Economic RadarPRO

Argentina's public accounts, inflation and activity under Javier Milei, with the official numbers and no adjectives.

Official data · Treasury and INDEC

Data as of October 25 · Source: Argentine Treasury (National Public Sector, cash basis) and INDEC (CPI, EMAE and GDP).

Overall balance

ARS 977 billion

Surplus · September 2026

+136.7%real year on year

Last 24 months

Last 24 months
Oct 24	523398.00
Nov 24	357162.20
Dec 24	-1557305.30
Jan 25	599753.20
Feb 25	310726.20
Mar 25	398909.30
Apr 25	572341.00
May 25	662122.90
Jun 25	551234.20
Jul 25	-168515.20
Aug 25	390300.50
Sep 25	309623.40
Oct 25	517671.70
Nov 25	599953.80
Dec 25	-3290301.90
Jan 26	1105159.00
Feb 26	144421.30
Mar 26	484789.10
Apr 26	268102.90
May 26	478613.20
Jun 26	-1024891.40
Jul 26	244897.10
Aug 26	635528.60
Sep 26	977173.40

Primary balance

ARS 1.43 trillion

Surplus · September 2026

+53.6%real year on year

Last 24 months

Last 24 months
Oct 24	746920.50
Nov 24	1381545.40
Dec 24	-1301045.80
Jan 25	2434865.30
Feb 25	1176915.30
Mar 25	745339.50
Apr 25	845949.10
May 25	1696917.40
Jun 25	790532.90
Jul 25	1749385.50
Aug 25	1556864.00
Sep 25	696965.10
Oct 25	823924.80
Nov 25	2128009.40
Dec 25	-2876449.60
Jan 26	3125737.30
Feb 26	1410639.70
Mar 26	930284.10
Apr 26	632844.10
May 26	1924366.90
Jun 26	-696842.90
Jul 26	2960332.70
Aug 26	1990321.80
Sep 26	1427640.00

Monthly inflation

1.9%

IPC · September 2026

33.4% year on year · 23.6% year to date

Last 24 months

Last 24 months
Oct 24	0.03
Nov 24	0.02
Dec 24	0.03
Jan 25	0.02
Feb 25	0.02
Mar 25	0.04
Apr 25	0.03
May 25	0.02
Jun 25	0.02
Jul 25	0.02
Aug 25	0.02
Sep 25	0.02
Oct 25	0.02
Nov 25	0.02
Dec 25	0.03
Jan 26	0.03
Feb 26	0.03
Mar 26	0.03
Apr 26	0.03
May 26	0.02
Jun 26	0.02
Jul 26	0.02
Aug 26	0.02
Sep 26	0.02

Economic activity

−1.7%

EMAE, seasonally adjusted · August 2026

+0.1%month on monthyear on year

Last 24 months

Last 24 months
Sep 24	147.82
Oct 24	149.09
Nov 24	150.87
Dec 24	151.46
Jan 25	151.48
Feb 25	153.52
Mar 25	149.43
Apr 25	152.52
May 25	152.46
Jun 25	150.96
Jul 25	151.52
Aug 25	152.53
Sep 25	153.19
Oct 25	153.24
Nov 25	152.96
Dec 25	156.00
Jan 26	155.82
Feb 26	152.71
Mar 26	156.78
Apr 26	154.65
May 26	153.66
Jun 26	154.12
Jul 26	149.79
Aug 26	149.89

Total revenue

ARS 15.9 trillion

September 2026

+2.4%real year on year

Last 24 months

Last 24 months
Oct 24	16012042.79
Nov 24	16051968.12
Dec 24	16055182.62
Jan 25	17664166.83
Feb 25	15124479.93
Mar 25	14196980.98
Apr 25	15080806.69
May 25	16333443.25
Jun 25	16368706.84
Jul 25	18174797.82
Aug 25	15471871.24
Sep 25	15515342.46
Oct 25	15619709.80
Nov 25	14499470.90
Dec 25	14922055.57
Jan 26	17446519.90
Feb 26	13773652.13
Mar 26	13377614.67
Apr 26	14770376.97
May 26	15666854.51
Jun 26	14984350.95
Jul 26	17711955.02
Aug 26	15317724.05
Sep 26	15884584.60

Primary spending

ARS 14.5 trillion

September 2026

−0.9%real year on year

Last 24 months

Last 24 months
Oct 24	14734064.35
Nov 24	13744149.16
Dec 24	18171307.85
Jan 25	13789575.72
Feb 25	13295582.76
Mar 25	13080383.55
Apr 25	13847774.05
May 25	13896641.18
Jun 25	15251573.78
Jul 25	15748807.19
Aug 25	13352615.98
Sep 25	14585905.05
Oct 25	14546108.49
Nov 25	11793520.13
Dec 25	18478522.60
Jan 26	13690077.77
Feb 26	12126094.97
Mar 26	12326639.53
Apr 26	14073426.91
May 26	13592158.14
Jun 26	15721717.31
Jul 26	14644313.24
Aug 26	13288917.18
Sep 26	14456944.60

From revenue to the balance

How revenue becomes the overall balance in September 2026.

