The Ministry of Economy reported that the National State accounts closed 2020 with a primary deficit of $1.7 trillion, equivalent to 6.5% of GDP. This was largely due to the public spending of $ 900 billion (3.5% of GDP) to address the coronavirus crisis. In addition, there was a financial deficit of $2.3 trillion, equivalent to 8.5% of GDP.
The Ministry highlighted that the 2020 fiscal deficit closed below the value projected in the 2020 Budget law, as a result of a recovery in activity and tax revenues that were higher than anticipated. For 2021, the Budget foresees a primary fiscal deficit of 4.5%, and with the payment of interest the financial result would show a deficit of 6% of GDP.