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Brazil sees record high primary deficit in November in 20 years

Xinhua, December 27, 2016 Adjust font size:

Brazil's federal government registered in November a primary deficit of 38.3 billion reals (11.7 billion U.S. dollars), the highest registered in the month of November in 20 years, the country's Treasury Secretariat said on Monday.

It was also a significant change from October, when the federal government registered a primary surplus of 40.8 billion reals (12.47 billion U.S. dollars).

The accumulated primary deficit in the first 11 months of the year was 94.15 billion reals (28.8 billion U.S. dollars), also the highest for the period in 20 years.

The negative figures were attributed to the low tax collection caused by the severe economic crisis the country is going through.

Brazil has been mired in a recession over the past two years.

The Treasury Department revised its estimates for the 2016 primary deficit to 167.7 billion reals (51.3 billion U.S. dollars), which means it expected Brazil to register a primary deficit of 73.55 billion reals (22.5 billion U.S. dollars) in December alone.

If the estimates are confirmed, it will be the third consecutive year witnessing primary deficit in Brazil. In 2017, the government expects Brazil to have a fiscal deficit of 139 billion reals (42.5 billion U.S. dollars) as well. Endi