- Datum: 31.08.2017
- Land:Brasilien
- Kategorie:Berichte & Analysen
Latam Talking Points - Brazilian central government’s fiscal result disappoint in July
The central government posted a BRL 20.2 billion deficit in July, slightly worse than market expectations (BRL -18.7 billion). The result…
The central government posted a BRL 20.2 billion deficit in July, slightly worse than market expectations (BRL -18.7 billion). The result repeats the same rhetoric of the past years for fiscal accounts’ deterioration: large budget cuts continue to be insufficient to offset the rise in mandatory spending and the decline in revenues. Meanwhile, the nominal deficit remained high (at 9.6% of GDP over 12 months, excluding the Central Bank’s gains on FX swap transactions) and the general government’s gross debt reached 73.8% of GDP, reinforcing the extreme importance of reforms (particularly the pension reform) to reverse the structural trend of fiscal deterioration.
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