Fiscal deficit latest publications
Budget implementation in April 2019 slightly worsens the dynamics of 2018. During the 2019-2020 period, and in no policy change scenario, the pace of adjustment of the public deficit would be moderating compared to that observed in previous years
We maintain our GDP forecast fall of 1.2% in 2019, which will grow quarterly form 2Q-19 due to the recovery of agricultural campaign and the reduction of FX market tensions. By 2020, the economy will have processed the tensions caused by the electoral uncertainty and will grow by 2.5% as private domestic demand recovers.
The first budget execution data for 2019 slightly worsens last year's dynamics. In an environment of extended budget and policy uncertainty, the economic cycle will reduce the deficit, although the current fiscal targets will be missed.
The Public deficit (excluding local corporations) stood at 0,8% of GDP in March, one tenth above that registered one year ago. The impairment was due to both central government and Social Security. While the regions adjusted their budget balance again
The Budget Office updated its macroeconomic estimates for 2014, as a prelude to next year’s budget discussion in coming months. In this opportunity, GDP growth expectation was corrected downwards to 3.2% in 2014 (BBVAe: 3.1%) with an expected detrimental to fiscal revenues of USD2.0bn in relation to the current budget figur…
July 21, 2011
Public Pension Systems and the Fiscal Crisis in the Euro Zone. Lessons for Latin America
This paper analyzes the circumstances that led to the reforms of the pension systems in Europe and the measures adopted, with a view to extracting some lessons that may be of use for Latin American countries.
May 6, 2011
Sistemas Públicos de Pensiones y la Crisis Fiscal en la Zona Euro: Enseñanzas para América…
Las condiciones que determinarán el envejecimiento de la población en Europa se observarán casi con total seguridad también en Latinoamérica en las próximas décadas.