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Totocaputo pointed out that the Registered Sector Salary Index increased by 2.6% monthly in August: 2.8% in the registered private sector and 2.3% in the public sector. Against a monthly inflation of 1.7%, he stated that those salaries grew in real terms by 1.1% and 0.6%, respectively. He added that registered private salaries had recorded their third month of real growth and reached their highest level since January of that year. He also indicated that pensions and the Universal Child Allowance (AUH) rose by 0.2% in real terms in September, marking six consecutive months of growth and reaching their highest level since July of the previous year. Compared to December 2023, he said that registered private and public salaries had increased in real terms by 10.4% and 0.8%, respectively, while pensions and AUH had risen by 14.5% and 110.5% up to September. For unregistered private salaries, with data up to March 2026, he reported a 58.3% increase during the period. #Salarios #Jubilaciones #AUH (translated)

Totocaputo reported that the Monthly Economic Activity Estimator (EMAE) had increased by 0.1% month-on-month in August in the seasonally adjusted series, while the trend-cycle indicator had not changed compared to July. According to him, the latter was 6.6% above the level of December 2023. Among the sectors with year-on-year growth, he mentioned Mining and Quarrying (+11.1%), Hotels and Restaurants (+3.1%), and Real Estate, Business and Rental Activities (+0.4%). Among those that recorded declines, he cited Financial Intermediation (-3.8%), Manufacturing Industry (-3.2%), and Public Administration and Defense (-1.6%). #Economía #ActividadesEconómicas #Crecimiento (translated)

Toto Caputo stated that the Federal Concessions Network had already repaired almost 1,000 kilometers of national routes. According to what he wrote, more than 500 kilometers of RN 5, between Luján and Santa Rosa, in the Pampa Section, had been restored, and the works planned for the first year of concession had been completed in three months with 100% private investment. He also mentioned more than 360 kilometers repaired on RN 12 and 14, in the Eastern Section, and 59 kilometers of RN 174 and the Rosario–Victoria Bridge, in the Connection Section. Caputo stated that the system aimed to improve Argentina's road infrastructure. #Infraestructura #RutasArgentina #Concesiones (translated)

Totocaputo reported that goods exports grew by 23.5% year-on-year in September and reached USD 10.036 billion, surpassing USD 10 billion in a month for the first time. He added that the trade balance recorded a surplus of USD 2.976 billion. According to what he wrote, the four main categories increased year-on-year: Fuels and Energy, by 89.1%; Industrial Origin Manufactures, by 17.5%; Agricultural Origin Manufactures, by 16.8%; and Primary Products, by 9.2%. He also indicated that exports of Fuels and Energy were the highest ever recorded for a month, while exports of Industrial Origin Manufactures reached their highest level since November 2012. Totocaputo added that exports grew by 8.6% month-on-month in seasonally adjusted terms and by 0.6% in the trend-cycle indicator. #Exportaciones #Economía #Comercio (translated)

Totocaputo noted that the exports of SMEs amounted to USD 8.33 billion between January and September 2026, a 23.2% increase compared to the same period in 2025 and the highest value since 2013. He added that 7,061 SMEs exported during those months, a 7.3% increase from 2023. He wrote that microenterprise exports grew by 25.1%, while small and medium-sized enterprises increased by 27.1% and 20.9%, respectively. By sector, the external sales of agricultural manufacturing rose by 32.7%, industrial manufacturing by 22.8%, and primary products by 21.2%. In contrast, exports of fuels and lubricants fell by 31.1%; he indicated that they represented a smaller part of the total. He also listed among the items with the largest increases in exported value the products derived from soybeans, natural honey, sunflower seeds, frozen fish, crustaceans, onions, garlic, leeks, and citrus fruits. #Exportaciones #PYMES #CrecimientoEconómico (translated)

Totocaputo reported that the Evaluation Committee approved the entry of two projects from TGS S.A. into the RIGI to process natural gas liquids. According to what was written, one project includes infrastructure in Tratayén, Neuquén, to separate those liquids from the gas; the other involves a 577 km pipeline and a plant in Bahía Blanca to fractionate and export them. The author noted that these initiatives, related to the development of Vaca Muerta, would expand the evacuation capacity of the basin and allow for an increase in hydrocarbon production. He stated that they would involve an investment of over USD 3.2 billion and generate 19,000 jobs during construction. He also indicated that once they begin operations in 2030, they would contribute USD 1.1 billion annually in exports. #VacaMuerta #Energía #Inversión (translated)

Totocaputo reported that the National Public Sector recorded a primary surplus of $1.427 trillion in September and a financial surplus of $977 billion, an annual increase of 215.6% in the latter. He added that net interest payments on intra-public sector holdings amounted to $450 billion. According to what he wrote, in the first nine months of the year, the sector accumulated a primary surplus equivalent to approximately 1.2% of GDP and a financial surplus of around 0.3%. He attributed the September result to an annual growth of 36.5% in total revenues and 32.2% in primary expenses. He also noted that, in real terms, primary spending fell by 0.9% compared to the level in September 2025. Totocaputo compared the result with the financial deficit of September 2023, which, he indicated, was equivalent to nearly $2.8 trillion at September 2026 prices. #Economía #SectorPúblico #Finanzas (translated)

