Milei's government achieved a fiscal surplus again in June

The Ministry of Economy reported that during June 2025, the National Public Sector (SPN) recorded a financial surplus of $551,234 million, thus maintaining one of the most significant achievements within the framework of the stabilization plan promoted by Javier Milei's government.

This result was made possible by a primary surplus of $790,533 million and the payment of net public debt interest within the public sector amounting to $239,299 million.

With this result, the SPN accumulated by the end of the first half of the year a financial surplus equivalent to 0.4% of the Gross Domestic Product (GDP), while the primary surplus stood at around 0.9% of GDP. These figures consolidate what Milei's government has defined as the "fiscal anchor" of its economic program and reinforce the path toward the organization of public accounts.

Total SPN revenues in June amounted to $11,583,223 million, registering a year-on-year increase of 41.6%. Among these, the strong growth of tax revenues stood out, which increased by 42% year-on-year, reflecting the impact of Argentina's strong economic recovery.

This increase was mainly explained by the improvement in the collection of Export Duties (+169.7%), Import Duties (+140.5%), Social Security Contributions (+57.3%), VAT net of refunds (+50%), and Personal Assets (+263.2%).

Regarding expenditure, primary outlays totaled $10,792,690 million, with a year-on-year growth of 40.3%. Social benefits, the main component of expenditure, reached $8,011,434 million (+42.5%), in line with the application of the current mobility formula and the payment of the Annual Supplementary Salary (SAC).

Current transfers to the private sector grew by 27.9%, while transfers to the public sector experienced a notable increase of 178.2%, reaching $334,701.8 million. In contrast, economic subsidies showed a slight year-on-year decrease of 0.1%, with a reduction of 0.6% in energy subsidies and an increase of 9.6% in those allocated to transportation.

The Minister of Economy, Luis "Toto" Caputo, celebrated these results with a message on social media, highlighting that "in June, the SPN recorded a primary surplus of $790,533 million and a financial surplus of $551,234 million," and emphasized that "in the first six months of the year, a primary surplus of approximately 0.9% of GDP and a financial surplus of 0.4% of GDP were recorded."

This result is part of Javier Milei's government's strategy to maintain fiscal balance, reduce inflation, and restore confidence in the Argentine economy, consolidating a successful economic course that had not been seen in decades.