05/06/2024 – 9:21
The consolidated public sector (Central Government, States, municipalities and state-owned companies, with the exception of Petrobras and Eletrobras) recorded a primary surplus of R$1.177 billion in March, after a negative result of R$48.692 billion in February, reported the Central Bank. The March result was the best performance of the country’s consolidated accounts for the month since 2022, in the BC’s historical series, which began in 2001. In March 2023, there was a primary deficit of R$14.182 billion.
The primary result reflects the difference between public sector revenues and expenses, before paying interest on public debt.
The March number was above the median deficit of expectations, of R$ 1.70 billion, determined by the Projeções Broadcast survey with financial market analysts.
The range of projections ranged from a deficit of R$11.30 billion to a surplus of R$3.90 billion.
Composition
In the third month of the year, the fiscal result was made up of a deficit of R$1.898 billion for the Central Government (National Treasury, Central Bank and INSS).
Regional governments (states and municipalities) positively influenced the result with R$3.418 billion.
While the States recorded a surplus of R$5.354 billion, the municipalities had a negative result of R$1.936 billion.
State companies recorded a deficit of R$343 million in the month.
Accumulated in the 1st quarter
According to the BC, the consolidated public sector accounts accumulated a primary surplus of R$54.63 billion in the first quarter of 2024, equivalent to 1.98% of the Gross Domestic Product (GDP). In 2023, the result was a deficit of R$249.124 billion.
The fiscal surplus in the year up to March occurred in the wake of the positive balance of R$21.564 billion from the Central Government (0.78% of GDP).
Regional governments presented a surplus of R$34.578 billion (1.26% of GDP) in the period.
While the States recorded a surplus of R$32.576 billion, the municipalities had a positive balance of R$2.002 billion. State companies recorded a negative result of R$1.511 billion.
Accumulated in 12 months
The consolidated public sector recorded a primary deficit of R$252.869 billion in the 12 months ended in March, reported the Central Bank. As a percentage of GDP, the deficit is equivalent to 2.29%. Until February, the accumulated deficit was R$268.229 billion (2.44% of GDP).
The negative fiscal result in the 12 months up to March is made up of a deficit of R$273.424 billion for the Central Government (2.48% of GDP).
Regional governments presented a positive balance of R$23.263 billion (0.21% of GDP) in the period.
While the States recorded a surplus of R$37.337 billion, the municipalities had a deficit of R$14.074 billion in 12 months. State companies recorded a negative result of R$2.709 billion in the period.
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