The central government's deficit closed at US$5,275.4 million, equivalent to 5.82% of GDP, also showing an improvement compared to the 7.96% of GDP in 2024. The report also adds that the current savings of the SPNF (Non-Financial Public Sector) were 15.7% less deficitary and highlights measures such as the US$1.9 billion adjustment plan and fiscal modernization —including electronic invoicing and RUC (Taxpayer Registry) update— that have contributed to the fiscal performance of the period. The primary deficit was reduced by 45.2%: it went from US$3,290.5 million to US$1,803.5 million, which reflects an improvement in the government's operational dynamics. On the revenue side, the central government recorded a 9.5% growth in its current revenues and an 8.3% increase in tax collection, driven by direct taxes. This reduction is accompanied by an adjustment in spending, which fell by 5.2%, mainly due to the decrease in capital expenditure and some current items. However, this is still above the fiscal target for 2025, which is 4%. According to the government, they expect to meet it, however, the rating agency Moody's is not yet convinced that the deficit will be achieved at 4%, they see it even higher, between 4% and 4.5%. One of the indicators with the best performance was the primary balance, which measures fiscal operations without including interest payments. However, even with this rebound, revenues were not sufficient to cover the central government's expenses, which totaled US$11,164.6 million, although they were down 8.9% from the previous year. According to the report from the Ministry of Economy and Finance, the country recorded revenues of US$9,833.2 million against expenditures of US$13,965 million, leaving a difference of US$4,131.8 million, which is the accumulated deficit as of September. Although the gap is still wide, the figures show progress compared to the previous year. The total SPNF deficit decreased from 6.27% of GDP in September 2024 to 4.56% of GDP this year. The fiscal balance of the Non-Financial Public Sector (SPNF) at the end of the third quarter of 2025 confirms that revenues are still not enough to cover expenses.
