Fiscal statistics

PRESS RELEASE - Jun 29, 2018

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1. Fiscal results

The consolidated public sector registered a primary deficit of R$8.2 billion in May. The Central Government posted a deficit of R$11.1 billion, while regional governments and state-owned companies turned in respective surpluses of R$2.2 billion and R$ 668 million.


In the year up to May, the cumulative result posted a deficit of R$933 million, lower than the cumulative deficit of R$15.6 billion observed in the same period in 2017. In the 12-month period up to May, the consolidated public sector registered a primary deficit of R$95.9 billion (1.44% of GDP), 0.34 p.p. of GDP lower than the cumulative deficit until April.

Nominal interests of the consolidated public sector, appropriated on an accrual basis, reached R$39.7 billion in May, compared with R$36.3 billion in May 2017. This increase is partially due to the result with exchange swap operations in the month, loss of R$6.9 billion, when compared with the loss of R$614 million in May 2017. In twelve months, nominal interests reached R$384.3 billion (5.77% of GDP), an increase of 0.03 p.p. of GDP when compared with the value registered in the previous month.


The nominal result of the consolidated public sector, which includes the primary result and nominal interests appropriated on an accrual basis, posted a deficit of R$47.9 billion in May. In the 12-month period, the nominal deficit reached R$480.2 billion (7.21% of GDP), a decrease of 0.31 p.p. of GDP compared with the cumulative deficit until April.


2. Public Sector Net Debt (PSND) and General Government Gross Debt (GGGD)

PSND reached R$3,416.7 billion (51.3% of GDP) in May, a decrease of 0.7 p.p. of GDP in relation to the previous month. The exchange rate devaluation of 7.4% in the month contributed with R$77.8 billion for the PSND reduction. In the year, a reduction of 0.3 p.p. in PSND/GDP ratio was basically due to the cumulative exchange rate devaluation of 13% in the period (reduction of 2.0 p.p.), by the effect of nominal GDP growth (decrease of 0.8 p.p.), and by the incorporation of nominal interests (increase of 2.4 p.p.).

GGGD - which comprises the Federal Government, INSS and state and municipal governments - reached R$5,133.3 billion in May, equivalent to 77% of GDP, an increase of 1.0 p.p. of GDP compared with the value registered in April.