Argentina's government said Wednesday that its primary surplus fell almost 94% in March as spending increased faster than revenues.
The primary surplus, revenue less spending, shrank to 438.3 million pesos ($83 million) in March, from ARS848.6 million a year ago, the Economy Ministry said in a statement.
The government ran a first quarter primary surplus of ARS1.46 billion. The fiscal deficit, which includes debt payments, widened 49% on the year to ARS2.59 billion in March.
President Cristina Kirchner has announced big spending increases ahead of key mid-term congressional elections in October.
Earlier this month, Mrs. Kirchner said she will increase spending on social programs by ARS16.8 billion amid lackluster economic growth and inflation that is widely believed to be running well above 20%.
Her faction of the Peronist Party and its allies already control both houses of Congress, but fall well short of the two-third majority needed to amend constitutional term limits so she can seek a third term in 2015. Mrs. Kirchner has neither confirmed nor denied her electoral intentions.
nasdaq.com
The primary surplus, revenue less spending, shrank to 438.3 million pesos ($83 million) in March, from ARS848.6 million a year ago, the Economy Ministry said in a statement.
The government ran a first quarter primary surplus of ARS1.46 billion. The fiscal deficit, which includes debt payments, widened 49% on the year to ARS2.59 billion in March.
President Cristina Kirchner has announced big spending increases ahead of key mid-term congressional elections in October.
Earlier this month, Mrs. Kirchner said she will increase spending on social programs by ARS16.8 billion amid lackluster economic growth and inflation that is widely believed to be running well above 20%.
Her faction of the Peronist Party and its allies already control both houses of Congress, but fall well short of the two-third majority needed to amend constitutional term limits so she can seek a third term in 2015. Mrs. Kirchner has neither confirmed nor denied her electoral intentions.
nasdaq.com
No comments:
Post a Comment