Weekly Report - 05 February 2026 (WR-26-05)

BRAZIL | Public sector deficit widens in 2025. The central bank (BCB) released new fiscal statistics on 30 January showing that the public sector’s primary deficit in 2025 stood at R$55.0bn (US$10.5bn), equivalent to 0.43% of GDP. This marks a wider deficit than the annual deficit of R$47.6bn (0.40% of GDP) in 2024. The central government’s primary deficit reached R$58.7bn (0.46% of GDP), up from R$45.4bn (0.39% of GDP) in 2024. Regional governments posted a surplus of R$9.5bn (0.07% of GDP) in 2025, up from the surplus of R$5.9bn (0.05% of GDP) in 2024. The annual nominal deficit of the public sector, which includes the primary result and debt interest payments, reached R$1.06tn (8.34% of GDP) in 2025, up from the nominal deficit of R$998bn (8.47% of GDP) registered for 2024.

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