The public accounts closed the month of August with negative balance, with deficit in all spheres of government. The consolidated public sector – formed by Union, states, municipalities and state companies – recorded primary deficit of R $ 17.255 billion last month.
Nonetheless, There was a reduction in the deficit of the month compared to August 2024, when the accounts closed with $ 21.425 billion negative. In this interannual comparison there was growth of revenues at a higher pace than expenses.
To the Tax statistics They were released on Tuesday (30) by the Central Bank (BC). The primary deficit represents the negative result of public sector accounts (less revenue expenses), disregarding the payment of public debt interest.
In the accumulated 2025, the consolidated public sector records a negative result of R $ 61.792 billion. In the first eight months of last year, this accumulated reached a deficit of R $ 86.222 billion.
In 12 months – closed in August – Accounts accumulate negative results of R $ 23.123 billion, which corresponds to 0.19% of Gross Domestic Product (GDP, the sum of all goods and services produced in the country).
In 2024, public accounts closed the year with a primary deficit of R $ 47.553 billion, 0.4% of GDP.
>> Follow the channel of Brazil agency on WhatsApp
Spheres of government
Last August, the central government account had a primary deficit of R $ 15.934 billion against a negative result of R $ 22.329 billion in August 2024. The amount differs from the result released on Monday (29) by the National Treasury, of R $ 15.6 billion deficitbecause the BC uses a different methodology, which takes into account the debt variation of public entities.
Contributing to increase the deficit of public accounts, regional – state and municipal governments – had a deficit of R $ 1.314 billion last August against positive results of R $ 435 million in the same month of 2024.
Federal, state and municipal state companies – excluded from Petrobras and Eletrobras groups – also contributed to the increase in the deficit of consolidated accounts, with the negative result of R $ 6 million in August. In the same month of 2024, there was a surplus of R $ 469 million.
Interest Expenses
Interest spending was R $ 74.261 billion last month, an increase of just over R $ 5 billion compared to R $ 68.955 billion registered in August 2024. According to the BC, it is not common for interest account to have large variations, especially negative, as interest rates are appropriated by competence, month by month.
But in the result, there are the effects of central bank operations on the exchange rate swap, which is the sale of dollars in the future market) which, in this case, contributed to the improvement of the interest bill in June. The results of these operations are transferred to pay interest on public debt, such as revenue when there are gains and as expense when there are losses.
In August 2025, swap operations had gains of R $ 19.9 billion, reducing the interest bill. Without these results, the interest bill would have an increase of $ 23.5 billion in the interannual comparison, due to the high basic interest rate, Selic, and debt growth itself in the period.
As a result, the nominal result of public accounts – formed by the primary result and interest spending – rose slightly in the interannual comparison. In August, the nominal deficit was R $ 91.516 billion against the negative result of R $ 90.381 billion in the same month of 2024.
In 12 months closed in August, the public sector accumulates deficit R $ 969.627 billion, or 7.81% of GDP. The nominal result is taken into account by the risk classification agencies when analyzing the indebtedness of a country, an indicator observed by investors.
Public debt
Net public sector debt – balance between the total credits and debts of federal, state and municipal governments – reached R $ 7,969 trillion in August, which corresponds to 64.2% of GDP. In the previous month, July, the percentage of net debt in relation to GDP was 63.6% (R $ 7,851 trillion).
Growth is due to the nominal deficit of the month, appropriate nominal interest rates and exchange rate of 3.1% in August. As the country is a foreign currency creditor, an increase in the dollar means increased net debt.
In August this year, the Gross Government debt (DBGG) – which only accounts for federal, state and municipal government liabilities – reached R $ 9.619 trillion or 77.5%, with a small increase over the previous month – R $ 9.555 trillion or 77.5% of GDP. Like the nominal result, gross debt is used to outline international comparisons.
