Brazil public accounts close out March with BRL 4.3 bi surplus

The figures were released by the Central Bank

Published in 16/05/2022 - 11:21 By Luciano Nascimento - Brasília
Updated in 17/05/2022 - 10:02

Brazil´s public accounts saw a positive balance in March, as per data released on Tuesday (Apr. 16) by the country´s Central Bank. The public sector - the federal, state, and municipal governments, and state-owned companies combined, had a primary surplus of BRL 4.3 billion. In March 2021 the surplus stood at BRL 5 billion. Despite the result, under Central Government — comprising social security, the Central Bank, and the National Treasury—a deficit was registered at BRL 7.8 billion.

On the other hand, regional governments had a surplus of BRL 11.9 billion, and state-owned companies recorded a surplus of BRL 242 million in March.

The figures can be found in the Central Bank’s Fiscal Statistics report. In the 12 months ended in March, the bank stated, the primary surplus of the public sector reached BRL 122.8 billion, equivalent to 1.37 percent of the Gross Domestic Product (GDP).


The public sector nominal interest expenses reached BRL 30.8 billion in March 2022, compared to BRL 49.5 billion in March 2021. According to the Central Bank, the result of foreign exchange swap operations has contributed to this reduction.

The currency swap is the sale of dollars in the future market. Results from these operations are put towards the payment of interest in the public debt—as revenues, whenever there are gains; and expenditures, whenever losses are reported.

These operations recorded a loss of BRL 16.6 billion in March 2021 and a gain of BRL 40.3 billion in March 2022. In the 12-month period up to March this year, nominal interest totaled BRL 403.8 billion (4.52% of GDP), compared to BRL 309.9 billion (4.03% of GDP) in the 12 months to March 2021.

The nominal result of the public sector, which includes the primary result and the nominal interest appropriated, had a deficit of BRL 26.5 billion in March. In the 12-month period, the nominal deficit reached BRL 281.1 billion, equivalent to 3.15 percent of the Gross Domestic Product (GDP), a reduction of 0.24 percentage points in relation to the deficit accumulated until February 2022, the Central Bank´s report reads.

Public debt

The net debt in the public sector closed out March at BRL 5.2  trillion — 57 percent of the GDP, an increase of 1.1 percentage point of the GDP in the month.

The General Government Gross Debt (DBGG) – which only accounts for the liabilities of the federal, state, and municipal governments – reached BRL 7 trillion or 78.5 percent of the GDP in March 2022, a reduction of 0.8 percentage point from the GDP compared to the previous month.

Translation: Mário Nunes -  Edition: Valéria Aguiar

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