Déficit primario cero, una meta más que desafiante

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Primary balance equilibrium, a more than challenging goal

Fourth week
January 2019

The primary deficit consistent with the definition of the agreement with the IMF was scarcely below 2.7% of GDP and the government achieved its fiscal target for 2018. But the zero primary deficit target for this year seems a lot more challenging: although primary expenditure will continue falling as a percentage of GDP, the margin to cut it back again is limited, and it is essential to appeal to an increase of revenues as well, which started the year below expectations.