FX.co ★ Brazil Budget Deficit Widens in September

In September 2025, Brazil's nominal budget deficit surged to BRL 102.2 billion, a significant increase from the BRL 53.8 billion recorded in the previous year, and exceeding market predictions of an BRL 86.1 billion shortfall. The consolidated public sector reported a primary deficit of BRL 17.5 billion, up from BRL 7.3 billion in September 2024. Breaking it down further, the central government faced a BRL 14.9 billion deficit, regional governments encountered a BRL 3.5 billion shortfall, while state-owned enterprises managed to achieve a BRL 1.0 billion surplus. Analyzing the data over the past 12 months, the public sector incurred a primary deficit totaling BRL 33.2 billion, representing 0.27% of the gross domestic product (GDP). The nominal deficit expanded to BRL 1.018 trillion, or 8.16% of GDP, a rise from the prior BRL 969.6 billion, which accounted for 7.81% of GDP in August.