Argentina brought in its first budget surplus in more than a decade in 2024, data published on Friday showed, marking a win for libertarian President Javier Milei and his sweeping austerity push in his first full year in office.
The nation’s budget surplus came in at 1.76 trillion pesos, or 0.3% of gross domestic product (GDP) in the full year, the economy ministry said. Meanwhile the primary fiscal balance, which excludes debt payments, was up to a 10.41 trillion peso surplus, or 1.8% of the GDP.
Milei slashed public spending after taking office in December 2023 in a bid to tamp out rampant inflation, which hit an annual peak of nearly 300% in April of last year.
The economy ministry in a statement said that the government’s fiscal anchor would remain in place for 2025.
The budget and primary balances for the month of December were in the negative, marking the first monthly primary deficit after 11 months in the black.
The South American nation logged a primary fiscal deficit of 1.30 trillion pesos and a financial deficit of 1.56 trillion pesos in December.
Economy Minister Luis Caputo attributed the deficits to seasonal factors, given that December was typically a month of high government spending.
AP