The May harvest rose 79.9% and beat inflation

The Ministry of Economy reported that the May harvest has arrived $ 1,551,370 million and increased 79.9% compared to the same month last year. From the Palacio de Hacienda they estimated that public income reached its highest level in the last four years for that month at constant prices, that is, discounting the effect of inflation.

Inflation figures for May are not yet known but it is estimated to be around 5% e will add 60% over the past twelve months.

The official report highlights that the collection of the month grew mainly driven by the trend of the Income Tax, which grew by 102.6% year on yearand taxes associated with social security, which increased by 75.8%.

“With the level of income reached in May, a year-over-year expansion in real terms is estimated for the twenty-first consecutive month,” said Martín Guzmán’s team.

Regarding the increase in social security income, they pointed out that the 75.8% increase is explained by “wage improvements and recorded employment growth”. The increase in these resources responds to the jump in employer contributions (75.6%) and the increase in personal contributions (73.9%).

Also, they mentioned it “Taxes with a greater response to economic activity also contributed to explain the growth in national collection”. Within this group are VAT (69.0%), tax on credits and debts (58.6%), shared internal taxes (82.5%) and the tax on liquid fuels ( 51.8%).

Foreign trade taxes showed an increase of 49.2%. “The main concept explaining the growth is import duties and the statistical rate, which together have increased by 71.3% year-on-year, in line with the growth in economic activity. exports grew 42.8% yoy -year “.

AQ