{"id":32032,"date":"2026-10-26T13:20:36","date_gmt":"2026-10-26T16:20:36","guid":{"rendered":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=32032"},"modified":"2026-10-26T13:20:36","modified_gmt":"2026-10-26T16:20:36","slug":"la-argentina-integra-el-grupo-de-los-11-paises-con-mejores-cuentas-publicas-cual-es-el-talon-de-aquiles","status":"publish","type":"post","link":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=32032","title":{"rendered":"La Argentina integra el grupo de los 11 pa\u00edses con mejores cuentas p\u00fablicas: cu\u00e1l es el tal\u00f3n de Aquiles"},"content":{"rendered":"<div class=\"ai-tools\"><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-listen\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M14.99 9.22417C14.89 8.65466 14.5799 8.25501 14.0497 8.0352C14.0096 8.01522 13.9696 7.94528 13.9696 7.90532C13.9196 6.81627 13.6395 5.79716 13.0493 4.86797C12.0589 3.28934 10.6484 2.3102 8.80779 2.06042C6.8771 1.80064 5.1965 2.38014 3.81601 3.76893C2.69561 4.89794 2.10539 6.28673 2.04537 7.89533C2.04537 7.97526 2.01536 8.00523 1.94534 8.0352C1.35513 8.29498 1.03501 8.77456 1.01501 9.42399C0.994998 10.4731 0.994998 11.5222 1.01501 12.5712C1.02501 13.2507 1.53519 13.8701 2.19543 13.96C2.64559 14.02 3.10575 13.97 3.58592 13.97V13.8102C3.58592 11.9818 3.58592 10.1434 3.58592 8.31496C3.58592 7.93529 3.61593 7.54563 3.69596 7.16596C3.88603 6.2068 4.34619 5.38751 5.06645 4.73808C6.21686 3.69899 7.55734 3.34929 9.05788 3.71897C10.2483 4.00872 11.1486 4.7181 11.7889 5.78716C12.259 6.56648 12.4291 7.42573 12.4291 8.32495C12.4291 10.1534 12.4291 11.9918 12.4291 13.8301V14C12.8492 14 13.2494 14 13.6495 14C14.0497 13.99 14.3698 13.8002 14.6299 13.5004C14.8299 13.2706 14.93 12.9909 15 12.6911V9.29411C15 9.29411 14.98 9.26413 14.98 9.24415L14.99 9.22417Z\" fill=\"#e46211\"><\/path><path d=\"M5.08646 8.4948C5.04645 8.18507 4.74634 7.98525 4.45623 8.06518C4.21615 8.13512 4.0761 8.32495 4.0761 8.60471C4.0761 9.40401 4.0761 10.2133 4.0761 11.0126C4.0761 11.8119 4.0761 12.6312 4.0761 13.4505C4.0761 13.8401 4.44623 14.0899 4.78635 13.9401C5.03644 13.8301 5.10647 13.6203 5.10647 13.3606C5.10647 11.8019 5.10647 10.2333 5.10647 8.67464C5.10647 8.6147 5.10647 8.55475 5.09646 8.4948H5.08646Z\" fill=\"#e46211\"><\/path><path d=\"M11.2587 8.08516C11.0386 8.16509 10.9185 8.36492 10.9185 8.66465C10.9185 10.2333 10.9185 11.8119 10.9185 13.3805C10.9185 13.4405 10.9185 13.4904 10.9285 13.5504C10.9586 13.7902 11.1686 13.98 11.4087 13.99C11.7188 14 11.9489 13.7802 11.9489 13.4405C11.9489 12.6412 11.9489 11.8319 11.9489 11.0326V10.1933C11.9489 9.65379 11.9489 9.10427 11.9489 8.56474C11.9489 8.19506 11.5888 7.95527 11.2587 8.08516Z\" fill=\"#e46211\"><\/path><\/svg><\/span><span class=\"ai-tools-label\">Escuchar<\/span><\/button><button type=\"button\" class=\"ai-tools-item\" aria-pressed=\"false\" aria-busy=\"true\" disabled id=\"ai-tool-keypoints\"><span class=\"ai-tools-icon\"><svg width=\"16\" height=\"16\" viewbox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M5.99679 1H12.4609C13.0887 1 13.6 1.52731 13.6 2.17489V13.8251C13.6 14.4727 13.0887 15 12.4609 15H3.53913C2.91126 15 2.39999 14.4727 2.39999 13.8251V9.19802V4.57092L5.99679 1Z\" stroke=\"#e46211\" stroke-width=\"1.2\" stroke-miterlimit=\"10\"><\/path><path d=\"M2.39999 5.38502H6.94416V3.94555V1\" stroke=\"#e46211\" stroke-width=\"1.2\" stroke-miterlimit=\"10\"><\/path><path d=\"M10.491 12.2L5.50657 12.2C5.32834 12.2 5.2037 11.8667 5.20008 11.517C5.19587 11.1484 5.32111 10.8 5.50657 10.8L10.4813 10.8C10.6632 10.8 10.795 11.105 10.7998 11.4804C10.8047 11.8341 10.6842 12.2 10.491 12.2Z\" fill=\"#e46211\"><\/path><path d=\"M10.491 9.4L5.50657 9.4C5.32834 9.4 5.2037 9.0666 5.20008 