Overview

• Consolidated public sector ran a R$17.3 billion primary deficit in August, the best August since 2021, with a 12‑month primary gap of R$23.1 billion (0.19% of GDP) and a 28% smaller year‑to‑date deficit than in 2024.
• Including interest, the nominal deficit reached R$91.5 billion in August and R$969.6 billion over 12 months as interest payments totaled R$74.3 billion in the month and R$946.5 billion in the period.
• Gross general government debt was unchanged at 77.5% of GDP in August, about R$9.62 trillion, with the central bank citing a 0.8 percentage‑point addition from interest partly offset by redemptions, currency gains and nominal GDP.
• The Treasury reported the federal public debt stock rose to R$8.14 trillion in August.
• Nonfinancial federal state‑owned companies recorded a R$5.6 billion deficit from January to August, and a Senate report proposing an 80% cap on Union debt that excludes central bank repos is slated for reading in the Economic Affairs Committee.