By Hilary Burke
BUENOS AIRES, Jan 7 (Reuters) - Argentina's government confirmed on Wednesday that state tax revenue grew 34.8 percent in 2008 from a year before, although the pace slowed to 20.5 percent in December as brisk economic growth cools.
The treasury secretary and tax agency confirmed the figures announced a day earlier by President Cristina Fernandez.
The government's tax-take totaled 269.38 billion pesos ($75.83 billion) for 2008, compared with 199.78 billion pesos in 2007.
December's tax-take was 23.64 billion pesos ($6.65 billion), compared with 19.62 billion pesos a year before.
This number came in slightly above the 23.18 billion peso median forecast given by seven analysts in a Reuters poll.
Tax receipts are slowing as consumer spending cools amid a global economic downturn and as the country's commodities exports fetch lower prices.
November's tax-take expanded 17.6 percent compared with the same month of 2007, marking the slowest growth rate in nearly three years, due mainly to lower exports.
December's tax revenue got a boost from the transfer of private pension fund assets to the state after Congress nationalized the previously mixed pension system in November.
'The transfer of affiliates from the private system to the new state pension system contributed (to December's revenue),' Treasury Secretary Juan Carlos Pezoa told a news conference.
Income from the social security system jumped 69.6 percent in December year-on-year, versus a 44.8 percent rise throughout 2008.
December's sales tax receipts only grew 4.1 percent, compared with an annual increase of 28.0 percent, reflecting a sharp slowdown in consumption despite the holiday season.
At the same time, export tax revenues fell 15.0 percent in December whereas they rose 76.3 percent in 2008, mirroring the steep downturn in prices for Argentine commodities such as soybeans, corn and wheat in the second half of the year.
High inflation in Argentina, which private analysts put at around 20 percent annually compared to the government's official figure of 7.9 percent through November, has helped expand tax revenue as measured in pesos.
The country's economic growth is slowing after expanding 8.8 percent on average from 2003 through 2007, in the wake of a deep depression.
Analysts see 2008 growth at around 7 percent followed by a sharp slowdown in 2009, with some even forecasting a year-long recession.
($1=3.5525 Argentine pesos)
(Editing by Leslie Adler)
((hilary.burke@thomsonreuters.com; +54 11 4318 0663; Reuters Messaging: hilary.burke.reuters.com@reuters.net))
((For historical Argentine statistical data in Spanish, please see pages through)) Keywords: ARGENTINA ECONOMY/TAX (Xtra: To see a calendar of Argentine economic indicators please click on or type in ARECI02 on a quote page and press enter. For separate pages detailing Argentine analysts' economic forecasts, click on,, and) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
BUENOS AIRES, Jan 7 (Reuters) - Argentina's government confirmed on Wednesday that state tax revenue grew 34.8 percent in 2008 from a year before, although the pace slowed to 20.5 percent in December as brisk economic growth cools.
The treasury secretary and tax agency confirmed the figures announced a day earlier by President Cristina Fernandez.
The government's tax-take totaled 269.38 billion pesos ($75.83 billion) for 2008, compared with 199.78 billion pesos in 2007.
December's tax-take was 23.64 billion pesos ($6.65 billion), compared with 19.62 billion pesos a year before.
This number came in slightly above the 23.18 billion peso median forecast given by seven analysts in a Reuters poll.
Tax receipts are slowing as consumer spending cools amid a global economic downturn and as the country's commodities exports fetch lower prices.
November's tax-take expanded 17.6 percent compared with the same month of 2007, marking the slowest growth rate in nearly three years, due mainly to lower exports.
December's tax revenue got a boost from the transfer of private pension fund assets to the state after Congress nationalized the previously mixed pension system in November.
'The transfer of affiliates from the private system to the new state pension system contributed (to December's revenue),' Treasury Secretary Juan Carlos Pezoa told a news conference.
Income from the social security system jumped 69.6 percent in December year-on-year, versus a 44.8 percent rise throughout 2008.
December's sales tax receipts only grew 4.1 percent, compared with an annual increase of 28.0 percent, reflecting a sharp slowdown in consumption despite the holiday season.
At the same time, export tax revenues fell 15.0 percent in December whereas they rose 76.3 percent in 2008, mirroring the steep downturn in prices for Argentine commodities such as soybeans, corn and wheat in the second half of the year.
High inflation in Argentina, which private analysts put at around 20 percent annually compared to the government's official figure of 7.9 percent through November, has helped expand tax revenue as measured in pesos.
The country's economic growth is slowing after expanding 8.8 percent on average from 2003 through 2007, in the wake of a deep depression.
Analysts see 2008 growth at around 7 percent followed by a sharp slowdown in 2009, with some even forecasting a year-long recession.
($1=3.5525 Argentine pesos)
(Editing by Leslie Adler)
((hilary.burke@thomsonreuters.com; +54 11 4318 0663; Reuters Messaging: hilary.burke.reuters.com@reuters.net))
((For historical Argentine statistical data in Spanish, please see pages through)) Keywords: ARGENTINA ECONOMY/TAX (Xtra: To see a calendar of Argentine economic indicators please click on or type in ARECI02 on a quote page and press enter. For separate pages detailing Argentine analysts' economic forecasts, click on,, and) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.