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srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/CELG5T6M3RGBRHWLG6WCUY6VJQ.JPG?auth=8e165ce0a1588583f857d2e74a213ff196ea3e12e9b7ccafbbe0dc62e7d31bd5&amp;smart=true&amp;width=992&amp;height=661&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/CELG5T6M3RGBRHWLG6WCUY6VJQ.JPG?auth=8e165ce0a1588583f857d2e74a213ff196ea3e12e9b7ccafbbe0dc62e7d31bd5&amp;smart=true&amp;width=768&amp;height=512&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/CELG5T6M3RGBRHWLG6WCUY6VJQ.JPG?auth=8e165ce0a1588583f857d2e74a213ff196ea3e12e9b7ccafbbe0dc62e7d31bd5&amp;smart=true&amp;width=577&amp;height=385&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/CELG5T6M3RGBRHWLG6WCUY6VJQ.JPG?auth=8e165ce0a1588583f857d2e74a213ff196ea3e12e9b7ccafbbe0dc62e7d31bd5&amp;smart=true&amp;width=420&amp;height=280&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/CELG5T6M3RGBRHWLG6WCUY6VJQ.JPG?auth=8e165ce0a1588583f857d2e74a213ff196ea3e12e9b7ccafbbe0dc62e7d31bd5&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"En septiembre, el super\u00e1vit primario alcanz\u00f3 los $1,4 billones y el financiero fue de $0,9 billones. REUTERS\/Irina Dambrauskas\" class=\"global-image\" decoding=\"async\" fetchpriority=\"high\" height=\"3333\" loading=\"eager\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/CELG5T6M3RGBRHWLG6WCUY6VJQ.JPG?auth=8e165ce0a1588583f857d2e74a213ff196ea3e12e9b7ccafbbe0dc62e7d31bd5&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" width=\"5000\"><\/picture><\/div>\n<div class=\"sharebar-container display_flex sharebar-new\" style=\"opacity:1\">\n<div class=\"share-bar-article-date-container \"><span class=\"sharebar-article-date\">26 Oct, 2026 12:12 p. m. EST<\/span><\/div>\n<div class=\"sharebar-buttons-container display_flex\">\n<div aria-label=\"Guardar\" class=\"sharebar-buttons button-save\" role=\"button\" tabindex=\"0\"><svg width=\"9\" height=\"12\" viewbox=\"0 0 8 10\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"saved-icon saved\"><path d=\"M6.64286 0.5V9.31687L4.1116 7.16407L4.11106 7.16361C3.79894 6.89891 3.34392 6.89891 3.03179 7.16361L3.03126 7.16407L0.5 9.31687V0.5H6.64286Z\"><\/path><\/svg><span class=\"buttons-save-text\">Guardar<\/span><\/div>\n<div class=\"sharebar-buttons-separator\"><\/div>\n<p><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Telegram\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 38 38\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" fill=\"white\"><\/rect><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" stroke=\"#C2C2C2\"><\/rect><path d=\"M24.9696 12.5511L10.3405 18.0494C10.0623 18.151 9.92701 18.4484 10.0398 18.7168C10.0999 18.8619 10.2277 18.9779 10.3856 19.0214L14.1068 20.0805L15.4975 24.3312C15.6028 24.6576 15.9636 24.839 16.2944 24.7374C16.3921 24.7084 16.4823 24.6504 16.5575 24.5778L18.482 22.6846L22.2558 25.354C22.6091 25.6006 23.0977 25.5281 23.3533 25.1872C23.421 25.1001 23.4661 24.9986 23.4887 24.897L25.9845 13.3707C26.0672 12.979 25.8116 12.5946 25.4056 12.5148C25.2628 12.4858 25.1124 12.5003 24.9771 12.5511M23.1429 15.1116L16.347 20.9147C16.2793 20.9727 16.2342 21.0525 16.2267 21.1395L15.9636 23.381C15.9636 23.4172 15.926 23.4462 15.8884 23.439C15.8583 23.439 15.8358 23.4172 15.8283 23.3955L14.7533 20.0442C14.7007 19.8919 14.7683 19.7251 14.9111 19.638L22.9399 14.836C23.0226 14.7852 23.1353 14.8142 23.1804 14.894C23.2255 14.9666 23.2105 15.0536 23.1504 15.1116\" fill=\"#555555\"><\/path><\/svg><\/button><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Linkedin\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 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15.0383 17.6243C15.1805 18.3619 15.5983 18.9663 16.0426 