Overview
- National transfers totaled $5.711 trillion in October, with $5,485,076 million in automatic flows and $226,109 million in discretionary funds, implying an overall real decline of about 0.6% versus a year earlier.
- Discretionary transfers fell 28.7% in real terms year over year, marking the weakest October in roughly two decades, with a steep 56.7% real drop to CABA tied to lower payments under a Supreme Court precautionary measure.
- From January to October, discretionary transfers are at their second-lowest level since 2005 and roughly 70% below 2023, while CABA concentrated 51.9% of these funds year to date.
- Automatic transfers rose about 1% in real terms in October, with coparticipation up 1.5% on stronger income-tax receipts, though Córdoba and Santa Fe registered slight real declines within the month’s distribution.
- Large percentage increases reported in some provinces reflect very low comparison bases (Catamarca +9,629% but just 0.6% of October’s total), and ATN distributions reached $13,000 million to five provinces during the month.