1
Source: SBS Research, Indec Source: SBS Research, Poliarquía
2
Source: SBS Research, UTDT
Source: SBS Research, UTDT, Indec Source: SBS Research, UTDT
3
Source: SBS Research, Indec, Ferreres, FIEL, ADEFA, Steel Chamber, AFCP
Primary expenditures include pensions, subsidies (both social and economic) and wages. Source: SBS Research, Indec, CAME, Treasury Ministry
Source: SBS Research, UTDT
4
Source: SBS Research, BCRA, Indec
Source: SBS Research, Indec Source: SBS Research, BCRA
5
Source: SBS Research, BCRA, Indec
Source: SBS Research, Indec Source: SBS Research, Indec, BCRA
6
Source: SBS Research, Treasury Ministry, Indec
Taxes linked to activity include internal VAT, taxes on banking transactions and taxes on fuels. Source: SBS Research, Indec, AFIP
Old methodology until Dec-15. Net interests are estimates using the current gap between gross and net interest payments. Source: SBS Research, Min. Hacienda, Indec
7
Excludes intra public sector debt and Treasury Bills. Source: SBS Research, Min. Finanzas
Source: SBS Research, Min. Finanzas, CIPPEC
LatAm BBB is the median for Mexico, Colombia and Peru. Source: SBS Research, Bloomberg Source: SBS Research, Finance Ministry, Indec
8
Source: SBS Research, Bloomberg, Reuters
Source: SBS Research, Bloomberg Source: SBS Research, Bloomberg, Reuters
9
Source: SBS Research, Bloomberg Source: SBS Research, UTDT
10