Argentina provinces report fiscal surplus despite falling revenues

Argentine provinces maintained a favorable fiscal balance during the first half of 2026, despite a 0.5% real decrease in total revenues and a compression of fiscal margins. Collectively, subnational jurisdictions recorded a primary surplus of $1.66 trillion and a financial surplus of approximately $189.7 billion.

Individual provincial performances varied. Formosa has maintained a sustained fiscal surplus for 22 consecutive fiscal years, with debt representing only 1.6% of its resources. Córdoba reported a positive primary result of 5.4% of its total income, placing it among the top performers. La Rioja also achieved a primary surplus of 6.5% by reducing public spending by 8.9%.

Conversely, some regions faced challenges. Mendoza reported a 1.2% real decrease in total revenue between January and September 2026, with provincial taxes dropping by 2.4%. While many provinces remained in surplus, several jurisdictions like Tierra del Fuego and Santa Fe recorded financial deficits.