The country’s consolidated public sector registered a primary surplus of R$ 15 billion in November, according to information released this Thursday (30).
The result was possible because the Central Government (National Treasury, Social Security and Central Bank) obtained a surplus of R$ 3.5 billion, while the state governments reached a positive balance of R$ 11.7 billion. The state companies had a deficit of R$ 238 million. In November last year, the result in the same month was a deficit of R$ 18.1 billion.
November’s primary result is the best since November 2013 (when it had been R$29.8 billion). The primary result is formed by income minus expenses, excluding interest expenses.
In the accumulated result for the year, the consolidated public sector registered a primary surplus of R$ 64.6 billion, against a deficit of R$ 651.1 billion in the same period in 2020. In the last twelve months, the consolidated public sector reached a primary surplus of R$ 12.8 billion, a result that had been a deficit of R$ 20.4 billion in the last twelve months up to October.
Yesterday (29), the National Treasury reported that the country is moving towards registering, still in 2021, the first primary surplus in eight years.
Fees
The nominal interest of the consolidated public sector reached R$ 41.6 billion in November, compared to R$ 2 billion in November 2020. According to a statement from the Central Bank, this evolution was influenced by the less favorable result of the operations of swap exchange rate in the period (gains of BRL 25.3 billion in November 2020 and BRL 3 billion in November 2021), and by the increase in the Selic rate.
In twelve months, nominal interest reached R$418 billion (4.86% of GDP), against R$313.4 billion (4.23% of GDP) in the twelve months ended November 2020. GDP [Produto Interno Bruto] it is the sum of goods and services produced by the country.
The nominal result of the consolidated public sector, which includes the primary result and nominal interest appropriated, was a deficit of R$ 26.6 billion in November 2021. In the last twelve months, the nominal deficit reached R$ 405.2 billion (4.71% of GDP), against R$ 398.7 billion (4.68% of GDP) in the accumulated result until October.
Public debt
The Public Sector’s Net Debt reached 57% of GDP in November (R$4.9 trillion), decreasing 0.1 percentage point (pp) of GDP in the month. According to the BC, this result reflected the impacts of nominal GDP growth (0.5 pp reduction), the primary surplus (0.2 pp reduction) and appropriated nominal interest (0.5 pp increase).
In the year, the Public Sector Net Debt to GDP ratio dropped by 5.5 pp, an evolution mainly due to the effects of nominal GDP growth (reduction of 8.3 pp), the accumulated exchange rate devaluation of 8.1% ( reduction of 1.3 pp), of the primary surplus (reduction of 0.8 pp), of appropriated nominal interest (increase of 4.6 pp) and of the variation in the parity of the basket of currencies that make up the net external debt (increase of 0.4 pp).
The Gross Debt of the General Government, which comprises the federal government, INSS and state and municipal governments – reached 81.1% of GDP (R$ 7 trillion) in November, decreasing 1.1 pp of GDP in the month.
“This evolution was basically due to net debt redemptions (reduction of 1.0 pp), growth in nominal GDP (reduction of 0.8 pp), and incorporation of nominal interest (increase of 0.6 pp). In the accumulated result for the year, the 7.5 pp reduction in the DBGG/GDP ratio was mainly due to the growth of nominal GDP (a reduction of 11.7 pp), of the net redemptions of debt (a reduction of 1.4 pp), of the incorporation of nominal interest (increase of 5.1 pp) and exchange devaluation (increase of 0.5 pp)”, informed the BC.
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