Argentina achieves its first quarterly fiscal surplus since 2008

Argentine President Javier Miley announced that the month of March achieved a surplus of 275 million pesos in public accounts.

Argentina's President, Javier Miley, said on Monday (April 22, 2024) that the country's public sector achieved a monthly surplus for the third time in a row in March. The surplus was 275 billion pesos.

The announcement came in a statement by the hardline liberal president, who said the amount would peak in the quarter at a surplus of 0.2% of GDP. This milestone has been reached for the first time since 2008.

In March, monthly inflation closed at 11%, showing a slowdown compared to the previous month, when the country's inflation rate reached 13.2%.

Argentina's annual inflation rate rose to 287.9% in one month, the highest level since February 1991, an increase of 11.7 percentage points compared to the 276.2% recorded in February.

The peak that inflation reached in Argentina was precisely during Miley's term in office, in December 2023, when it reached 25.5% annually. Miley's government has made a series of cuts in public spending in order to slow inflation.

“Given the seriousness of the situation we inherited, we Argentines saw that we no longer had time for a new incremental experiment, and we moved forward with the most ambitious “shock” stabilization program in history.“, he announced in the speech

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