I - Fiscal results
In September, the consolidated public sector registered a primary deficit of R$7.3 billion. The Central Government and state-owned companies posted respective deficits of R$6.8 billion and R$894 million, while regional governments turned in a surplus of R$415 million.
In the year, the primary result accumulated a deficit of R$8.4 billion, compared with a deficit of R$15.3 billion in the same period in 2014. In the twelve-month period, a primary deficit of R$25.7 billion (0.45% of the GDP) was observed, against a deficit of R$43.8 billion (0.77% of the GDP) in August.
Nominal interests, appropriated on an accrual basis, reached R$70 billion in September, against R$49.7 billion in August, reflecting the increase of losses with exchange swap operations. Cumulative nominal interests in the year amounted to R$408.3 billion, compared to R$209.1 billion in the same period of the previous year. In twelve months, nominal interests added up R$510.6 billion (8.89% of the GDP), up 0.42 p.p. of GDP as compared to August.
The nominal result, which includes the primary result and nominal interests appropriated on an accrual basis, posted a deficit of R$77.3 billion in September. In the year, the nominal deficit totaled R$416.7 billion, compared to a deficit of R$224.4 billion in the same period of 2014. In 12 months, the nominal result accumulated a deficit of R$536.2 billion (9.34% of GDP), rising 0.10 p.p. of GDP in relation to the deficit observed in the previous month.
The nominal deficit in August was financed by an expansion of R$59.2 billion in the net bank debt and R$20.2 billion in the securities debt, partially offset by reductions of R$1.6 billion in other domestic financing sources, including the monetary base, and R$392 million under net external financing.
II - Federal securities debt
Federal domestic securities debt, outside the Central Bank, evaluated by the portfolio position, totaled R$2,588.7 billion (45.1% of the GDP) in September, expanding by R$36.7 billion over the previous month. This result reflected net issuances of R$13.4 billion, a reduction of R$1.5 billion due to exchange rate depreciation, and incorporation of interests of R$21.8 billion.
It should be highlighted net issuances of R$8 billion in LFT, R$5.4 billion in LTN and R$2.1 billion in NTN-B; and net redemptions of R$1.8 billion in NTN-F, and R$0.2 billion in CFT-E.
The participation by indexing factors registered the following evolution in relation to August: the percentage of exchange-indexed securities remained stable at 0.5%; Selic-indexed securities rose from 16.5% to 16.8%, due to LFT net issuances; fixed-rate securities dropped from 32.4% to 32.6%, due to net issuances of LTN; and inflation-indexed securities rose from 25.2% to 25.3%, as a result of net issuances of NTN-B. The participation of repurchase operations fell from 25% to 24.4%, consequent upon net purchases of R$25.3 billion.
In September, the maturity structure of the securities debt on the market was as follows: R$146.2 billion, 5.6% of the total, maturing in 2015; R$445.2 billion, 17.2% of the total, maturing in 2016; and R$1,997.3 billion, 77.2% of the total, maturing in January 2017.
At the end of September, the total net exposure in exchange swap operations reached R$406.6 billion. The result of these operations in the period (difference between the yield of the Interbank Deposit (DI) and the exchange variation plus coupon) was unfavorable to the Central Bank by R$38.6 billion.
III - Public sector net debt
The public sector net debt (PSND) reached R$1,906 billion in September (33.2% of GDP), rising 0.5 p.p. of GDP over the previous month. The devaluation of 8.94% of the exchange rate observed in the month accounted for an expansion of R$101.7 billion in the PSND stock.
In the year, the PSND/GDP ratio increased by 0.9 p.p., influenced by the impact of accumulated exchange rate devaluation of 49.6% in the period (-7.1 p.p.); the effect of nominal GDP growth (-1.3 p.p.); the appropriation of interests (+7.1 p.p.); the primary deficit (+0.1 p.p.); and the parity adjustment of the basket of currencies that compose of the net external debt (+0.2 p.p.).
The gross debt of the General Government (Federal Government, INSS, state and municipal governments) reached R$3,789.1 billion in September (66% of the GDP), rising 0.5 p.p. of the GDP when compared with the previous month.