I - Fiscal results
The consolidated public sector posted a primary surplus of R$10.3 billion in April. The Central Government registered a surplus of R$7.1 billion, while regional governments turned in a surplus of R$3.41 billion, and state enterprises a deficit of R$141 million.
The primary surplus accumulated in the year reached R$41.1 billion, 1.63 p.p. of GDP lower than in the same period of last year. In twelve months, the surplus reached R$85.8 billion, 1.89% of GDP, as compared to R$89.7 billion, 1.99% of GDP, in March.
Nominal interests appropriated on an accrual basis reached R$18 billion in April. Nominal interests accumulated in the year added up R$80.3 billion, equivalent to 5.28% of GDP, 0.2 p.p. of GDP lower than in the first four months of 2012. The reduction in the Selic rate during the period contributed to this evolution. In twelve months, nominal interests reached R$217.9 billion, 4.81% of GDP, falling by 0.02 p.p. of GDP as compared to the previous month.
The nominal result, which includes the primary surplus and appropriated nominal interests, registered a deficit of R$7.7 billion in April. The nominal deficit accumulated in the year reached R$39.2 billion, equivalent to 2.58% of GDP, 1.43 p.p. of GDP higher than in the same period of 2012. In twelve months, the nominal deficit reached R$132.2 billion, 2.92% of GDP, as compared to R$127.5 billion, 2.83% of GDP, in the year up to March.
The monthly nominal deficit was financed through expansions of R$20.6 billion in debt securities and R$1.9 billion in other domestic financing sources, including the monetary base, partially offset by reductions of R$13.6 billion under net bank debt and R$1.3 billion under net external financing.
II - Federal securities debt
The federal securities debt outside the Central Bank, assessed by the portfolio position, totaled R$1,851.8 billion (40.9% of GDP) in April, declining by R$35.4 million over the previous month. This result reflected net redemptions of R$15.6 billion, a decrease of R$0.1 billion due to the currency appreciation, and incorporation of interests totaling R$15.7 billion.
Highlights were net redemptions of R$24.4 billion in LTN and R$0.7 billion in NTN-C; and issues of R$5 billion in LFT, R$4.1 billion in NTN-B and R$0.5 billion in NTN-F.
The participation by indexing factor registered the following changes in relation to March: the percentage of exchange-indexed securities remained stable at 0.4%; Selic-indexed securities increased from 15.6% to 15.8%, due to issues of LFT; fixed-rate securities fell from 29.6% to 28.7%, due to net redemptions of LTN, and inflation-indexed securities increased from 28.2% to 28.4%. The share of repo operations increased from 25.7% to 26.3%, due to net sales of R$15.8 billion.
At the end of April, the maturity structure of the securities debt on the market was as follows: R$218.3 billion, 11.8% of the total, maturing in 2013, R$366 billion, 19.8% of the total, maturing in 2014, and R$1,267.5 billion, 68.4% of the total, maturing as of January 2015.
At the end of April, the total net exposure in currency swap operations posted a null value. The result of these operations over the month (the difference between the ID yield and the exchange variation plus coupon) was favorable to the Central Bank by R$3 million in the cash concept, an amount taken into account in the calculation of public sector borrowing requirements.
III - Public sector net debt
The public sector net debt (PSND) reached R$1,602.8 billion in April, 35.4% of GDP, falling by 0.1 p.p. as compared to the previous month.
In the year, the PSND/GDP ratio grew by 0.2 p.p., expansion explained by the appropriation of nominal interests, 1.8 p.p. of GDP; currency appreciation of 2% in the year, 0.3 p.p. of GDP; and the parity adjustment in the basket of currencies that compose of the net external debt, 0.1 p.p. of GDP. Conversely, the primary surplus contributed to the ratio reduction by 0.9 p.p.; as well as the current GDP growth, 1 p.p., and the acknowledgment of assets, 0.1 p.p.
The General Government Gross Debt (Federal Government, INSS, state and municipal governments) reached R$2,682.2 billion in April, 59.2% of GDP, remaining stable as a proportion of GDP in relation to the previous month.