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Government Reduces 2021 Budget Deficit Estimate

BRAZIL
  • Brazil's government has cut its 2021 primary budget deficit forecast, based on a bi-monthly revenue and expenditure report which showed an expected jump in tax revenues on the back of stronger economic growth.
  • The Economy Ministry now expects a deficit excluding interest payments of 155.4 billion reais ($30 billion) this year, or 1.8% of gross domestic product, down from 187.7 billion reais, or 2.2% of GDP, in May's report.
  • It raised its 2021 net revenue forecast by 43.1 billion reais to 1.476 trillion reais, and increased its primary spending forecast by 10.8 billion reais to 1.632 trillion reais.
  • The new forecasts are based on the government's latest economic growth forecast for this year of 5.3%, revised up last week from 3.5%. (NP)
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