Economic Information

I - Fiscal results

The primary surplus of the consolidated public sector totaled R$3.5 billion in March. The Central Government registered a surplus of R$1.1 billion, while regional governments and state enterprises turned in respective surpluses of R$2.1 billion and R$298 million.

In the year, the cumulative primary surplus totaled R$30.7 billion, 1.73 p.p. of GDP lower than the surplus registered in the same period last year. In twelve months, the surplus totaled R$89.7 billion (1.99% of GDP), 0.17 p.p. of GDP lower than the February's result.

Nominal interests, appropriated on an accrual basis, totaled R$19.4 billion in March, compared to R$20.3 billion in February. Accumulated nominal interests over the year added up R$62.3 billion (5.51% of GDP), 0.19 p.p. of GDP lower than in the first quarter of 2012. This trajectory was impacted by the reduction in the Selic rate over the period. In twelve months, nominal interest rates amounted to R$217.2 billion (4.83% of GDP).

The nominal result, which includes the primary surplus and appropriated nominal interests, posted a deficit of R$15.9 billion in March. In the year, the nominal deficit added up R$31.5 billion (2.79% of GDP), 1.53 p.p. of GDP higher than the deficit registered in the same period of 2012. Over twelve months, the cumulative nominal deficit totaled R$127.5 billion (2.83% of GDP), compared to R$122.2 billion (2.73% of GDP) accumulated in the year up to February.

The monthly nominal deficit was financed through expansions of R$18.9 billion under the securities debt, R$1.4 billion under net banking debt, and R$1.9 billion under other domestic financing sources, including the monetary base, which were partially offset by a reduction of R$6.4 billion under net external financing.


II - Federal securities debt

The federal securities debt outside the Central Bank, estimated by the portfolio position, totaled R$1,851.8 billion (41.2% of GDP) in March, down by R$12.3 billion in comparison with the previous month. This result reflected net redemptions of R$28.2 billion, expansion of R$0.2 billion, due to currency depreciation, and appropriation of interests, R$15.7 billion.

Highlights included net redemptions of R$51 billion in LFT and issues of R$17.2 billion in LTN, R$3.9 billion in NTN-F and R$1.9 billion in NTN-B.

The participation by indexing factors registered the following changes in comparison with February: the percentage of exchange-indexed securities remained stable at 0.4%; Selic-indexed securities fell from 17.7% to 15.6% due to redemptions of LFT; fixed-rate securities increased from 28.7% to 29.6% due to net issues of LTN and NTN-F; and inflation-indexed securities rose from 28% to 28.2%. The share of repo operations increased from 24.7% to 25.7%, due to net sales of R$27.6 billion.

At the end of March, the maturity structure of the securities debt on the market was as follows: R$267.4 billion, 14.4% of total, maturing in 2013; R$362.5 billion, 19.6% of total, maturing in 2014; and R$1.221.9 trillion, 66% of total, maturing as from January 2015.

At the end of March, the total net exposure in exchange swap operations registered a null value. The result of these operations during the month ((the difference between the ID yield and the exchange variation plus coupon) was favorable to the Central Bank by R$45 million in the cash concept, a value included in the calculation of the public sector borrowing requirements.


III - Public sector net debt

The public sector net debt (PSND) totaled R$1,596.3 billion (35.5% of GDP) in March, falling 0.2 p.p. as compared to the previous month. The currency devaluation of 1.9% observed in the month contributed to this reduction.

In the year, the PSND/GDP ratio increased by 0.3 p.p., due to appropriation of nominal interests, 1.4 p.p. of GDP; exchange rate appreciation of 1.5% in the year, 0.2 p.p.; and the parity adjustment of the basket of currencies that compose of the net external debt, 0.1 p.p. Conversely, the ratio was reduced by the primary surplus, 0.7 p.p., and the current GDP growth, 0.8 p.p.

The General Government Gross Debt (Federal Government, Social Security, state and municipal governments) totaled R$2,663.0 billion (59.2% of GDP) in March, rising 0.1 p.p. of GDP from the previous month.