FX.co ★ Brazil's Budget Gap Widens in March

In March 2025, Brazil reported a nominal budget deficit amounting to BRL 71.6 billion, marking an increase from the BRL 63 billion deficit recorded in March 2024. The central government contributed BRL 2.3 billion and state-owned enterprises added BRL 566 million to the deficit figures. Conversely, regional governments reported a surplus of BRL 6.5 billion. The government's primary fiscal balance also recorded a surplus, reaching BRL 3.6 billion compared to BRL 1.2 billion in the same period the previous year. Additionally, Brazil's government debt as a percentage of GDP slightly decreased to 75.9%, down from 76.2% in February 2025.