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EURO / BRAZILIAN REAL (EUR/BRL)

Delayed  -  08:00 2022-11-27 pm EST
5.6174 BRL   +0.08%
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Brazil central government posts primary budget deficit in August topping expectations

09/29/2022 | 02:23pm EST

BRASILIA, Sept 29 (Reuters) - Brazil's central government posted a bigger-than-expected primary budget deficit in August, official data showed on Thursday, affected by court-ordered judiciary payments which last year had been concentrated in June.

According to the Treasury, the primary budget deficit reached 50 billion reais in August, far outstripping the 10.8 billion reais deficit forecast by economists polled by Reuters.

Expenditures grew by 36.4% in real terms, overshadowing an 8.0% rise in the central government's net income.

Expenses were mainly affected by court-ordered judiciary payments that totaled 25.3 billion reais in the month, and by a 23.9 billion reais agreement with the city of Sao Paulo regarding compensation for the occupation of an area where the Campo de Marte airport was built.

Under the agreement, the operation was budgeted as a primary expenditure, but Sao Paulo obtained credit compensation in an equal amount on the municipality's debt with the federal government.

In the 12 months to August, the central government recorded a primary surplus of 74.1 billion reais, equal to 0.88% of gross domestic product.

($1 = 5.3876 reais) (Reporting by Marcela Ayres Editing by Chris Reese and Leslie Adler)


ę Reuters 2022
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