FX.co ★ Brazil’s Net Debt-to-GDP Ratio Turns Negative in February, Marking Sharp Shift from January Levels

Brazil’s net debt-to-GDP ratio registered a dramatic shift in February 2026, moving from a positive 65.0% in January to -0.4% in February, according to data updated on 31 March 2026. The reversal indicates that, on a net basis, Brazil’s financial position relative to the size of its economy changed direction within a single month.

In January 2026, the country’s net debt-to-GDP ratio stood at 65.0%, reflecting a conventional indebtedness level compared with economic output. By February 2026, the indicator had moved to -0.4%, implying that net financial assets slightly outweighed net debt when measured against GDP.

The abrupt swing in the ratio over this short period will likely draw close attention from investors and analysts monitoring Brazil’s fiscal metrics and balance sheet dynamics, as the net debt-to-GDP ratio is a key gauge of sovereign financial strength and sustainability.