He The annual fiscal deficit stood at 4% of gross domestic product (GDP) as of March.This is a decline compared to February when it was 3.8%, the Ministry of Economy (MEF) reported this Tuesday.
This percentage represents Uruguay's financial end excluding income Social Security Trust (FSS).
In the 12 months ended March, the Central Govt Decision – Social Security Bank (GC-BPS) was -2.2% of GDP. The data took into account that the liabilities, wages and transfers (PBS) for April last year were brought forward to March, which did not happen this year. Adjusted for this effect, the result for GC-BPS was -3.3% of GDP.
Income to Social Security Trust (FSS) is 0.1% of production. So, removing this effect, the result is -3.4%.
He Interest money GC-BPS was 2.4% of GDP, a marginal difference from 2.5% a month ago.
Also, public sector results were -0.1%.
Last month, the rating agency Fitch rating He noted that Uruguay's fiscal rule “improves policy credibility by facilitating greater scrutiny and accountability of fiscal performance (through the Independent Fiscal Council) and discourages procedural policy bias.”
But he pointed out that the fiscal rule “has facilitated only modest consolidation, and the deficit has narrowed from 3.9% of GDP in 2019 to only 3.3% of GDP in 2023.”
For this year, the The MEF again changed the Structural Funds outcome target from -2.6% of GDP established in the 2022 Accounts Statement (June 2023) to -2.9%..
