Definition
Gross Public Debt represents the total financial obligations of the Argentine National Government to domestic and external creditors, expressed here in millions of U.S. dollars. It includes foreign-currency-denominated debt, peso-denominated debt indexed to the exchange rate, and instruments issued by the Treasury.
Debt levels are a key indicator of fiscal sustainability. Their dynamics reflect accumulated deficits, exchange rate movements, agreements with international institutions, and debt restructurings. The series analyzed spans from 2019 to 2025, a period marked by significant macroeconomic stress and policy regime shifts.
Analysis
In 2019, debt remained close to USD 330 billion, with fluctuations linked to debt reprofiling and the loss of access to market financing. Following the 2020 restructuring, the debt stock stabilized temporarily.
From 2021 onward, debt began to rise again due to deficit financing, the increased use of indexed instruments, and obligations to international organizations. In 2022–2023, it surpassed USD 400 billion, also driven by exchange rate depreciation and the impact of the severe drought.
In 2024, a sharp increase occurred, with debt reaching levels close to USD 470 billion, reflecting exchange rate realignment, liability revaluation, and a heavier burden from peso-denominated indexed debt.
In 2025, debt remained elevated, with modest reductions in some months but no clear structural shift. Despite fiscal adjustments, the stock continued to stand at historically high levels.
Overall, the series points to a process of persistent debt accumulation, shaped by macroeconomic instability and recurrent deficit financing. Long-term sustainability will depend on the achievement of fiscal surpluses and exchange rate stability.