In current pesos of each month.

Chart data
Item	Value	Real change
Revenue	ARS 15.9 trillion	+2.4%
Pensions and other social security benefits	−ARS 6.58 trillion	+7.3%
Transfers to the private sector	−ARS 3.42 trillion	−18.3%
Public sector wages	−ARS 1.67 trillion	−0.9%
Transfers to provinces and Buenos Aires City	−ARS 313 billion	+24.2%
Goods and services	−ARS 732 billion	+18.0%
Universities	−ARS 539 billion	+6.8%
Public works and investment	−ARS 561 billion	−13.0%
Other transfers	−ARS 111 billion	+140.9%
Other spending	−ARS 538 billion	+3.3%
Primary balance	ARS 1.43 trillion	+53.6%
Interest on debt	−ARS 450 billion	−12.8%
Overall balance	ARS 977 billion	+136.7%

Where the money goes

Primary spending in September 2026. Size is the amount; color, the real year-on-year change.

Pensions and other social security benefits

45.5% · +7.3%

Transfers to the private sector

23.6% · −18.3%

Public sector wages

11.5% · −0.9%

Goods and services

5.1% · +18.0%

▲ Rose in real terms▼ Fell in real terms

Chart data
Item	Value	Real change
Pensions and other social security benefits	ARS 6.58 trillion	+7.3%
Transfers to the private sector	ARS 3.42 trillion	−18.3%
Public sector wages	ARS 1.67 trillion	−0.9%
Goods and services	ARS 732 billion	+18.0%
Public works and investment	ARS 561 billion	−13.0%
Universities	ARS 539 billion	+6.8%
Other spending	ARS 538 billion	+3.3%
Transfers to provinces and Buenos Aires City	ARS 313 billion	+24.2%
Other transfers	ARS 111 billion	+140.9%

Items with the largest real fall

How much of the fall comes from spending fewer pesos and how much from inflation, in pesos of September 2026.

Transfers to the private sector
Real fall: ARS 767 billion
Nominal cut: ARS 0.00 million · Inflation erosion: ARS 767 billion
Public works and investment
Real fall: ARS 83.8 billion
Nominal cut: ARS 0.00 million · Inflation erosion: ARS 83.8 billion
Public sector wages
Real fall: ARS 15.9 billion
Nominal cut: ARS 0.00 million · Inflation erosion: ARS 15.9 billion

Nominal cutInflation erosion

Popularly known in Argentina as the “chainsaw” and the “blender”.

January–September 2026 total

In pesos of September 2026, against the same months of 2025.

Overall balance

ARS 3.65 trillion

−31.3%Real change

Same period of 2025: ARS 5.31 trillion

Primary balance

ARS 15.0 trillion

−12.1%Real change

Same period of 2025: ARS 17.1 trillion

Total revenue

ARS 139 trillion

−3.5%Real change

Same period of 2025: ARS 144 trillion

Primary spending

ARS 124 trillion

−2.3%Real change

Same period of 2025: ARS 127 trillion

Interest on debt

ARS 11.4 trillion

−3.5%Real change

Same period of 2025: ARS 11.8 trillion

Primary spending by item

Primary spending by item
Pensions and other social security benefits	ARS 58.4 trillion	+1.8%
Transfers to the private sector	ARS 31.8 trillion	−5.1%
Public sector wages	ARS 16.1 trillion	−6.1%
Goods and services	ARS 4.74 trillion	−9.9%
Universities	ARS 4.47 trillion	+9.5%
Other spending	ARS 2.85 trillion	−11.8%
Public works and investment	ARS 2.81 trillion	−5.3%
Transfers to provinces and Buenos Aires City	ARS 2.00 trillion	−32.8%
Other transfers	ARS 819 billion	+124.4%

Annual fiscal balance

As a share of GDP, since 2017.

