Brazil’s 2025 Fiscal Picture: A Small Primary Gap, A Huge Interest Bill

2026-01-30 - 13:05

Key Points Brazil’s public sector ran a primary deficit of R$55.021 billion ($10 billion) in 2025, near forecasts. The central government stayed in the red, while states and cities partly offset it with a surplus. The decisive pressure came from interest, lifting the overall shortfall to about R$1.0626 trillion ($197 billion). Brazil closed 2025 with