Brazil’s General Government Gross Debt (GGGD)—which comprises the federal government, the National Social Security Institute (INSS), and state and municipal governments—remained at 82.9% of GDP in September 2026, unchanged from August. In nominal terms, the stock of debt totaled R$11.1 trillion.
The apparent monthly stability in the debt-to-GDP ratio reflected offsetting movements. Accrued nominal interest added 0.8 percentage point (pp) to the ratio, while net debt redemptions and the expansion of nominal GDP each reduced it by 0.4 pp.
From the beginning of the year through September, the debt ratio rose by 4.3 pp. The main driver of this increase was accrued nominal interest, which contributed 7.2 pp, followed by net debt issuance, which added 1.1 pp. These effects were partially mitigated by nominal GDP growth, which reduced the ratio by 3.9 pp, and by currency appreciation, which lowered it by an additional 0.2 pp.
