El Quarterly Report on Public Accounts It is the first publication on current topics that the Observatory presents on its website freely available to the public.

With this entry, we begin a new way of working, in which we will publish, on a recurring basis, different economic reports that help to provide a plural vision of the monitoring of the economy and society.

The Summary Report

The results observed for the third quarter of 2014 in terms of the national budget, add to the downward trend that has been recorded since 2012 onwards, with respect to the Primary Outcome; that is, the difference between the amount of resources that enters the state as income and the expenses incurred, without considering the payment of interest on the debt.

While primary deficit The amount recorded at the end of 2012 was $4.373,60 million; in 2013, that same amount increased fivefold to $22.479 million compared to the previous year.

In order to obtain a more complete reading of the situation regarding the performance that has been recorded in the public sector, two questions must be added:

1. 1. The first is that the primary deficit represents a smaller part of the total. Without going any further, when interest payments are added, we must subtract about $51.190 billion for 2012 and about $41.998 billion for the following year; which gives a Financial results (i.e., including interest) with a deficit of around $55.563 billion for 2012, and $64.477 billion in 2013.

1. 1. The second, and perhaps the one that is subject to greater discussion depending on the biases of each analyst, has to do with the composition of the Primary Result. This does not seem to be a minor detail, since the items that are contributing the most to keeping the peso on the positive side of the fiscal balance are the transfers made to the treasury by the Central Bank and the Sustainability Guarantee Fund. Within the report that is available for download, the analysis is deepened by taking not only aggregated annual data, but also the imputed results for the third quarter of 2014 and in relation to its counterpart from the previous year.

Reading the indicators alone - expressed in absolute values ​​- does not always or necessarily lead to a conclusive picture of the situation. To refine the reading that emerges from the previous paragraphs, the following graph presents the composition of the Primary Outcome as a percentage of GDP.

It is understood that if the Argentine state finances most of its operations by obtaining resources from the economic activity of the country's residents, the comparison between what the state owes and what is generated within our economy's borders is a better indicator to assess the state's ability to pay, both current and future.

The primary deficit recorded at the end of 2012 represents 0,16% of GDP measured at current prices; while for 2013 the ratio multiplied more than four times, reaching a level of 0,67% of GDP, also measured at current prices.

Thus, the brief trend observed in absolute values ​​is also replicated for relative values. Likewise, the same assessments on the overall result and its composition also apply to this reading.

In the expanded report, one of the most striking observations that emerges in terms of results is that, considering the year-on-year comparison between the third quarter of 2013 and the third quarter of 2014, and excluding extraordinary income, the primary deficit would be at a level of approximately $95.000 billion.

This figure represents 3,1% of GDP measured at current prices, which positions it as the largest genuine primary deficit of the decade.

Many variables influence this outcome. Some are under the partial control of economic and monetary authorities, but others are not.

The report made available breaks down the different factors that influence the explanation of this result.

The presentation is structured in four sections, easily identifiable by the icons shown in the image.

1. 1. Results, the year-on-year comparison by quarter is deepened.
   2. Revenue, details the status of transfers via the Central Bank and the Sustainability Guarantee Fund, as well as that of genuine income, through the analysis of the main income from taxes. 
   3. Additional, the application of state resources is explained. In this section, the analysis of the application of expenditure on transfers to the private sector and the different types of capital expenditure that have been made stands out.
   4. perspectives offers a few brief comments

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