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Brazil sees record-high budget deficit in 2016

Xinhua, January 31, 2017 Adjust font size:

Brazil registered the worst budget deficit in 20 years in 2016, amounting to 154.25 billion reals (49.44 million U.S. dollars) or 2.4 percent of the gross domestic product (GDP), local media reported on Monday.

It is the third year in a row the government has registered a primary deficit amid a severe recession and resulting drop in tax revenues, and it is the worst deficit since records have been kept starting in 1997, the G1 news website reported, citing figures released by the National Treasury.

Still, last year's deficit falls within the parameters set by the government of President Michel Temer, and ratified by Congress, which set a ceiling of 170.5 billion reals (54.65 million dollars).

"The outcome was better than expected, as we brought about a deficit that came in under the target," Finance Minister Henrique Meirelles told reporters.

In 2015, the budget deficit reached 114.9 billion reals (36.83 million in today's dollars). Enditem