FX.co ★ Brazil Nominal Deficit Widens in November

In November 2025, Brazil's nominal budget deficit expanded to R$101.6 billion, up from R$99.1 billion in the same month of the previous year. The consolidated public sector reported a primary deficit amounting to R$14.4 billion, a significant increase from the R$6.6 billion deficit recorded in November 2024. Specifically, the Central Government experienced a deficit of R$16.9 billion, while state-owned enterprises registered a deficit of R$2.9 billion. Conversely, regional governments managed to achieve a surplus of R$5.3 billion. Nominal interest expenses decreased to R$87.2 billion, compared to R$92.5 billion recorded a year prior. Over the twelve months leading up to November, the nominal deficit reached R$1.03 trillion, which corresponds to 8.13% of GDP. This is a slight change from the R$1.02 trillion, or 8.15% of GDP, recorded in October.