Argentina Sees First Budget Surplus Since 2008

The South American country, whose new president, Javier Milei, took office in December 2023, has faced an annual deficit in 113 of its past 123 years.

President of Argentina Javier Milei before an inter-religious service at the Metropolitan Cathedral after the Presidential Inauguration Ceremony in Buenos Aires, Argentina, on Dec. 10, 2023. Marcos Brindicci/Getty Images

Newly elected Argentinian President Javier Milei announced the country’s first quarterly budget surplus in 16 years, with the anti-socialist politician hailing the achievement.

“Contrary to the forecasts made by most political leaders, professional economists, television, and pettifoggers, I would like to announce that the national public sector recorded a financial surplus of more than 275 billion pesos ($310 million). This is 0.2 percent of the GDP,” Mr. Milei said in a message on April 22, according to MercoPress.