The Central Government accounts (National Treasury, Central Bank and Social Security) showed a primary deficit of R$20.2 billion in November 2025. The result was released this Monday (29) by the National Treasury.
In the same month of 2024, the result, in nominal terms, was also a deficit, but in smaller volume (R$4.5 billion).
According to the Treasury, the result obtained in November of the current year was “above the median expectations” of the Prisma Fiscal survey by the Ministry of Finance, which indicated a deficit of R$12.7 billion.
“The joint result of the National Treasury and the Central Bank was a surplus of R$1.1 billion, while Social Security (RGPS) presented a deficit of R$21.3 billion. Compared to November 2024, the primary result resulted from the combination of a real decrease of 4.8% in net revenue (-R$8.4 billion) and a 4.0% growth in total expenses (+R$7.1 billion)”, informed the Treasury.
This real reduction in net revenue in November 2025 was largely achieved, according to the Treasury, due to the 52.5% drop in unmanaged revenue (-R$16.7 billion), “due to the drop in receipts of Dividends and Participations (-R$6.9 billion), Concessions and Permissions (-R$4.7 billion) and Others (-R$5.7 billion)”.
The following contributed to the real increase in primary expenditure:
- Discretionary expenses of the Executive Branch (+ R$ 3.9 billion, of which R$ 3.2 billion in the health area alone);
- Payments of social security benefits (+ R$3 billion, resulting from the increase in the number of beneficiaries and real adjustments to the minimum wage).
The following contributed to mitigating the growth in primary expenditure:
- Mandatory items with flow control (- R$ 2.2 billion, of which R$ 2 billion related to the Bolsa Família Program);
- Extraordinary Credits (- R$ 1.6 billion), due to the absence, in 2025, of payments associated with actions to combat the calamity in Rio Grande do Sul carried out in November 2024.
The performance in the case of net social security collections was supported by the favorable evolution of the labor market and the increase in Simples Nacional social security payments.
“The real increase in primary expenses observed in November 2025 was concentrated in Discretionary expenses of the Executive Branch (+R$3.9 billion), mainly in actions in the Health function (+R$3.2 billion), and in payments of Social Security Benefits (+R$3.0 billion), explained by the increase in the number of beneficiaries and the real adjustments in the minimum wage”, detailed the Treasury.
The Central Government’s primary deficit for the year (until November) was R$83.8 billion. In the same period of 2024, the deficit, in nominal terms, totaled R$67 billion.
This result arises from a surplus of R$244.5 billion in the National Treasury and the Central Bank and a deficit of R$328.3 billion in Social Security (RGPS). “In real terms, net revenue grew 2.9% (+R$60.2 billion), while expenditure increased 3.4% (+R$71.9 billion)”, explained the Treasury.
The real expansion in net revenue accumulated up to November is due to real increases of 4.5% in revenues administered by the IRS (+ R$ 72.8 billion) and 5.4% in net collection for the RGPS (+ R$ 31.7 billion).
In relation to managed revenue, the following stood out:
- Income Tax (+ R$37.3 billion);
- Tax on financial operations (+ R$13.4 billion);
- Import Tax (+ R$9.4 billion);
- Other managed revenue (+ R$ 12.9 billion).
Non-managed revenues accumulated a real decrease of 6.9% (-R$ 21.6 billion). The result is due to factors such as:
- Reduction in dividends and participations (- R$ 12.3 billion);
- Drop of R$11.6 billion in other revenues;
- Reduction in concessions;
- Permissions (- R$3.7 billion);
- Growth in revenue from the exploration of natural resources (+ R$ 6.9 billion).
