The consolidated public sector accounts, made up of the federal government, states, municipalities and state-owned companies, registered a primary deficit of R$ 33 billion in May this year. The information, released today (29) by the Central Bank (BC), shows that the negative balance was greater than that recorded in May last year, when the accounts closed with a deficit of R$ 15.5 billion.
According to the Fiscal Statistics report, the result is due to a deficit in the Central Government and state-owned companies, in the order of R$ 40 billion and R$ 307 million, respectively. The regional governments registered a surplus of R$ 7.3 billion in the month.
The document also informs that, in the 12 months ended in May, the primary surplus of the consolidated public sector reached R$ 119.9 billion, equivalent to 1.32% of the Gross Domestic Product (GDP).
The primary result is made up of revenues minus expenditures, without considering the payment of interest on the public debt.
Fees
Nominal interest in the consolidated public sector reached BRL 33 billion in May, compared to BRL 21.9 billion in May 2021. According to the BC, the result was mainly due to the increase in the Selic rate in the period, more than offsetting the improvement in the trajectory of the operations of swap exchange rate (gain of R$11 billion in May 2021 and of R$26.7 billion in May 2022).
O swap forex is the sale of dollars in the futures market. The results of these operations are transferred to the payment of interest on the public debt, as income, when there are gains, and as expenses, when there are losses.
In the 12-month period up to May, nominal interest amounts to BRL 500.5 billion (5.51% of GDP), compared to BRL 295.6 billion (3.7% of GDP) in the 12 months up to May 2021 .
The BC also reported that the nominal result of the consolidated public sector, which includes the primary result and nominal interest, had a deficit of R$66 billion in May 2022. In the 12-month period, the nominal deficit reached R$380, 6 billion (4.19% of GDP), up 0.26 percentage point from the accumulated deficit until April 2022.
Public debt
The Public Sector Net Debt (DLSP), which corresponds to the balance between the total credits and debts of the federal, state and municipal governments, closed the month of May at R$ 5.3 trillion, which corresponds to 58.8% of GDP, with an increase of 0.5 percentage point in the month.
The General Government Gross Debt (GDBG) – which only accounts for the liabilities of the federal, state and municipal governments – reached R$ 7.1 trillion or 78.2% of GDP in May 2022, with a reduction of 0.8 percentage point of GDP in the month.
