Argentina's fiscal gap widens as provincial deficits and transfer cuts deepen

Argentina: The province of Santa Fe reported an accumulated deficit of 595 billion pesos—about 10 % of its revenue—for the first five months of 2026, with total spending up 46.5 % year‑on‑year while revenues grew only 32.3 %.

National tax collection rose in nominal pesos but fell in real terms; June 2026 revenue reached 20.0 trillion pesos, still below the 24.3 trillion needed to match 2023 purchasing power.

Federal non‑automatic transfers to the provinces plunged 87.7 % in real terms versus June 2025, amounting to just $48.3 billion in June 2026, the lowest level since at least 2005.

The Argentine used‑car market posted an 8.6 % month‑on‑month increase in June, yet the January‑June total was 2.9 % lower than the same period a year earlier.

Chile: Export shipments for the January‑June 2026 half‑year exceeded US$60 billion for the first time, a 14.2 % rise, driven chiefly by copper, which made up 50.1 % of total exports.

Uruguay: Durazno department closed 2025 with a $115 million deficit but an accumulated surplus of US$11 million over the 2021‑2025 period.