Fiscal statistics

PRESS RELEASE - JANUARY 31, 2018

 ZIP - 218 Kb

 Download Info


I - Fiscal results

The consolidated public sector posted a primary deficit of R$32.3 billion in December. The Central Government, state governments and state-owned companies turned in respective deficits of R$22.2 billion, R$9.7 billion and R$467 million.

In the year, the consolidated public sector registered a primary deficit of R$110.6 billion (1.69% of GDP), compared with a deficit of R$155.8 billion (2.49% of GDP) in 2016.

The consolidated public sector nominal interests, appropriated on an accrual basis, reached R$33.3 billion in December, compared with R$29.1 billion in November. Factors contributing to this increase included losses of R$1.4 billion in foreign exchange swap operations, compared with gains of R$1.2 billion in the previous month. Nominal interests accumulated in 2017 reached R$400.8 billion (6.11% of GDP), compared with R$407.0 billion in the previous year (6.50% of GDP).

The nominal result from the consolidated public sector, which includes the primary result and nominal interests appropriated, posted a deficit of R$65.6 billion in December. In the year, the nominal deficit totaled R$511.4 billion (7.80% of GDP), compared with a deficit of R$562.8 billion (8.99% of GDP) in 2016.

The nominal result deficit in November was financed by expansions of R$39.5 billion in the net bank debt, of R$29.5 billion in the other domestic financing sources, which include the monetary base, and of R$2.8 billion in the net external financing, partially offset by the reduction of R$6.2 billion in the securities debt.

II - Federal securities debt

The domestic federal securities debt, outside the Central Bank, evaluated by the portfolio position, totaled R$3,435.5 billion (52.4% of GDP) in December, increasing by R$63.5 billion when compared with the previous month. This result reflected net issuances of R$35.9 billion, an expansion of R$0.2 billion due to currency depreciation, and incorporation of interests in the amount of R$27.4 billion.

Items worth highlighting were net issuances of R$16.9 billion in LTN, R$11.7 billion in LFT, R$4.4 billion in CFT-E, R$2 billion in NTN-B, and of R$1.3 billion in NTN-F, coupled with net redemptions of R$0.3 billion in debt securitization.

The participation by indexing factors registered the following evolution compared to November: the percentage of exchange-indexed securities remained stable at 0.3%; Selic-indexed securities rose from 24.4% to 24.8%, due to net issuances of LFT; fixed-rate securities rose from 27.1% to 27.8%, due to net issuances of LTN and NTN-F; and inflation-indexed securities rose from 23.1% to 23.5%, due to net issuances of NTN-B and CFT-E. The participation of repo operations fell from 24.8% to 23.3%, showing net purchases of R$75.9 billion.

In December, the maturity structure of the securities debt in the market was as follows: R$500.8 billion, 14.6% of the total, maturing in 2018; R$447.5 billion, 13% of the total, maturing in 2019; and R$2,487.2 billion, 72.4% of the total, maturing as of January 2020.

At the end of December, the total net exposure in foreign exchange swap operations reached R$78.3 billion. The monthly Central Bank's result with these operations, on the cash basis (liability position in Selic rate and asset position in exchange variation plus coupon), was negative in the amount of R$1.4 billion.

III - Public Sector Net Debt (PSND) and General Government Gross Debt (GGGD)

PSND reached R$3,382.9 billion (51.6% of GDP) in December, increasing 0.6 p.p. of GDP when compared with the previous month.

In the year, the 5.4 p.p. increase of the PSND/GDP ratio resulted from incorporation of nominal interests (increase of 6.1 p.p.), the primary deficit (increase of 1.7 p.p.), the acknowledgement of debts (increase of 0.1 p.p.), the effect of the 1.5% exchange depreciation in the year (decrease of 0.2 p.p.), the parity adjustment of the basket of currencies that compose the net external debt (decrease of 0.2 p.p.), and the effect of nominal GDP growth (decrease of 2.1 p.p.).

GGGD (Federal Government, INSS, state and municipal governments) reached R$4,854.7 billion in December (74.0% of GDP), falling 0.2 p.p. of GDP in the month, and increasing 4.1 p.p. of GDP in the year.

IV - Update of the Fiscal Statistics Handbook

The Fiscal Statistics Handbook of the Central Bank, a publication that details the methodology followed by the institution in the calculation of macroeconomic statistics of the fiscal sector, is being currently updated and will include a specific section addressing securitization operations, defined as operations in which a nonfinancial public sector body transfers to a financial private or public sector body the ownership rights on its financial assets or the right to receive specific future flows.

Other timely updates in the Handbook include, for example, greater details on regional fiscal statistics published by the Central Bank. The Fiscal Statistics Handbook can be found at the online address http://www.bcb.gov.br/ftp/infecon/Estatisticasfiscais.pdf.