Each year, the Budgetary Guidelines Law (LDO) sets a primary surplus or deficit target that must be met by the federal and local governments, and state-owned companies.
The consolidated public sector encompasses the central government (National Treasury, Central Bank, Social Security), states, municipalities, and state-owned companies (except for Petrobras, Eletrobras, and public banks).
In the 12 months ended in March, the primary surplus of the public sector reached BRL 122.8 billion, equivalent to 1.37 percent of the Gross Domestic Product (GDP).
The primary result is made up of revenues minus interest expenses, not considering the payment of interest on the public debt, the country’s Central Bank reported.
The primary balance is formed by revenues minus the spending on interest, not considering the payment of interest in the public debt. Thus, if revenues surpass spending, the figure is positive.
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