Thursday, April 15, 2021

Public debt reaches 90% of GDP in February and sets a new record – Prime Time Zone

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Result is 0.6 percentage point above the January figure and indicates upward spending routes amid the worsening Covid-19 pandemic

Raphael Ribeiro / BCBIncrease of 0.6 percentage point in comparison with January shows upward route of state debt

A Brazilian public debt reached a record of 90% of the Gross Domestic Product (GDP) in February, totaling R $ 6,744.2 billion, according to data from the central bank revealed on Wednesday, 31. The value of the month represents an increase of 0.6 percentage point above January, indicating the upward route of state debt. According to the monetary authority, the evolution was driven by net debt issues, incorporation of nominal interest rates and nominal GDP growth, which resulted in a 0.4 percentage point drop in value.

The Gross Debt of the General Government (DBGG) comprises expenditures from the federal, state and municipal governments, in addition to the INSS. Debt follows the surge in public spending to contain the effects of the new coronavirus pandemic in the country in 2020. Efforts to mitigate the health and economic crises drained more than R $ 620 billion from public coffers last year, throwing public debt to the unprecedented level of R $ 5 trillion, according to data from National treasure. In 2019, the balance was R $ 760 billion.

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