FX.co ★ Brazil’s Net Debt Edges Up to 65.3% of GDP in December, Extending Fiscal Pressures

Brazil’s net debt-to-GDP ratio inched up to 65.3% in December 2025, from 65.2% in November 2025, underscoring ongoing fiscal pressures as the year closed. The latest figure, updated on 30 January 2026, reflects a marginal deterioration in the country’s public debt profile.

The December move, while modest, keeps Brazil’s leverage hovering near the upper end of recent levels. Investors and policymakers are likely to interpret the uptick as a signal that fiscal consolidation remains fragile, with limited room for policy slippage if debt dynamics are to be contained.

The near-stagnant but upward-tilting trajectory between November and December will keep attention focused on the government’s ability to balance spending demands with revenue generation, as markets assess whether Brazil can stabilize or reverse its net debt ratio in the coming months.