19.5618C16.887 20.6638 17.8646 21.6237 19.1622 22.1925C19.7932 22.4769 20.4331 22.7613 21.1441 22.7613C21.2685 22.7613 21.393 22.7613 21.5085 22.7346C22.4506 22.5391 23.1172 22.0058 23.0816 21.0193C23.0816 20.9216 23.0194 20.7794 22.9483 20.7438C22.3973 20.4594 21.8462 20.2017 21.2863 19.9439Z\" fill=\"#555555\"><\/path><path d=\"M26.9482 17.8724C26.3972 13.4642 22.1401 10.3447 17.7229 11.1179C12.6481 11.9977 9.71521 17.2859 11.6883 21.9963C12.1948 22.6629 12.0615 23.3472 11.8216 24.0849C11.5105 25.027 11.2794 26.0046 11.0039 27C11.1194 26.9733 11.1994 26.9644 11.2794 26.9378C12.5059 26.6178 13.7324 26.3068 14.9411 25.9868C15.1544 25.9335 15.3144 25.9602 15.5099 26.0579C17.1719 26.8667 18.9227 27.0978 20.718 26.7067C24.833 25.7913 27.4548 22.0496 26.9305 17.8902L26.9482 17.8724ZM20.0515 25.4624C18.4784 25.7113 17.003 25.3913 15.6166 24.6003C15.5099 24.5381 15.3411 24.5115 15.2077 24.547C14.4612 24.7248 13.7146 24.9292 12.9147 25.1336C13.1192 24.3693 13.3058 23.6672 13.5102 22.9473C13.5635 22.7606 13.5369 22.6273 13.4391 22.4673C11.0039 18.5479 13.1014 13.5442 17.6163 12.5043C21.2868 11.6511 25.0285 14.1841 25.5884 17.908C26.1395 21.5519 23.6954 24.8936 20.0515 25.4624Z\" fill=\"#555555\"><\/path><\/svg><\/button><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"1\">Las cuentas p\u00fablicas muestran una de las principales fortalezas de la econom\u00eda, en contraste con las dificultades que todav\u00eda enfrenta la actividad. Con <a rel=\"noopener\" href=\"https:\/\/www.google.com\/search?q=superavit+infobae&amp;oq=superavit+infobae&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIICAEQABgWGB4yBwgCEAAY7wUyBwgDEAAY7wUyBggEEEUYPDIGCAUQRRg80gEIMjk2MGowajSoAgCwAgE&amp;sourceid=chrome&amp;source=chrome.ob&amp;ie=UTF-8\" target=\"_blank\" title=\"https:\/\/www.google.com\/search?q=superavit+infobae&amp;oq=superavit+infobae&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIICAEQABgWGB4yBwgCEAAY7wUyBwgDEAAY7wUyBggEEEUYPDIGCAUQRRg80gEIMjk2MGowajSoAgCwAgE&amp;sourceid=chrome&amp;source=chrome.ob&amp;ie=UTF-8\"><b>super\u00e1vit<\/b><\/a><b> primario y financiero<\/b>, el pa\u00eds se ubica entre los que exhiben <b>mejores resultados fiscales a nivel global<\/b>. No obstante, los mercados contin\u00faan observando algunas debilidades en el esquema.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-1\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"2\">En septiembre, el <b>super\u00e1vit primario alcanz\u00f3 los $1,4 billones<\/b> y el financiero fue de <b>$0,9 billones<\/b>. Mientras que en los primeros nueve meses del a\u00f1o, los resultados acumulados representaron el <b>1,2% y el 0,3% del PBI<\/b>, respectivamente.<\/p>\n<div class=\"inline ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline\" data-ad-slot=\"infobae\/economia\/nota\/inline\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline\" class=\"infobae\/economia\/nota\/inline arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"3\">Seg\u00fan un informe de GMA Capital, la continuidad de estos resultados tambi\u00e9n se observa desde el inicio de la actual gesti\u00f3n: <b>30 de los \u00faltimos 34 meses cerraron con super\u00e1vit primario<\/b>.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-3\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"4\">En la comparaci\u00f3n internacional, la Argentina destaca: entre 98 pa\u00edses con un PBI superior a los USD 50.000 millones, el resultado fiscal consolidado promedio es deficitario en un 3,33% del producto, mientras que la mediana se ubica en -3,2%.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"5\">Para 2026, las estimaciones del Fondo Monetario Internacional (FMI) ubican a la Argentina con un <b>super\u00e1vit del 0,4% del PBI<\/b>, en el <b>percentil 87<\/b> de la distribuci\u00f3n.