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Public accounts are positive by R$4.3 billion in March, says BC

The public accounts of the consolidated public sector, made up of the federal government, states, municipalities and state-owned companies, registered a primary surplus of BRL 4.3 billion, compared to a surplus of BRL 5 billion in March 2021, the Bank reported today (16). Center (BC). Despite the result, the accounts of the Central Government, which includes Social Security, the Central Bank and the National Treasury, had a deficit of R$ 7.8 billion in the month. Regional governments and state-owned companies recorded, in that order, surpluses of R$ 11.9 billion and R$ 242 million in the month.Public accounts are positive by R$4.3 billion in March, says BC

The information comes from the fiscal statistics report released this Monday by the BC. According to the document, in the 12 months ended in March, the primary surplus of the consolidated public sector reached R$ 122.8 billion, equivalent to 1.37% of the Gross Domestic Product (GDP, the sum of all goods and services produced in the parents).

The primary result is formed by revenues minus interest expenses, without considering the payment of interest on the public debt. Thus, when revenues exceed expenditures, there is a primary surplus.


Consolidated public sector nominal interest expenses reached BRL 30.8 billion in March 2022, compared to BRL 49.5 billion in March 2021. According to the BC, the result of swap exchange rate contributed to this reduction, “more than offsetting the increases in the Selic rate and the IPCA [Índice de Preços ao Consumidor Amplo] in the period”.

THE 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.

These operations recorded a loss of BRL 16.6 billion in March 2021 and a gain of BRL 40.3 billion in March 2022. In the 12-month period up to March this year, nominal interest totaled BRL 403.8 billion ( 4.52% of GDP), compared to BRL 309.9 billion (4.03% of GDP) in the 12 months to March 2021.

The BC informed that the nominal result of the consolidated public sector, which includes the primary result and the nominal interest appropriated, had a deficit of R$ 26.5 billion in March. In the 12-month period, the nominal deficit reached R$ 281.1 billion, equivalent to 3.15% of the Gross Domestic Product (GDP), reducing 0.24 percentage point in relation to the deficit accumulated until February 2022.

Public debt

The Public Sector Net Debt (balance between the total credits and debts of the federal, state and municipal governments) closed the month of March at R$ 5.2 trillion, which corresponds to 58.2% of GDP, rising 1.1 percentage point of GDP in the month.

“This result mainly reflected the impacts of the exchange rate appreciation of 7.8% (increase of 1.1 percentage points), the nominal interest appropriated (increase of 0.3 percentage points), the effect of the variation in the basket of currencies that make up the net external debt (0.2 percentage point increase), and the effect of nominal GDP growth (0.6 percentage point decrease)”. said BC.

The General Government Gross Debt (DBGG) – which only accounts for the liabilities of the federal, state and municipal governments – reached R$ 7 trillion or 78.5% of GDP in March 2022, a reduction of 0.8 percentage point from the GDP compared to the previous month.

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