YEAR BNBD YEAR T-TR YEAR

1995 4.1 1995 1.0 1995

1996 4.8 1996 1.1 1996
1997 5.5 1997 1.2 1997
1998 6.2 1998 1.5 1998
1999 6.3 1999 1.4 1999
2000 7.0 2000 1.5 2000
2001 7.6 2001 1.7 2001
2002 8.7 2002 1.8 2002
2003 10.0 2003 2.2 2003
2004 11.4 2004 2.5 2004
2005 14.0 2005 2.8 2005
2006 17.2 2006 3.8 2006
2007 22.4 2007 5.2 2007
2008 24.7 2008 4.9 2008
2009 20.9 2009 2.7 2009
2010 18.8 2010 2.7 2010
2011 20.3 2011 4.0 2011
2012 22.3 2012 4.4 2012
2013 23.2 2013 4.6 2013
2014 23.9 2014 4.6 2014
2015 24.9 2015 5.0 2015
2016 25.7 2016 5.4 2016
2017 27.5 2017 5.9 2017
2018 29.3 2018 6.4 2018
2019 30.7 2019 6.9 2019
2020 30.0 2020 6.3 2020
2021 33.4 2021 6.2 2021

AÑOS C/Y G/Y I/Y (t-tr)/Y

1995 65.85 24.39 14.63 24.39
1996 66.67 20.83 18.75 22.92
1997 65.45 20.00 20.00 21.82
1998 61.29 22.58 24.19 24.19
1999 65.08 22.22 22.22 22.22
2000 61.43 20.00 24.29 21.43
2001 60.53 19.74 27.63 22.37
2002 59.77 19.54 26.44 20.69
 2003 59.00 20.00 29.00 22.00
2004 60.53 19.30 32.46 21.93
2005 60.00 17.14 34.29 20.00
2006 63.37 17.44 40.12 22.09
2007 60.71 17.86 41.96 23.21
2008 57.09 19.43 35.22 19.84
2009 55.02 17.22 20.57 12.92
2010 61.17 17.55 19.68 14.36
2011 59.61 18.23 25.12 19.70
2012 59.19 17.04 26.91 19.73
2013 60.78 17.67 23.71 19.83
2014 60.25 17.57 23.43 19.25
2015 58.63 18.07 23.29 20.08
2016 59.53 17.90 21.01 21.01
2017 59.27 17.82 21.45 21.45
2018 59.04 18.09 23.21 21.84
2019 57.98 19.22 23.13 22.48
2020 55.33 20.33 21.33 21.00
2021 53.89 19.76 26.65 18.56

AC(1-T) ag ai T
60.2399174 19.1465771 0.25581318 20.79
SUMA 79.6423077
 C YEAR G YEAR I
2.7 1995 1.0 1995 0.6
3.2 1996 1.0 1996 0.9
3.6 1997 1.1 1997 1.1
3.8 1998 1.4 1998 1.5
4.1 1999 1.4 1999 1.4
4.3 2000 1.4 2000 1.7
4.6 2001 1.5 2001 2.1
5.2 2002 1.7 2002 2.3
5.9 2003 2.0 2003 2.9
6.9 2004 2.2 2004 3.7
8.4 2005 2.4 2005 4.8
10.9 2006 3.0 2006 6.9
13.6 2007 4.0 2007 9.4
14.1 2008 4.8 2008 8.7
11.5 2009 3.6 2009 4.3
11.5 2010 3.3 2010 3.7
12.1 2011 3.7 2011 5.1
13.2 2012 3.8 2012 6.0
14.1 2013 4.1 2013 5.5
14.4 2014 4.2 2014 5.6
14.6 2015 4.5 2015 5.8
15.3 2016 4.6 2016 5.4
16.3 2017 4.9 2017 5.9
17.3 2018 5.3 2018 6.8
17.8 2019 5.9 2019 7.1
16.6 2020 6.1 2020 6.4
18.0 2021 6.6 2021 8.9

