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