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-5\"><\/div>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UCLO2JLJFZE43OIQHRB4PZBNUA.png?auth=0259624a28e1166e81c5d4bd5813a2a3466c078c2e038e83e9f7d92099f663d7&amp;smart=true&amp;width=992&amp;height=1127&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UCLO2JLJFZE43OIQHRB4PZBNUA.png?auth=0259624a28e1166e81c5d4bd5813a2a3466c078c2e038e83e9f7d92099f663d7&amp;smart=true&amp;width=768&amp;height=873&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UCLO2JLJFZE43OIQHRB4PZBNUA.png?auth=0259624a28e1166e81c5d4bd5813a2a3466c078c2e038e83e9f7d92099f663d7&amp;smart=true&amp;width=577&amp;height=656&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UCLO2JLJFZE43OIQHRB4PZBNUA.png?auth=0259624a28e1166e81c5d4bd5813a2a3466c078c2e038e83e9f7d92099f663d7&amp;smart=true&amp;width=420&amp;height=477&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/UCLO2JLJFZE43OIQHRB4PZBNUA.png?auth=0259624a28e1166e81c5d4bd5813a2a3466c078c2e038e83e9f7d92099f663d7&amp;smart=true&amp;width=350&amp;height=398&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"Gr\u00e1fico de dispersi\u00f3n con puntos sobre ejes de resultado fiscal y deuda p\u00fablica, con valores destacados para Argentina y notas al pie\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"1227\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/UCLO2JLJFZE43OIQHRB4PZBNUA.png?auth=0259624a28e1166e81c5d4bd5813a2a3466c078c2e038e83e9f7d92099f663d7&amp;smart=true&amp;width=350&amp;height=398&amp;quality=85\" width=\"1080\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"6\">La posici\u00f3n es diferente cuando se considera la deuda p\u00fablica. Los otros 97 pa\u00edses de la muestra registran una deuda promedio equivalente al 60% del PBI y una mediana del 54%, frente al <b>69% de Argentina<\/b>, ubicada en el percentil 69.<\/p>\n<div class=\"inline_2 ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline_2\" data-ad-slot=\"infobae\/economia\/nota\/inline_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline_2\" class=\"infobae\/economia\/nota\/inline_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline_2\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"7\">Sin embargo, al excluir los compromisos dentro del propio sector p\u00fablico, el indicador argentino se reduce al <b>42%<\/b>. Al cruzar esa medida con el resultado financiero, el pa\u00eds integra el grupo de los <b>11 con mejores cuentas p\u00fablicas<\/b>.<\/p>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"las-reservas-y-el-riesgo-electoral-detras-de-la-percepcion-del-mercado\">Las reservas y el riesgo electoral, detr\u00e1s de la percepci\u00f3n del mercado<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"8\">Pese a los resultados fiscales, GMA plantea dos hip\u00f3tesis para explicar por qu\u00e9 las valuaciones no reflejan plenamente ese desempe\u00f1o.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"9\">La primera est\u00e1 vinculada con los antecedentes econ\u00f3micos del pa\u00eds. Los defaults soberanos, las rupturas de contratos y los episodios de inflaci\u00f3n y licuaci\u00f3n elevan las exigencias de los inversores sobre Argentina, que debe mostrar mejores resultados para recuperar su confianza.