CONSUMO PUBLICO Y PRIVADO E INVERSION IMPUE

70.00

60.00 30.00

50.00 25.00
40.00 20.00
30.00 15.00
20.00 10.00
10.00
70.00

60.00 30.00

50.00 25.00
40.00 20.00
30.00 15.00
20.00 10.00
10.00 5.00
0.00
0.00
95 97 99 01 03 05 07 09 11 13 15 17 19 21
19 19 19 20 20 20 20 20 20 20 20 20 20 20

95

97

99

01

03
19

19

19

20

20
C/Y G/Y I/Y
 IMPUESTOS NETOS DE TRANSFERENCIAS Y
GASTOS PUBLICOS EN %PIB
30.00

25.00

20.00

15.00

10.00
 GASTOS PUBLICOS EN %PIB
30.00

25.00

20.00

15.00

10.00

5.00

0.00
95

97

99

01

03

05

07

09

11

13

15

17

19

21
19

19

19

20

20

20

20

20

20

20

20

20

20

20
(t-tr)/Y G/Y
YEAR CAPFIN (%PIB)
1995 -2%
1996 -6% 15%
1997 -7%
1998 -10% 10%
1999 -10%
5%
2000 -6%
2001 -8% 0%
2002 -7%
2003 -8% -5%
2004 -11%
-10%
2005 -10%
2006 -20% -15%
2007 -19%
2008 -11% -20%
2009 10%
-25%
2010 4%
95 96 97 98 99 00 01 02 0
2011 -1% 19 19 19 19 19 20 20 20 20
2012 0%
2013 0%
2014 1%
2015 2%
2016 3%
2017 2%
2018 2%
2019 1%
2020 5%
2021 -1%
YEAR CAPFIN PUBLI (%PIB) CAPFIN PRIV (%PIB)
1995 -2% 0%
1996 0% -6%
1997 2% -9%
1998 0% -10%
1999 -3% -6%
2000 -3% -3%
2001 -1% -7%
2002 -2% -5%
2003 -1% -7%
2004 -1% -10%
2005 -1% -9%
2006 -1% -19%
2007 0% -18%
2008 -4% -7%
2009 -9% 19%
2010 -9% 13%
2011 -4% 3%
2012 -1% 1%
2013 -1% 1%
2014 -2% 3%
2015 -2% 4%
2016 0% 3%
2017 -1% 3%
2018 -1% 2%
2019 -1% 1%
2020 -4% 9%
2021 -7% 7%

Year Ahorro publico (%PIB) Year

1995 0% 1995
1996 2% 1996
1997 2% 1997
1998 2% 1998
1999 0% 1999
2000 0% 2000
2001 1% 2001
2002 1% 2002
2003 2% 2003
2004 3% 2004
2005 3% 2005
2006 5% 2006
2007 5% 2007
2008 0% 2008
2009 -5% 2009
2010 -3% 2010
2011 2% 2011
2012 2% 2012
2013 2% 2013
2014 2% 2014
2015 2% 2015
2016 3% 2016
2017 4% 2017
2018 4% 2018
2019 3% 2019
2020 1% 2020
2021 -3% 2021

Year Ahorro privado (%PIB) Year

1995 12% 1995
1996 11% 1996
1997 11% 1997
1998 13% 1998
1999 13% 1999
2000 17% 2000
2001 17% 2001
2002 19% 2002
2003 20% 2003
2004 18% 2004
2005 20% 2005
2006 15% 2006
2007 16% 2007
2008 23% 2008
2009 35% 2009
2010 25% 2010
2011 21% 2011
2012 21% 2012
2013 19% 2013
2014 21% 2014
2015 21% 2015
2016 20% 2016
2017 20% 2017
2018 19% 2018
2019 19% 2019
2020 22% 2020
2021 27% 2021

Year Ingresos totales (%PIB) Year

1995 34.2 1995
1996 35.0 1996
1997 36.5 1997
1998 38.0 1998
1999 37.1 1999
2000 34.4 2000
2001 32.7 2001
2002 32.7 2002
2003 32.2 2003
2004 33.9 2004
2005 34.3 2005
2006 35.9 2006
2007 34.0 2007
2008 34.0 2008
2009 35.5 2009
2010 37.2 2010
2011 38.0 2011
2012 37.4 2012
2013 37.3 2013
2014 37.3 2014
2015 37.2 2015
2016 37.5 2016
2017 37.9 2017
2018 38.5 2018
2019 37.6 2019
2020 38.8 2020
2021 37.6 2021
 CAPFIN (%PIB)
15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20

