven by the development of foreign trade and Argentina's domestic economy.
President Javier Milei's significant cuts in public spending may be linked to these positive results. Milei implemented a fiscal “shock” plan that called for the abolition of multimilliondollar trust funds by decree. Investments, which include areas such as energy, transport, education and housing, recorded a net decline of 50.3% compared to the previous year.
In the last month of 2023, Argentina had a primary deficit of $2.384 billion, while the financial deficit was $6.383 billion. For the whole of 2023, the country's GDP suffered a decline of 2.9%.
With information from Jovem Pan.