ARGENTINA: Government Beats Primary Deficit Target In The First Quarter Of 2018

(RTTNews) - Argentina's primary deficit reached 0.3% of the Gross Domestic Product (GDP) in first quarter of 2018, or 30 basis-points less than the 0.6% target for the period, said the Minister of Finance, Nicolas Dujovne, in a press conference.

As a result, the Argentinean government completed three consecutive quarters of primary spending growth below inflation and income, and five consecutive quarters of exceeding the targets.

According to data presented by the official, the primary fiscal deficit of the first quarter falls 25% when compared with the same period last year. In real terms, primary expenditure fell 5.4% in the quarter, considered the biggest fall for a first quarter since 2003.

The financial result for the quarter totaled 91.523 billion pesos, increasing 29.6% on an annual basis.