CAPFIN (%PIB)
 25%

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20

CAPFIN PUBLI (%PIB) CAPFIN PRIV (%PIB)

Inversion publica (%PIB) PIB NOMINAL

2% 4.1
2% 4.7
2% 5.4
2% 6.0
2% 6.3
1% 6.9
 1% 7.5
1% 8.4
3% 9.6
4% 11.1
4% 13.7
5% 17.2
6% 22.7
5% 24.5
5% 19.0
5% 18.1
6% 19.8
5% 21.9
5% 22.7
5% 23.6
5% 24.6
4% 25.4
4% 27.0
5% 29.2
5% 30.6
6% 29.5
5% 32.9

Inversion privada (%PIB)

12%
15%
17%
22%
21% Chart Title
23%
40%
25%
23% 35%

22% 30%
25% 25%
28%
20%
29%
15%
30%
27% 10%
17% 5%
14% 0%
18% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

21% Column D Column G

20%
18%
17%
 16%
16%
16%
18%
18%
18%

Gastos totales (%PIB) INGRESOS Y GASTOS TOTALES (%PIB)

35.6
50.0
35.4
35.1 45.0
38.0
40.0
40.8
37.1 35.0
34.7
30.0
35.0
33.8 25.0
35.1
20.0
34.8
36.5 15.0
34.5
10.0
38.3
45.1 5.0
45.8
0.0
42.3 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17
38.8 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20

38.5 Column D Column G

38.9
38.6
37.5
38.7
39.4
38.2
43.3
44.9
YEAR CAPFIN YEAR PIB NOMINAL
1995 -0.1 1995 4.1
1996 -0.3 1996 4.7
1997 -0.4 1997 5.4
1998 -0.6 1998 6.0
1999 -0.6 1999 6.3
2000 -0.4 2000 6.9
2001 -0.6 2001 7.5
2002 -0.6 2002 8.4
2003 -0.8 2003 9.6
2004 -1.2 2004 11.1
2005 -1.4 2005 13.7
2006 -3.4 2006 17.2
2007 -4.2 2007 22.7
2008 -2.6 2008 24.5
2009 1.9 2009 19.0
2010 0.7 2010 18.1
2011 -0.2 2011 19.8
2012 -0.1 2012 21.9
2013 0.0 2013 22.7
2014 0.3 2014 23.6
2015 0.5 2015 24.6
2016 0.7 2016 25.4
2017 0.6 2017 27.0
2018 0.5 2018 29.2
2019 0.2 2019 30.7
2020 1.4 2020 30.3
2021 -0.2 2021 33.7
 YEAR
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
12 13 14 15 16 17 18 19 20 21 2011
20 20 20 20 20 20 20 20 20 20
2012
N PRIV (%PIB) 2013
2014
2015
2016
2017
2018
2019
2020
2021

Chart Title
8%

6%

4%

2%
 Chart Title
8%

6%

4%

2%

0%

-2%

-4%

-6%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Column D Column G

PIB NOMINAL Year Ahorro privado Inversion privada

4.1 1995 0.5 0.5
4.7 1996 0.5 0.7
5.4 1997 0.6 0.9
6.0 1998 0.8 1.3
6.3 1999 0.8 1.3
6.9 2000 1.2 1.6
7.5 2001 1.3 1.9
8.4 2002 1.6 1.9
9.6 2003 1.9 2.1
11.1 2004 2.0 2.8
13.7 2005 2.8 3.8
17.2 2006 2.5 5.0
22.7 2007 3.6 6.9
24.5 2008 5.6 6.5
19.0 2009 6.6 3.3
18.1 2010 4.6 2.6
9 20 21 22 23 24 25 26 27 19.8 2011 4.2 3.5
21.9 2012 4.7 4.6
22.7 2013 4.4 4.5
23.6 2014 4.9 4.3
24.6 2015 5.2 4.2
 25.4 2016 5.0 4.0
27.0 2017 5.3 4.3
29.2 2018 5.6 4.8
30.6 2019 5.9 5.5
29.5 2020 6.4 5.3
32.9 2021 8.9 5.8