Totocaputo reported that he met with the President of the World Bank, Ajay Banga; the Vice President for Latin America and the Caribbean, Susana Cordeiro Guerra; and the Vice President of the IFC for Europe, Latin America, and the Caribbean, Alfonso García Mora. According to his writing, they analyzed new projects with financing from the organization and the possibility of expanding the funds available for Argentina. He also noted that they identified opportunities for private investment in strategic sectors and that the World Bank would provide technical assistance to monitor and execute projects of the RIGI. He added that they were working to enable new private investments of USD 10 billion and that they discussed a strategy for artificial intelligence and a project expandable to different sectors and regions. #DesarrolloEconómico #Inversiones #BancoMundial (translated)

Totocaputo described his meeting with Erin Browne, Deputy Secretary for International Affairs at the U.S. Department of the Treasury, as excellent. He noted that, despite the progress in the bilateral relationship and the agreements signed, both agreed on the importance of continuing to deepen and strengthen the ties between the two countries. #RelacionesInternacionales #Diplomacia #Cooperación (translated)

Totocaputo said that he did not believe it was a matter of dishonesty, but he maintained that 90 percent of economists did not understand how the market worked. According to what he wrote, many conceived it as an Excel spreadsheet and assumed that it could be bought at any moment; he added that last year some had used that reasoning to assert that they were finally being taken seriously because they ended up buying. The author maintained that purchases are made when the market sells and that buying when the market demands can raise prices and reduce the quantity obtained. He pointed out that this effect was especially relevant in shallow markets, such as the dollar market in Argentina, and due to the involvement of the BCRA. He also stated that academic economists were employed in banks to write but not to manage investments and warned against following their advice. #Economía #Mercados #Inversión (translated)

Totocaputo maintained that 90 percent of economists did not understand how the market worked and viewed it as a spreadsheet where anything could be bought at any time. He criticized the argument that, he said, had been used last year to assert that they had finally been listened to because they ended up buying. He pointed out that one buys when the market is a seller and that buying when it is a buyer only raises prices and allows one to acquire less and less. He also stated that academic economists often wrote in banks but did not manage investments, and warned that their advice should not be followed. #Economía #Mercados #Inversiones (translated)

Toto Caputo reported that the National CPI registered a monthly variation of 1.9% and an annual variation of 33.4% in September. He noted that it was the lowest monthly inflation for that month since 2017, when a similar variation had been recorded, and that the annual rate decelerated for the second consecutive month. According to Caputo, core inflation was 1.7%; regulated prices varied by 2.3%, and seasonal prices by 2.9%. Clothing and Footwear registered a monthly variation of 1.4% and an annual variation of 10.3%. The Basic Food Basket and the Total Basic Basket each increased by 1.7% monthly. #Inflación #Economía #IPC (translated)

The author of the message reported that he held a meeting with Kristalina Georgieva, Dan Katz, Kicker0024, and their teams, in which they discussed internal and external matters. He wrote that Georgieva particularly praised the fiscal discipline and described it as exemplary on a global level despite the global shocks. He added that the teams would continue working to finalize the third review. #Fiscalidad #Reunión #Colaboración (translated)

Totocaputo recounted that he asked a journalist if his colleagues believed certain news or simply spread them for practical reasons. According to him, the journalist replied that they knew they were false, but used them to fill airtime, as fewer and fewer people were watching journalism. Totocaputo said he would not reveal the journalist's name, although he added that the journalist could publicize it if he wanted to. #Periodismo #Noticias #Desinformación (translated)

Totocaputo described the strategy of a country as one of the most intelligent and effective geopolitical maneuvers of recent decades. He noted that the interview had taken place before its intentions were solidified and stated that U.S.-aligned candidates had won in all the elections; he added that it remained to be seen what would happen in Brazil. He also praised Scott Bessent's intervention as a "masterclass." #Geopolítica #Diplomacia #Estrategia (translated)

The author stated that the manufacturing industry and construction grew in August. According to him, the Industrial Production Index for Manufacturing (IPI) increased by 1.9% month-on-month in the seasonally adjusted series, and six of its nine categories recorded increases. He highlighted the increases in other equipment, devices, and instruments (+9.8%); furniture and other manufacturing industries (+4.3%); petroleum refining, chemicals, rubber, and plastics (+3.6%); and motor vehicles and other transportation equipment (+2.4%). He also pointed out that the industry accumulated a decline of 2.7% in the first eight months of 2026, a period that included July, when, as he wrote, a combination of transitory shocks broadly affected activity. Regarding construction, he indicated that the ISAC rose by 0.4% month-on-month in August and accumulated a growth of 0.8% in the first eight months of the year compared to the same period in 2025. #Industria #Construcción #CrecimientoEconómico (translated)

Totocaputo wrote that his boss had unexpectedly arrived at the Presidency of the Nation and that, in two and a half years, he had changed the voting method of an entire continent. He also raised, with irony, who wouldn't have been able to do the same. #Política #Presidencia #Elecciones (translated)