17181920212223242526*

PrimaryOverall

Annual fiscal balance
Year	Primary	Overall
2017	−3.8%	−5.9%
2018	−2.3%	−4.9%
2019	−0.4%	−3.8%
2020	−6.4%	−8.4%
2021	−2.1%	−3.6%
2022	−2.0%	−3.8%
2023	−2.7%	−4.3%
2024	+1.8%	+0.3%
2025	+1.4%	+0.2%
2026*	+1.6%	+0.4%

* 2026: 9 months over the GDP of the last four published quarters (provisional).

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Reports

One report for each new official release, reviewed before publication.

September 2026
Monthly inflation in September 2026 reached 1.9%
The monthly inflation rate for September 2026 was recorded at 1.9%, with a year on year rate of 33.4%. Year to date, it stands at 23.6%.
Read report
September 2026
September 2026 fiscal results: primary surplus of ARS 1.43 trillion
The primary balance of the National Public Sector reached ARS 1.43 trillion in September 2026, showing a real year-on-year increase of 53.6%. The overall balance was ARS 977 billion, marking a 136.7% real increase from the previous year.
Read report

Upcoming official releases

CPI for October 2026November 12
In 18 days
EMAE for September 2026November 24
In 30 days
CPI for November 2026December 15
In 51 days
GDP, Q3 2026December 16
In 52 days

INDEC release calendar. The Treasury publishes the fiscal result mid-month, with no official calendar.

What is your money worth today?

Move an amount from one month to another with official inflation.

Amount in pesosFromTo

ARS 100,000 in January 2026 equals ARS 120,178 in September 2026.

Adjusted by INDEC's national CPI (base December 2016).

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Every series the Radar uses, with the source and the official identifier of each column.

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Methodology

Fiscal result of Argentina's non-financial National Public Sector, cash basis, 2017 methodology, from the Treasury. Amounts in current pesos.
Real change = (amount in the month ÷ amount in the same month a year earlier) ÷ (CPI of the month ÷ CPI of that month) − 1, using INDEC's national headline CPI.
Year to date: each month from January to the latest one is brought to pesos of the latest month with the CPI and added up; it is compared with the same months of the previous year.
Nominal cut and inflation erosion: when an item fell in real terms, the fall is split between what it fell in pesos (nominal cut) and what it lost to inflation (erosion).
Share of GDP: annual total over INDEC's nominal GDP (average of the four quarters, which INDEC publishes at annual rates). The current year uses the last four published quarters and is provisional.
Color never says whether a number is good or bad: green and orange only show whether it went up or down.