2023
TOTALES (%PIB) 2024

09 10 11 12 13 14 15 16 17 18 19 20 21
20 20 20 20 20 20 20 20 20 20 20 20 20

Column G
CAPFIN AAPP YEAR CAPFIN PRIV
-0.1 1995
0 1996
0.1 1997
0 1998
-0.2 1999
-0.2 2000
-0.1 2001
-0.2 2002
-0.1 2003
-0.1 2004
-0.1 2005
-0.1 2006
-0.1 2007
-1 2008
-1.8 2009
-1.6 2010
-0.8 2011
-0.3 2012
-0.3 2013
-0.4 2014
-0.4 2015
0 2016
-0.2 2017
-0.2 2018
-0.2 2019
-1.3 2020
-2.4 2021

Year Ahorro publico Inversion publica

1995 0.0 0.1
1996 0.1 0.1
1997 0.1 0.1
1998 0.1 0.1
1999 0.0 0.1
2000 0.0 0.1
2001 0.1 0.1
2002 0.1 0.1
2003 0.2 0.3
2004 0.3 0.4
2005 0.4 0.5
2006 0.8 0.9
2007 1.2 1.4
2008 0.1 1.3
2009 -0.9 1.0
2010 -0.6 0.9
2011 0.3 1.1
2012 0.5 1.2
2013 0.5 1.1
2014 0.4 1.1
2015 0.5 1.2
2016 0.8 0.9
2017 1.0 1.2
2018 1.1 1.6
2019 0.9 1.6
2020 0.3 1.7
2021 -0.9 1.7
Year PIB POTENCIAL (Ῡ) OUTPUT-GAP SALDO CÍCLICO
1995 11.5 -3.3 -1.3
1996 11.9 -3.8 -1.4
1997 12.3 0.8 0.3
1998 13.0 1.9 0.7
1999 13.7 -0.9 -0.3
2000 14.6 -1.5 -0.5
2001 15.5 -1.7 -0.6
2002 16.5 -1.2 -0.5
2003 17.7 0.1 0.0
2004 19.0 0.9 0.3
2005 20.5 3.6 1.4
2006 22.0 7.9 3.0
2007 23.5 11.3 4.3
2008 24.4 3.9 1.5
2009 23.9 -9.1 -3.4
2010 23.3 -11.0 -4.1
2011 23.0 -7.7 -2.9
2012 23.1 -1.3 -0.5
2013 23.3 -0.5 -0.2
2014 23.7 -0.2 -0.1
2015 24.3 1.1 0.4
2016 24.8 1.4 0.5
2017 25.4 2.1 0.8
2018 26.2 3.3 1.2
2019 27.0 2.6 1.0
2020 27.6 -3.4 -1.3
2021 28.3 -1.6 -0.6

Year PIB PONTECIAL (Ῡ) C C=ac(1-t)Ῡ

1995 11.5 7.0 7.57
1996 11.9 7.4 7.93
1997 12.3 7.8 8.05
1998 13.0 7.9 7.97
1999 13.7 8.1 8.92
2000 14.6 8.3 8.97
2001 15.5 8.7 9.38
2002 16.5 9.3 8.38
2003 17.7 10.0 10.44
2004 19.0 11.1 11.50
2005 20.5 12.2 12.30
2006 22.0 14.5 13.94
2007 23.5 16.1 14.27
2008 24.4 14.8 13.93
2009 23.9 12.4 13.15
2010 23.3 12.7 14.25
2011 23.0 12.7 13.71
2012 23.1 13.4 13.67
2013 23.3 14.2 14.16
2014 23.7 14.4 14.28
2015 24.3 14.6 14.25
2016 24.8 15.1 14.76
2017 25.4 15.6 15.05
2018 26.2 16.0 15.47
2019 27.0 16.1 15.65
2020 27.6 14.9 15.27
2021 28.3 15.6 15.25

