Overview

• The August shortfall was concentrated at the federal level with a R$15.9 billion deficit, while states and municipalities posted R$1.3 billion and state-owned enterprises R$6 million.
• In the 12 months to August, the primary deficit narrowed to R$23.1 billion, equal to 0.19% of GDP, from R$27.3 billion in July.
• Interest payments reached R$74.3 billion in August versus R$69.0 billion a year earlier, with 12‑month interest totaling R$946.5 billion, or 7.63% of GDP.
• The nominal deficit, which includes interest, was R$91.5 billion for the month, bringing the 12‑month nominal gap to R$969.6 billion, or 7.81% of GDP.
• Gross government debt stood at 77.5% of GDP (R$9.6 trillion) and was stable month to month, while net debt rose to 64.2% of GDP (about R$8 trillion) on the back of interest accruals and exchange-rate effects.