Brasil Saldo Orçamental

Brazil’s nominal budget deficit reached BRL 125.9 billion in May 2025, narrowing from BRL 138.3 billion a year earlier but exceeding market expectations of a BRL 116 billion gap. It marked the largest monthly shortfall in nearly a year. Over 12 months, the nominal deficit totaled BRL 922.0 billion (7.58% of GDP), slightly down from BRL 934.4 billion (7.73%) in April. The consolidated public sector posted a primary deficit of BRL 33.7 billion in May, down from BRL 63.9 billion in May 2024. The Central Government and state-owned enterprises ran deficits of BRL 37.4 billion and BRL 926 million, respectively, while regional governments posted a BRL 4.5 billion surplus. On a 12-month basis, the public sector registered a primary surplus of BRL 24.1 billion (0.20% of GDP), compared to a BRL 6.0 billion deficit (0.05%) in April. Gross public debt rose to 76.1% of GDP (BRL 9.3 trillion), up 0.2 percentage points from the previous month.