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Argentina Posts Primary Deficit of 2.2 Percent
Argentina Posts Primary Deficit of 2.2 Percent

Argentina Posts Primary Deficit of 2.2 Percent

Argentina Posts Primary Deficit of 2.2 Percent

Argentina’s primary fiscal deficit was 222.379 billion pesos ($12.83 billion) through the first nine months of 2017, or 2.2% of gross domestic product, the treasury ministry said on Tuesday, Reuters reported. That was lower than the ministry’s target for a deficit of 3.2% of GDP through the first three quarters of the year. The primary fiscal deficit in the month of September was 31.353 billion pesos, 15% lower than the same month last year. Meanwhile, Argentina’s stocks, bonds and currency jumped on Monday as investors bet a strong electoral performance from President Mauricio Macri’s coalition could boost his reform agenda. Investors expect that momentum will help it pass its 2018 budget, which aims to cut the fiscal deficit by one percentage point to 3.2% of gross domestic product, along with tax, labor and capital markets reforms. Argentina’s benchmark Merval index rose 1.9% to new all-time highs, while the peso firmed 0.9%. Dollar bonds jumped 1.8%.

 

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