Economic Information

PRESS RELEASE - 7.31.2015

Fiscal Policy
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I - Tax results

The consolidated public sector registered a primary deficit of R$ 9.3 billion in June. The Central Government and state-owned companies presented deficits, respectively, of R$ 8.6 billion and R$ 813 million. Regional Governments had a surplus of R$ 56 million.

In the year, the accumulated primary surplus is of R$ 16.2 billion, compared with a surplus of R$ 29.4 billion in the same period in 2014. Considering the 12 months accumulation, a primary deficit of R$ 45.7 billion (0.80% of the GDP) was registered, compared with the deficit of R$ 38.5 billion (0.68% of GDP) in May.

The nominal interests, suitable for competence, reached R$ 26.9 billion in June, against R$ 52.9 billion in May. The favorable outcome of R$ 8.1 billion of the swap exchange operations in the month contributed to this fall, compared with the unfavorable result of R$ 22.1 billion in May. In the yea to dater, the nominal interest amounted R$ 225.9 billion, compared to R$ 120.2 billion in the same period of the previous year. In twelve months, the nominal interest totaled R$ 417 billion (7.32% of the GDP), rising 0.10 pp of the GDP, compared to what was observed in May.

The result, which includes the primary result and the appropriate nominal interest, was a deficit of R$ 36.3 billion in June. In the year, the nominal deficit totaled R$ 209.6 billion compared to the deficit of R$ 90.9 billion in the same period in 2014. Considering the 12 months accumulation, the nominal deficit result reached R$ 462.7 billion (8.12% of the GDP), 0.23 pp of the GDP higher than registered in the previous month.

The nominal deficit in June was financed through an expansion of R$ 54.8 billion in bond debts, counterbalanced, partially by reductions of R$ 9.9 billion in net bank debt, of R$ 604 million in net foreign financing, and R$ 8 billion in other domestic sources of financing, including the monetary base.

II - National bond debt

Internal national bond debt, outside the Central Bank, evaluated by the portfolio position, totaled R$ 2,462.4 billion (43.2% of the GDP) in June, registering an increase of R$ 90.4 billion concerning the previous month. This result reflected in net emissions of R$ 65.1 billion, a reduction of R$ 0.4 billion because of the exchange rate appreciation and incorporation of interest of R$ 25.6 billion.

Net emissions of R$ 35.2 billion in LTN, R$ 11.9 billion in NTN-B, R$ 10.8 billion in LTF, and R$ 6.8 billion in NTN-F stood out.

The participation by indexer recorded the following evolution in relation to May: the percentage of exchange indexed securities went from 0.5% to 0.4%; securities linked to the Selic rate raised from 15.4% to 15.6%, due to LFT net emissions; prefixed securities went from 32% to 33.1%, according to net emissions of LTN and NTN-F; and securities indexed to price indices rose from 25.4% to 25.7% of, due to net emissions of NTN-B. The participation of repo operations increased from 26.4% to 24.9%, showing net purchases of R$ 44.8 billion.

In June, the maturity structure of the bond debt in the market was as follows: R$ 246.9 billion, 10% of the total, maturing in 2015; R$ 399.5 billion, 16.2% of the total, maturing in 2016; and R$ 1.816 billion, 73.8% of the total, maturing from January 2017.

At the end of June, total net exposure in exchange swap operations reached R$ 336.9 billion. The result of these operations in the period (difference between import declaration profitability and exchange variation plus coupon) was favorable to the Central Bank with a value of R$ 8.1 billion.

III - Public sector net debt

The public sector net debt reached R$ 1,962.8 billion in June (34.5% of the GDP), rising 0.9 pp of GDP regarding the previous month. The appreciation of 2.4% of the exchange rate recorded in the month accounted for a raising of R$ 23.7 billion in the stock of the PSND.

In the year, the PSND/GDP ratio increased by 0.4 pp, influenced by the impact of the exchange rate devaluation, with an accumulation of 16.8% in the period (-2.4 pp); by the effect of nominal GDP growth (-1.0 pp); by primary surplus (-0.3 pp); by the incorporation of interest (+4.0 pp); and by the parity adjustment of the currency basket of foreign net debt (+0.1 pp).

The gross debt of the General Government (Federal Government, INSS, state and municipal governments) reached R$ 3,588.4 billion in June (63.0% of the GDP), rising 0.5 pp of the GDP from the previous month.