Fiscal statistics

PRESS RELEASE - February 28, 2018

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I - Fiscal results

The consolidated public sector registered a primary surplus of R$46.9 billion in January. The Central and regional governments posted respective surpluses of R$36.5 billion and R$10.5 million, while state-owned companies posted a deficit of R$126 million.

In twelve months, until January, the consolidated public sector registered a primary deficit of R$100.4 billion (1.53% of GDP), 0.16 p.p. of GDP lower than the cumulative deficit in 2017, of R$110.6 billion.

Nominal interests of the consolidated public sector, appropriated on an accrual basis, reached R$28.3 billion in January, against R$33.3 billion in December. This reduction reflected the gain of R$3.3 billion in currency swap operations in the month, compared with the loss of R$1.4 billion in the previous month. In twelve months, nominal interests added up to R$392.7 billion (5.97% of GDP), dropping by 0.14 p.p. of GDP when compared with amount of 2017.

The nominal result of the consolidated public sector, which includes the primary result and nominal interests appropriated, posted a surplus of R$18.6 billion in January. In the year, the nominal deficit totaled R$493.1 billion (7.49% of GDP), a decrease of 0.30 p.p. of GDP when compared with the deficit observed in 2017.

The nominal surplus of January reflected reductions of R$59.2 billion in the net bank debt and R$23.2 billion in other sources of domestic financing, including the monetary base, partially offset by expansions of R$62.6 billion in the securities debt and R$1.2 billion in the net external financing.

II - Federal securities debt

The domestic federal securities debt, outside the Central Bank, evaluated by the portfolio position, totaled R$3,405.5 billion (51.8% of GDP) in January, expanding by R$30 billion over the previous month. This result reflected net redemptions of R$58.8 billion, a reduction of R$0.7 billion due to currency appreciation and incorporation of interests in the amount of R$29.4 billion.

It should be highlighted net redemptions of R$49.5 billion in LTN, R$28.8 billion in NTN-F, R$2.3 billion in NTN-C; and R$0.6 billion in CFT-E; and net issuances of R$16.6 billion in LFT and R$6.2 billion in NTN-B.

The participation by indexing factors registered the following evolution in relation to December 2017: the percentage of exchange-indexed securities remained stable at 0.3%; Selic-indexed securities rose from 24.8% to 25%, due to net issuances of LFT; fixed-rate securities fell from 27.8% to 26%, due to net redemptions of LTN and NTN-F; and inflation-indexed securities fell from 23.5% to 23.4%. The participation of repurchase operations increased from 23.3% to 25%, reflecting net purchases of R$88 billion.

In January, the maturity structure of the securities debt on the market was as follows: R$422.4 billion, 12.4% of the total, maturing in 2018; R$452.5 billion, 13.3% of the total, maturing in 2019; and R$2,530.7 billion, 74.3% of the total, maturing as of January 2020.

At the end of January, the total net exposure in currency swap operations reached R$75.3 billion. The result of these operations in the month, in the cash basis (liability position in Selic rate and asset position in exchange rate plus coupon), was negative for the Central Bank by R$3.3 billion.

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

PSND reached R$3,406.9 billion (51.8% of GDP) in January, rising 0.2 p.p. of GDP in relation to the previous month.

This expansion of 0.2 p.p. in the PSND/GDP ratio in the year was due to the currency appreciation effect of 4.4% in the year (increase of 0.7 p.p.), the incorporation of nominal interests (increase of 0.4 p.p.), of the primary surplus (decrease of 0.7 p.p.), and the growth effect of nominal GDP (decrease of 0.2 p.p.).

GGGD (Federal Government, INSS, state and municipal governments) reached R$4,904.3 billion in January (74.5% of GDP), rising 0.5 p.p. of GDP in relation to the value registered at the end of 2017.