The consolidated public sector had a deficit of R$40.9 billion in June this year. The result is lower than the negative balance of R$48.9 billion observed in the same month of 2023, the Central Bank (BC) reported today (29) in Brasília.
In the accumulated 12 months, the deficit of the consolidated public sector – which includes the federal government, states, municipalities and state-owned companies – was R$272.2 billion. The result is equivalent to 2.44% of the Gross Domestic Product (GDP) and is 0.08 percentage points (pp) lower than the accumulated deficit of the twelve months up to May.
In June, the central government – the National Treasury, Social Security and the BC itself – and state-owned companies had respective deficits of R$40.2 billion and R$1.7 billion, and regional governments had a surplus of R$1.1 billion.
In June, nominal interest of the consolidated non-financial public sector, appropriated on an accrual basis, totaled R$94.9 billion, compared to R$40.7 billion recorded in the same month of 2023. This evolution was influenced by the result of operations of swap exchange rate (loss of R$28.6 billion in June 2024 and gain of R$20.5 billion in June 2023).
Nominal interest
In the twelve months to June this year, nominal interest reached R$835.7 billion (7.48% of GDP), compared to R$638.1 billion (6.06% of GDP) in the twelve months to June 2023.
The nominal result of the consolidated public sector, which includes the primary result and nominal interest appropriated, was in deficit of R$135.7 billion in June. In the accumulated twelve months, the nominal deficit reached 9.92% of GDP, standing at R$1,108 billion, compared to a nominal deficit of R$1,061.9 billion (9.56% of GDP) accumulated up to May 2024.
The BC also reported that the Public Sector Net Debt (DLSP) closed June at 62.2% of GDP (R$6.9 trillion), an increase of 0.1 pp of GDP in the month.
“This result reflected the impacts of the appropriated nominal interest rates (increase of 0.8 pp), the primary deficit (+0.4 pp), the exchange rate devaluation of 6.1% in the month (-0.7 pp), and the variation in nominal GDP (-0.3 pp)”, said the BC.
In the year, the impact of nominal interest rates, of +4.1 pp, of debt recognition (+0.2 pp), of the effect of nominal GDP growth (-1.7 pp) and of the effect of the 14.8% exchange rate devaluation accumulated in the year (-1.6 pp) resulted in an increase in the DLSP of 1.3 pp of GDP.
Gross Debt
The Gross Debt (DBGG) – which covers the Federal Government, INSS and state and municipal governments – reached 77.8% of GDP (R$ 8.7 trillion) in June 2024, an increase of 1.1 pp of GDP compared to the previous month.
According to the BC, this increase was mainly due to nominal interest rates appropriated (+0.6 pp), net emissions (+0.6 pp), the effect of exchange rate devaluation (+0.3 pp), and the variation in nominal GDP (-0.4 pp).
“In the year, the 3.4 pp increase in GDP results, above all, from the incorporation of nominal interest (+3.8 pp), net debt issuance (+0.9 pp), exchange rate devaluation (+0.6 pp) and nominal GDP growth (-2.1 pp)”, informed the Central Bank.