Year PIB PONTECIAL (Ῡ) I Ῑ=aiῩ

1995 11.5 1.5 1.68
1996 11.9 1.9 2.23
1997 12.3 2.1 2.46
1998 13.0 3.0 3.15
1999 13.7 3.0 3.04
2000 14.6 3.2 3.55
2001 15.5 3.9 4.28
2002 16.5 4.2 4.36
2003 17.7 5.2 5.13
2004 19.0 6.4 6.17
2005 20.5 7.1 7.03
2006 22.0 8.8 8.83
2007 23.5 10.4 9.86
2008 24.4 9.0 8.59
2009 23.9 5.3 4.92
2010 23.3 4.3 4.59
2011 23.0 6.1 5.78
2012 23.1 6.4 6.22
2013 23.3 5.8 5.52
2014 23.7 5.5 5.55
2015 24.3 5.8 5.66
2016 24.8 5.8 5.21
2017 25.4 6.4 5.45
2018 26.2 7.2 6.08
2019 27.0 8.0 6.24
2020 27.6 8.0 5.89
2021 28.3 9.4 7.54
SALDO ESTRUCTURAL SALDO PRESUPUESTARIO DISCRECIONAL CAPFIN PÚBLICO
-1.4
-0.4
1.4
0.0
-3.7
-2.7
-1.9
-2.3 2.0
-1.6
-1.2 0.0
-0.5 1 2
-0.5 -2.0
-0.6
-4.3
-4.0
-9.5
-2.8 -1.7 -8.6
-6.0
-1.4 0.0 -4.3
-0.9 0.0 -1.4
-8.0
-1.0 0.0 -1.2
-1.2 -0.3 -1.6
-10.0
-1.9 0.0 -1.4
-0.7 0.2 0.0 Saldo
-1.6 0.0 -0.8
-2.1 0.0 -0.8
-1.5 0.0 -0.6
-3.3 0.1 -4.5
-6.9 0.2 -7.3

CONSUMO CICLICO
ac(1-t) Ĉ=((C-C)/Ῡ)100 OUTPUT-GAP
0.66 -4.98 -3.3
0.67 -4.49 -3.8
0.65 -2.04 0.8
0.61 -0.52 1.9
0.65 -5.96 -0.9
0.61 -4.58 -1.5
0.61 -4.40 -1.7
0.51 5.59 -1.2
0.59 -2.50 0.1
0.61 -2.11 0.9
0.60 -0.49 3.6
0.63 2.54 7.9
0.61 7.80 11.3
0.57 3.57 3.9
0.55 -3.14 -9.1
0.61 -6.66 -11.0
0.60 -4.39 -7.7
0.59 -1.18 -1.3
0.61 0.16 -0.5
0.60 0.51 -0.2
0.59 1.45 1.1
0.60 1.36 1.4
0.59 2.15 2.1
0.59 2.03 3.3
0.58 1.65 2.6
0.55 -1.34 -3.4
0.54 1.23 -1.6

INVERSION CICLICA
ai ῖ=((I-I)/Ῡ)100 OUTPUT-GAP
0.15 -1.59 -3.3
0.19 -2.78 -3.8
0.20 -2.93 0.8
0.24 -1.12 1.9
0.22 -0.32 -0.9
0.24 -2.37 -1.5
0.28 -2.47 -1.7
0.26 -0.98 -1.2
0.29 0.38 0.1
0.32 1.23 0.9
0.34 0.35 3.6
0.40 -0.12 7.9
0.42 2.29 11.3
0.35 1.66 3.9
0.21 1.60 -9.1
0.20 -1.23 -11.0
0.25 1.40 -7.7
0.27 0.80 -1.3
0.24 1.19 -0.5
0.23 -0.22 -0.2
0.23 0.58 1.1
0.21 2.38 1.4
0.21 3.74 2.1
0.23 4.27 3.3
0.23 6.50 2.6
0.21 7.65 -3.4
0.27 6.57 -1.6
 2.0

0.0
1 2 3 4 5 6 7 8 9 10 11 12

-2.0

-4.0

-6.0

-8.0

-10.0

Saldo ciclico Saldo estructural Saldo Dicrecional Capfin Público