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28/12/2017 - 14:07hs

Brazilian government posts primary deficit

Federal, states and local governments in Brazil posted a combined USD 275 million deficit in November.

Brasília – Brazil’s federal, states and local governments saw a BRL 909 million (USD 275 million) combined primary deficit in November, the Central Bank reported this Thursday (28). The number represents revenue minus expenditure, not including interest-related spending.

Although the country failed to save up in order to honor interest payments, this was the best result for a November since 2013. November 2016 saw a much wider primary deficit, at BRL 39.141 billion (USD 11.820 billion). Central Bank Department of Statistics joint chief Renato Baldini explained that the November result was impacted by BRL 12.1 billion (USD 3.6 billion) in revenue from a one-off auction of hydroelectric plants.

Year-to-date through November, federal, states and local governments ran a BRL 78.261 billion (USD 23.6 billion) primary deficit, down from BRL 85.053 billion (USD 25.6 billion) through November 2016. In the 12 months through November, a BRL 148.999 billion (USD 44.9 billion) deficit was registered, a figure tantamount to 2.29% of Gross Domestic Product (GDP).

*Translated by Gabriel Pomerancblum

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