<\/p>\n<div class=\"ad_1 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_1\" data-ad-slot=\"infobae\/economia\/nota\/ad_1\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_1\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_1\" class=\"infobae\/economia\/nota\/ad_1 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_1\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"10\">\u201cBajo esa lectura, tampoco pasan por alto nuestro tal\u00f3n de Aquiles: el <b>bajo nivel de reservas internacionales<\/b>\u201d, se\u00f1al\u00f3 GMA. Seg\u00fan el indicador ARA (Evaluaci\u00f3n de la Adecuaci\u00f3n de las Reservas) del FMI, que mide la adecuaci\u00f3n de las reservas, Argentina se encuentra entre los emergentes con <b>menor cobertura<\/b>. Esto la deja m\u00e1s expuesta a shocks externos y a episodios de encarecimiento o racionamiento del cr\u00e9dito.<\/p>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YUBUJ32MJZB6LIJBGUKRFAR53E.png?auth=7a01da261e0ca34372c75932d79ef06f7537af46d81518dea9b0b5d3765ebee1&amp;smart=true&amp;width=992&amp;height=1127&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YUBUJ32MJZB6LIJBGUKRFAR53E.png?auth=7a01da261e0ca34372c75932d79ef06f7537af46d81518dea9b0b5d3765ebee1&amp;smart=true&amp;width=768&amp;height=873&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YUBUJ32MJZB6LIJBGUKRFAR53E.png?auth=7a01da261e0ca34372c75932d79ef06f7537af46d81518dea9b0b5d3765ebee1&amp;smart=true&amp;width=577&amp;height=656&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YUBUJ32MJZB6LIJBGUKRFAR53E.png?auth=7a01da261e0ca34372c75932d79ef06f7537af46d81518dea9b0b5d3765ebee1&amp;smart=true&amp;width=420&amp;height=477&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/YUBUJ32MJZB6LIJBGUKRFAR53E.png?auth=7a01da261e0ca34372c75932d79ef06f7537af46d81518dea9b0b5d3765ebee1&amp;smart=true&amp;width=350&amp;height=398&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"Gr\u00e1fico de barras horizontales con montos en d\u00f3lares de reservas internacionales de catorce pa\u00edses, con una barra diferenciada para Argentina\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"1227\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/YUBUJ32MJZB6LIJBGUKRFAR53E.png?auth=7a01da261e0ca34372c75932d79ef06f7537af46d81518dea9b0b5d3765ebee1&amp;smart=true&amp;width=350&amp;height=398&amp;quality=85\" width=\"1080\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"11\">En ese contexto, cuanto mayores son el <b>riesgo pa\u00eds<\/b> y la tasa libre de riesgo, m\u00e1s relevante resulta el stock de divisas del Banco Central.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"12\">La segunda hip\u00f3tesis apunta al escenario pol\u00edtico. El informe se\u00f1ala que el <b>riesgo electoral<\/b> condiciona los an\u00e1lisis de sostenibilidad de la deuda, que dependen de cuatro variables: el stock de deuda, la tasa de inter\u00e9s real, el crecimiento del PBI y el resultado primario.<\/p>\n<div class=\"ad_2 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_2\" data-ad-slot=\"infobae\/economia\/nota\/ad_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_2\" class=\"infobae\/economia\/nota\/ad_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_2\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"13\">Con una continuidad de la actual administraci\u00f3n y de sus pol\u00edticas de super\u00e1vit primario y orientaci\u00f3n pro mercado, la deuda mostrar\u00eda una trayectoria m\u00e1s sostenible. En cambio, un resultado electoral diferente podr\u00eda arrojar proyecciones adversas si se toman como referencia las pol\u00edticas econ\u00f3micas de gestiones anteriores.<\/p>\n<h2 class=\"text-align-left vertical-align-top line-height-100 header headline-class-h2 headline\" id=\"el-nivel-de-actividad\">El nivel de actividad<\/h2>\n<p class=\"paragraph\" data-paragraph-number=\"14\">En lo que respecta a la actividad, en agosto, <b>diez de los quince sectores relevados registraron ca\u00eddas interanuales<\/b> y apenas cinco lograron crecer. Si bien el acumulado de los primeros ocho meses del a\u00f1o todav\u00eda arroja una expansi\u00f3n del <b>1,2%<\/b>, el desempe\u00f1o m\u00e1s reciente refleja un escenario menos favorable para la actividad econ\u00f3mica.