Brasil: governo gastador, despoupador, perdulário...

Do relatório diário de conjuntura do Citi: 

Brazil Macro Flash: Further Increasing the Risk of Not Accomplishing Fiscal Target Announced: Friday, September 28 at 9:30 a.m. (NYT)  Actual: R$3.0 Billion Previous: R$5.7 Billion Consensus: R$4.1 Billion Citi: R$7.8 Billion Bottom Line The primary surplus of the consolidated public sector came in at R$3.0 billion in August, below consensus expectations. As a result, the primary surplus accumulated over the last 12 months fell again to 2.46% of GDP (from 2.51% in July), leaving further from the year end target of 3.1% of GDP. The weaker result continues to mostly reflect a drop in public revenues in relation to the previous year, caused by the weak economic recovery and tax cuts. This result, along with the outlook for 2H12, increases the risks of not reaching the full fiscal target this year. Key Points In August, central government primary result reached R$1.2 billion, with regional government achieving R$1.5 billion and public enterprises surplus at R$0.3 billion. The central government’s net revenues grew 5.6% y/y in real terms in August. Over the last 12 months, net public revenues expansion accelerated to 2.9% (from 2.3% in July), below the pace registered in 2011 (9.0%). Meanwhile, real public spending grew 7.6% y/y, accelerating in relation to July’s figure (4.3%). Over the last 12 months, public expenditures growth stood at 5.1% in August, higher than the 3.4% figure registered in 2011. The nominal deficit declined slightly to 2.72% of GDP (from 2.76% in July), with net public debt/GDP keeping roughly flat at 35.1% (from 35.0% in July), while gross public debt/GDP reached 57.5% in August (from 57.6% in July).