Brazil’s central government posted a surplus of 4.839 billion reais in September. In September 2025, it recorded a deficit of 14.4 billion reais in current prices.
The median forecast in the Finance Ministry’s Prisma Fiscal survey had pointed to a deficit of 7.5 billion reais. September’s result was the highest surplus for that month since 2023.
National Treasury Secretary Daniel Cardoso Leal said the result was helped by the judiciary’s cancellation of 12.8 billion reais in court-ordered payments from previous years. The amount was returned to public coffers as non-administered revenue.
From January to September, the central government recorded a primary deficit of 90.2 billion reais, compared with 100.3 billion reais in the same period last year.
The central government’s 12-month fiscal result through September 2026 was a deficit of 49.5 billion reais, equivalent to 0.38% of gross domestic product. The National Treasury said the result was in line with expectations.
Total central government spending in September reached 200.1 billion reais, a real increase of 2.4% from the same month in 2025. Spending in January–September totaled 1.965 trillion reais, up 5.4% in real terms year on year.
In September, the National Treasury and the Central Bank together recorded a 31 billion reais surplus, while the social security system (RGPS) posted a deficit of 26.2 billion reais. Net revenue rose 13.6% in real terms to 204.947 billion reais.
