Brazilian government cuts primary deficit forecast for 2023 by more than half

The Brazilian government today reduced to R$107.6 billion reais (US$20.546 billion) the primary deficit forecast for this year, less than half of the R$228.1 billion (US$43.555 billion) previously forecast, informed the Ministry of Planning and Budget.

The revision places the primary deficit at one percent of Brazil’s Gross Domestic Product (GDP).

The primary deficit is the negative result of the government’s accounts, excluding interest on public debt.

The lowering is due to an increase in the revenue forecast of R$110 billion (US$21 billion) and a reduction in expenditures of R$10.6 billion (US$2.024 billion).

In 2022, the Brazilian government recorded a surplus of R$53.8 billion US$10.275 billion), the first positive result in eight years.

In 2021, the country’s accounts recorded a deficit of R$40.2 billion (US$7.675 billion).

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