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Financial News: BRAZIL: Primary Deficit For July Is The Highest

BRAZIL: Primary Deficit For July Is The Highest Since 1990s

08/30/2017 - 18:03:00 (RTTNews)

(RTTNews) - The Brazilian government had a primary deficit of R$ 16.138 billion (US$ 5.1 billion) in July, the worst result for that month since the beginning of the records. A year before, the primary deficit was at R$ 12.816 billion, while in June 2017 there was a R$ 19.552 billion deficit.

The result is also the worst ever recorded for the seven-month period from January until July - a R$ 51.321 billion (US$ 16.2 billion) primary deficit, equivalent to 1.38% of the Gross Domestic Product (GDP) and 40.2% higher than the R$ 36.592 billion (1.02% of GDP) negative result from the same period of 2016.

In 12 months through July, the primary deficit amounted to R$ 170.520 billion, or 2.66% of GDP, from 2.61% in the 12 months ended in June. The nominal deficit was at R$ 598.7 billion, or 9,35% of GDP, from 9.50% of the GDP in the previous month.

The net debt of the public sector totaled R$ 3.206 trillion at the end of July, or 50.1% of the GDP, up 1.4 percentage point (pp) from June.

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