Fiscal Balance (National Public Sector) in Argentina

The fiscal balance of Argentina's Non-Financial National Public Sector (SPNF) measures the gap between the central government's revenues and spending. The PRIMARY balance excludes debt interest payments; the OVERALL (financial) balance includes them.

It is produced monthly by the Treasury Secretariat (Ministry of the Economy) in the Monthly Report on Revenue and Expenditure (IMIG), in nominal pesos. A positive figure means a surplus and a negative one a deficit.

It is the official gauge of Argentina's fiscal health and of compliance with the targets of its economic programme. The primary balance is the key anchor agreed with the IMF and closely tracked by the market since 2024; a sustained surplus underpins the peso and Argentine bonds.

A very volatile series month to month owing to one-off payments and tax seasonality, so it is best viewed on a rolling 12-month basis. Because it is denominated in nominal pesos, inflation distorts it; over long horizons it is better compared as a share of GDP.