Brazil's central government posts unexpected budget deficit in March

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Brazil's central government posts unexpected budget deficit in March
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Two accused teenagers to remain in custody for at least two more weeks | SaltWire #newsupdate #newsBRASILIA - Brazil's central government recorded an unexpected budget deficit in March, Treasury data showed on Monday, with increased expenses overshadowing the rise in revenues.

The primary deficit amounted to 1.5 billion reais , contrary to the 1.5 billion surplus forecast by economists polled by Reuters.Net revenue rose 8.3% in real terms from the previous year, reaching 163.9 billion reais, buoyed by a record tax collection for the period. Total expenditure saw a smaller increase of 4.3%, albeit from a larger base, hitting 165.4 billion reais.

In the first quarter, the primary surplus stood at 19.4 billion reais, marking a 39.8% drop compared with the same period last year. The government aims to eliminate the primary deficit this year, with a margin of 0.25 percentage point of the gross domestic product either up or down, while the 12-month result reflects a deficit equivalent to 2.2% of GDP.ADVERTISEMENT

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