Sources

Last 24 months

Oct 24

523398.00

Nov 24

357162.20

Dec 24

-1557305.30

Jan 25

599753.20

Feb 25

310726.20

Mar 25

398909.30

Apr 25

572341.00

May 25

662122.90

Jun 25

551234.20

Jul 25

-168515.20

Aug 25

390300.50

Sep 25

309623.40

Oct 25

517671.70

Nov 25

599953.80

Dec 25

-3290301.90

Jan 26

1105159.00

Feb 26

144421.30

Mar 26

484789.10

Apr 26

268102.90

May 26

478613.20

Jun 26

-1024891.40

Jul 26

244897.10

Aug 26

635528.60

Sep 26

977173.40

Last 24 months

Oct 24

746920.50

Nov 24

1381545.40

Dec 24

-1301045.80

Jan 25

2434865.30

Feb 25

1176915.30

Mar 25

745339.50

Apr 25

845949.10

May 25

1696917.40

Jun 25

790532.90

Jul 25

1749385.50

Aug 25

1556864.00

Sep 25

696965.10

Oct 25

823924.80

Nov 25

2128009.40

Dec 25

-2876449.60

Jan 26

3125737.30

Feb 26

1410639.70

Mar 26

930284.10

Apr 26

632844.10

May 26

1924366.90

Jun 26

-696842.90

Jul 26

2960332.70

Aug 26

1990321.80

Sep 26

1427640.00

Last 24 months

Oct 24

0.03

Nov 24

0.02

Dec 24

0.03

Jan 25

0.02

Feb 25

0.02

Mar 25

0.04

Apr 25

0.03

May 25

0.02

Jun 25

0.02

Jul 25

0.02

Aug 25

0.02

Sep 25

0.02

Oct 25

0.02

Nov 25

0.02

Dec 25

0.03

Jan 26

0.03

Feb 26

0.03

Mar 26

0.03

Apr 26

0.03

May 26

0.02

Jun 26

0.02

Jul 26

0.02

Aug 26

0.02

Sep 26

0.02

Last 24 months

Sep 24

147.82

Oct 24

149.09

Nov 24

150.87

Dec 24

151.46

Jan 25

151.48

Feb 25

153.52

Mar 25

149.43

Apr 25

152.52

May 25

152.46

Jun 25

150.96

Jul 25

151.52

Aug 25

152.53

Sep 25

153.19

Oct 25

153.24

Nov 25

152.96

Dec 25

156.00

Jan 26

155.82

Feb 26

152.71

Mar 26

156.78

Apr 26

154.65

May 26

153.66

Jun 26

154.12

Jul 26

149.79

Aug 26

149.89

Last 24 months

Oct 24

16012042.79

Nov 24

16051968.12

Dec 24

16055182.62

Jan 25

17664166.83

Feb 25

15124479.93

Mar 25

14196980.98

Apr 25

15080806.69

May 25

16333443.25

Jun 25

16368706.84

Jul 25

18174797.82

Aug 25

15471871.24

Sep 25

15515342.46

Oct 25

15619709.80

Nov 25

14499470.90

Dec 25

14922055.57

Jan 26

17446519.90

Feb 26

13773652.13

Mar 26

13377614.67

Apr 26

14770376.97

May 26

15666854.51

Jun 26

14984350.95

Jul 26

17711955.02

Aug 26

15317724.05

Sep 26

15884584.60

Last 24 months

Oct 24

14734064.35

Nov 24

13744149.16

Dec 24

18171307.85

Jan 25

13789575.72

Feb 25

13295582.76

Mar 25

13080383.55

Apr 25

13847774.05

May 25

13896641.18

Jun 25

15251573.78

Jul 25

15748807.19

Aug 25

13352615.98

Sep 25

14585905.05

Oct 25

14546108.49

Nov 25

11793520.13

Dec 25

18478522.60

Jan 26

13690077.77

Feb 26

12126094.97

Mar 26

12326639.53

Apr 26

14073426.91

May 26

13592158.14

Jun 26

15721717.31

Jul 26

14644313.24

Aug 26

13288917.18

Sep 26

14456944.60

Chart data

Item

Value

Real change

Revenue

ARS 15.9 trillion

+2.4%

Pensions and other social security benefits

−ARS 6.58 trillion

+7.3%

Transfers to the private sector

−ARS 3.42 trillion

−18.3%

Public sector wages

−ARS 1.67 trillion

−0.9%

Transfers to provinces and Buenos Aires City

−ARS 313 billion

+24.2%

Goods and services

−ARS 732 billion

+18.0%

Universities

−ARS 539 billion

+6.8%

Public works and investment

−ARS 561 billion

−13.0%

Other transfers

−ARS 111 billion

+140.9%

Other spending

−ARS 538 billion

+3.3%

Primary balance

ARS 1.43 trillion

+53.6%

Interest on debt

−ARS 450 billion

−12.8%

Overall balance

ARS 977 billion

+136.7%

Item

Value

Real change

Pensions and other social security benefits

ARS 6.58 trillion

+7.3%

Transfers to the private sector

ARS 3.42 trillion

−18.3%

Public sector wages

ARS 1.67 trillion

−0.9%

Goods and services

ARS 732 billion

+18.0%

Public works and investment

ARS 561 billion

−13.0%

Universities

ARS 539 billion

+6.8%

Other spending

ARS 538 billion

+3.3%

Transfers to provinces and Buenos Aires City

ARS 313 billion

+24.2%

Other transfers

ARS 111 billion

+140.9%

What is your money worth today?

Move an amount from one month to another with official inflation.

Amount in pesosFromTo

ARS 100,000 in January 2026 equals ARS 120,178 in September 2026.

Adjusted by INDEC's national CPI (base December 2016).

Overall balance

Primary balance

Monthly inflation

Economic activity

Total revenue

Primary spending

From revenue to the balance

Where the money goes

Items with the largest real fall

January–September 2026 total

Overall balance

Primary balance

Total revenue

Primary spending

Interest on debt

Primary spending by item

Annual fiscal balance

Share the number

Reports

Monthly inflation in September 2026 reached 1.9%

September 2026 fiscal results: primary surplus of ARS 1.43 trillion

Upcoming official releases

What is your money worth today?

Download the data

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Methodology

Sources

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Overall balance

Primary balance

Monthly inflation

Economic activity

Total revenue

Primary spending

From revenue to the balance

Where the money goes

Items with the largest real fall

January–September 2026 total

Overall balance

Primary balance

Total revenue

Primary spending

Interest on debt

Primary spending by item

Annual fiscal balance

Share the number

Reports

Monthly inflation in September 2026 reached 1.9%

September 2026 fiscal results: primary surplus of ARS 1.43 trillion

Upcoming official releases

What is your money worth today?

Download the data

MileiHoy PROPRO

What matters most, straight to your inbox

What matters most, straight to your inbox