Argentina’s Economy Minister, Luis Caputo, stated that the country recorded a primary fiscal and financial surplus for the second consecutive year.
According to him, Argentina ended 2025 with a primary surplus of 11.77 trillion pesos and a financial surplus of 1.45 trillion pesos, equivalent to around 1.4% and 0.2% of the Gross Domestic Product (GDP), respectively.
In a publication in X, Caputo highlighted that, despite the positive result for the year, December presented a deficit, in line with the seasonality of public spending.
According to the minister, the national public sector recorded a primary deficit of 2.88 trillion pesos and a financial deficit of 3.29 trillion pesos in the last month of 2025.
Caputo highlighted that it was the first time since 2008 that Argentina achieved two consecutive years of financial surplus on a cash basis and that the result was obtained with full payment of public debt services.
The minister also stated that primary spending in 2025 was 27% lower, in real terms, than in 2023, preserving and expanding social programs aimed at the most vulnerable sectors. He added that spending on Universal Child Allowance and the Food Card grew by 43% in real terms between December 2023 and December 2025.
The result released by Caputo also exceeds the nominal target agreed with the International Monetary Fund (IMF) after the first review of the program. According to parameters defined by the IMF in July, Argentina should achieve approximately 10.4 trillion pesos of primary surplus, an objective exceeded by approximately 1.3 trillion pesos.
In terms of GDP, the indicative target was 1.6%, slightly above the result reported by Caputo, but the predominant assessment, according to the Financial Areais that the commitment must be considered fulfilled in the next review, scheduled for February.
