UPDATE 1-Argentina April tax revenue rises 31 pct yr/yr

BUENOS AIRES, April 3 Mon May 3, 2010 8:26pm EDT

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BUENOS AIRES, April 3 (Reuters) - Argentina's tax revenue rose 31 percent in April to a record 30.13 billion pesos ($7.7 billion), the government tax agency said on Monday.

The figure matched that announced earlier in the day by President Cristina Fernandez and was above market expectations.

A Reuters survey of seven local analysts gave a median outlook for revenue of 28.77 billion pesos.

Argentina's economy is recovering from a slump last year and rising grains export taxes and value-added taxes are both causing revenue income to accelerate.

Also, the country's high inflation -- private estimates say it is running at 20 percent to 30 percent, well above official figures -- translates into more tax revenue.

"However ... unless fiscal spending continues growing at elevated rates above 30 percent, strong tax revenues will have a limited effect on primary fiscal standing," Bertrand Delgado, senior economist at RGE in New York, wrote in a report over the weekend.

The primary fiscal surplus indicates the government's ability to meet debt obligations. ($1=3.9 Argentine pesos) (Reporting by Fiona Ortiz; Editing by Bernard Orr) (helen.popper@thomsonreuters.com; +5411-4318-0655; Reuters Messaging: helen.popper.reuters.com@reuters.net))