Thanks to Milei, All State-owned Companies Had the Largest Surplus in 17 Years.

The adjustment implemented by the Government of Javier Milei significantly impacted Argentina's state-owned companies, allowing them to achieve the largest operating surplus since October 2008.

Following the case of Aerolíneas Argentinas, which last year surprised by presenting a positive balance for the first time in 16 years, the group of public companies achieved an operating surplus of $140.009 billion in January 2025, according to a report by the Fundación Libertad y Progreso (LyP), based on data from the Ministry of Economy and INDEC.

To find a similar result, it is necessary to go back to October 2008, when, considering the effects of inflation, the surplus amounted to $163.066 billion.

Additionally, as the profit recorded in January was added to the surpluses obtained in October and November of 2024, the state-owned companies managed to close three of the last four months with a positive balance.

According to the historical analysis, the last favorable result prior to those of 2024 occurred in 2009, which means that for 179 consecutive months, that is, almost 15 years, public companies accumulated operating deficitsuninterruptedly.

"As a paradigmatic fact of the current National administration, it can be observed that in 2024 the operating deficit of public companies was $3.21 trillion in constant pesos (0.43% of GDP), 39.1% less than in 2023. Thus, the year 2024 closed with the lowest operating deficit since 2019, when adjusted for inflation it was $2.81 trillion (0.39% of GDP)," detailed the Fundación LyP.

The report included the total of state-owned companies, including the eight that were declared subject to total, partial privatization, or concession under the Ley Bases.

Among them are Energía Argentina (ENARSA), Intercargo, AYSA, Belgrano Cargas, Sociedad Operadora Ferroviaria, Corredores Viales (whose concession was recently announced), Nucleoeléctrica Argentina Sociedad Anónima (NASA) and the Carboniferous, Railway, Port, and Energy Complex managed by Yacimientos Carboníferos Río Turbio (YCRT).

"This positions Javier Milei's presidency as the one that most quickly adjusted the operating deficit of public companies, both in terms of the magnitude of the adjustment and its budgetary impact. Following the trend, in 2025 the operating deficit of public companies would continue to decrease, and even in an optimistic scenario, it could be eliminated, leading to the best result for this group of state companies since 2011," concluded the report.

The Kirchnerist deficit

The experts responsible for the report pointed out that the operating deficit of state-owned companies began to deteriorate significantly starting in 2009, during the first government of Cristina Fernández de Kirchner. Between that year and 2015, operating losses more than tripled, going from a negative balance of $824.634 billion to $3.05 trillion.

In contrast, between 2016 and 2019, under the Cambiemos administration, the deficit of public companies remained relatively stable, with an annual average of $3.36 trillion, a figure similar to that recorded at the end of 2015.

However, the period of greatest deficit occurred between 2020 and 2023, under the presidency of the Kirchnerist Alberto Fernández. During those years, state-owned companies doubled their losses, reaching in 2022 a historic record of $5.86 trillion in current values, which represented a 0.8% of GDP.