Overview

• The central government’s August primary deficit reached R$15.564 billion, the ninth-largest August shortfall in real terms since 1997.
• Over the 12 months to August, the primary balance showed a R$26.6 billion deficit, equal to 0.25% of GDP and within the 2025 tolerance band.
• August’s result combined a R$3.512 billion surplus at the Treasury with a R$19.020 billion deficit at Social Security and a R$56 million deficit at the Central Bank.
• Net revenue rose 11.1% year over year in August to R$45.4 billion, helped by R$9.828 billion in dividends from state-controlled firms, while total spending increased 5.3% to R$189.7 billion.
• Federal investment disbursements totaled R$6.6 billion in August, up 71.5% from a year earlier, though year-to-date investment of R$44.4 billion is down 11.3% in real terms.