Public accounts closed June 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 $ 47.091 billion last month.
There was an increase in the deficit of the month compared to June 2024, when the accounts closed with $ 40.873 billion negative. In this interannual comparison, there was growth of expenses at a higher pace than revenues.
To the Tax statistics were released on Thursday (31) 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.
Despite the negative result of the month, in the accumulated of 2025, the consolidated public sector records primary surplus of R $ 22.029 billion. In the first half of last year, there was a negative result of R $ 43.448 billion, which has now become positive, with an improvement of R $ 65.5 billion.
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According to BC, a relevant part of this improvement has the influence of the calendar of payment of precatory (debts with definitive court judgments) of the Federal Government. Last year, payment was anticipated in February, contributing to the deficit in the first half. For this year, the payment of R $ 63 billion in precatories in this second half of the year is expected.
In 12 months – closed in June – Accounts accumulate positive results of R $ 17.925 billion, which corresponds to 0.15% 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.
Spheres of government
Last June, the central government account had a primary deficit of R $ 43.527 billion against a negative result of R $ 40.188 billion in June 2024. In this comparison, revenues remained stable, with a reduction in the collection of dividends from state companies and public banks, while expenses increased by 1.6%.
The amount differs from the result released on Wednesday (30) by National Treasury, of a deficit of R $ 44.296 billionbecause the BC uses a different methodology, which takes into account the debt variation of public entities.
You State governments registered deficit in June of R $ 1.354 billion, compared to surplus of R $ 2.011 billion in June last year, Also due to the growth of expenses greater than revenues. Municipal governments had a positive result of R $ 400 million in June this year. In the same month of 2024, there was a deficit of $ 954 million for these entities.
Therefore, Contributing to increase the deficit of public accounts, in total, regional – state and municipal governments – had a deficit of $ 954 million last June against positive result of $ 1.057 billion 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 $ 2.610 billion in June. In the same month of 2024, the deficit was $ 1.742 billion.
Interest Expenses
You Interest spending was R $ 61.016 billion last month, a reduction of about R $ 30 billion compared to R $ 94.851 billion registered in June 2024. According to the BC, it is not common for interest bill to present large variations, especially negative, as interest rates are appropriate by competence, month by month.
But in the result, there is the effects of central bank operations on the exchange market (swap Currency, 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 June 2024, the operations of swap They had a loss of R $ 28.6 billion, while in June this year there was a gain of RS 20.9 billion, reducing the interest bill. Without these results, the interest bill would have an increase of R $ 15.7 billion in the interannual comparison, Due to the high interest rate of interest, Selic, and debt growth itself in the period.
With this, the nominal result of public accounts – formed by the primary result and interest spending – fell in the interaminal comparison. In June, the nominal deficit was R $ 108.107 billion against the negative result of R $ 135.724 billion in the same month of 2024.
In 12 months closed in June, the public sector accumulates deficit R $ 894.388 billion, or 7.3% 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
The net debt of the public sector – balance between the total credits and debts of federal, state and municipal governments – reached R $ 7,702 trillion in June, which corresponds to 62.9% of GDP. It is the highest debt value in the BC historical series, which began in December 2001. In the previous month, May, the percentage of net debt in relation to GDP was 62% (R $ 7.547 trillion).
THE Growth is due to the nominal deficit of the month and the currency appreciation of 4.4% in June. As the country is a foreign currency creditor, an increase in the dollar means increased net debt.
In June this year, the Gross Government debt (DBGG) – which only accounts for federal, state and municipal governments liabilities – reached R $ 9.388 trillion or 76.6%, with an increase over the previous month – R $ 9.264 trillion or 76.1% of GDP. Like the nominal result, gross debt is used to outline international comparisons.
