The Gross Debt of the General Government – which comprises the federal government, the INSS (National Social Security Institute) and state and municipal governments – increased to 80.1% of GDP (R$10.4 trillion). It is an increase of 0.9 pp of GDP compared to the previous month.
The result is contained in the “Tax Statistics” report released by the BC (Central Bank) this Thursday (30). This is the highest debt level since July 2021, when it reached 80.3% of GDP.
According to the monetary authority, the monthly evolution of gross debt was due to appropriate nominal interest (+0.9 pp), net debt issuance (+0.4 pp), the effect of exchange rate devaluation (+0.1 pp) and the variation in nominal GDP (-0.5 pp).
Public Sector Net Debt reached 66.8% of GDP (R$8.6 trillion) in March, rising 1.3 pp of GDP in the month.
In March, the consolidated public sector – made up of the Union, States, municipalities and state-owned companies – had a deficit of R$80.7 billion. It is the biggest deficit for the month since the beginning of the historical series, in 2002.
The deficit of consolidated public sector was recorded after the month presented surplus results for two years in a row. See the public sector historical series for March:
- March 2022: surplus of R$4.2 billion;
- March 2023: deficit of R$14.2 billion;
- March 2024: surplus of R$1.2 billion;
- March 2025: surplus of R$3.6 billion;
- March 2026: deficit of R$80.7 billion.
During the month, the Central Government, regional governments and state-owned companies recorded deficits. look:
- Central government: deficit of R$74.8 billion;
- State: deficit of R$468.55 million;
- Regional governments (states and municipalities): deficit of R$5.4 billion.