<\/p>\n<div class=\"ad_3 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_3\" data-ad-slot=\"infobae\/economia\/nota\/ad_3\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_3\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_3\" class=\"infobae\/economia\/nota\/ad_3 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_3\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"15\">La evoluci\u00f3n del Estimador Mensual de Actividad Econ\u00f3mica (EMAE) volvi\u00f3 a exponer una <b>econom\u00eda de dos velocidades<\/b>, con un deterioro concentrado en los sectores m\u00e1s vinculados al mercado interno.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"16\">La industria manufacturera y el comercio retrocedieron un <b>3,2% y un 3,5% interanual<\/b>, respectivamente, y restaron en conjunto <b>0,9 puntos porcentuales<\/b> al indicador.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"17\">A estas bajas se sumaron las del transporte y las comunicaciones (-2,9%), la intermediaci\u00f3n financiera (-3,8%) y la construcci\u00f3n (-2,5%), un sector que, adem\u00e1s, podr\u00eda enfrentar presiones adicionales en los pr\u00f3ximos meses ante la posible llegada de un fen\u00f3meno de super Ni\u00f1o.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"18\">En contraste, la explotaci\u00f3n de minas y canteras volvi\u00f3 a liderar el crecimiento, con una expansi\u00f3n interanual del <b>11,1%<\/b>. Tambi\u00e9n mostraron variaciones positivas los sectores de electricidad, gas y agua (+4,3%) y hoteles y restaurantes (+3,1%).<\/p>\n<div class=\"ad_4 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_4\" data-ad-slot=\"infobae\/economia\/nota\/ad_4\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_4\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_4\" class=\"infobae\/economia\/nota\/ad_4 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_4\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"19\">Sin embargo, el aporte conjunto de estas tres actividades, equivalente a <b>0,6 puntos porcentuales<\/b>, result\u00f3 insuficiente para compensar el efecto negativo de los sectores en retroceso.<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"20\">\u201cEl deterioro de la actividad no solo complica las perspectivas de recuperaci\u00f3n, sino que tambi\u00e9n plantea interrogantes sobre la capacidad de sostener el respaldo pol\u00edtico al programa econ\u00f3mico. Con el horizonte electoral de 2027 cada vez m\u00e1s cerca, la debilidad de la econom\u00eda real empieza a pesar sobre las expectativas. En definitiva, los avances del frente externo conviven con dudas crecientes sobre su sostenibilidad en el tiempo\u201d, apunt\u00f3 GMA.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EscucharPuntos claveResumen 26 Oct, 2026 12:12 p. m. EST Guardar Las cuentas p\u00fablicas muestran una de las principales fortalezas de la econom\u00eda, en contraste con las dificultades que todav\u00eda enfrenta la actividad. Con super\u00e1vit primario y financiero, el pa\u00eds se ubica entre los que exhiben mejores resultados fiscales a nivel global. No obstante, los mercados [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-32032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/32032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32032"}],"version-history":[{"count":0,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/32032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/media\/32033"}],"wp:attachment":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}