Fiscal & Debt - Brazil - BCB - Financial Needs

This dataset contains monthly information on the public sector financial needs publishes by the Central Bank of Brazil. Datas is in BRL Millions.

Public Sector Financial Needs include the Federal Government (National Treasury and Social Security System), state and municipal governments, state companies from the three levels of government (except Petrobras and Eletrobras) and the Central Bank of Brazil.

The exclusion of Petrobras and Eletrobras is due to the specific characteristics of the companies, which follow corporate governance rules similar to those experienced by publicly traded private companies, and have the autonomy to raise funds in the domestic and foreign markets. The exclusion of Petrobras from fiscal statistics started to be carried out based on data for the month of May 2009. In order to compare the results with previous periods, the calculation of net debt and public sector borrowing requirements in the new coverage, went back to December 2001. In the case of the series with the inclusion of Petrobras, the information was closed in April 2009, remaining available for consultation in the special series (http://www.bcb.gov.br/?SERIEDLSP) . The exclusion of Eletrobras took place from the base date of November 2010 and, as was done in the case of Petrobras, the calculation retroacted to December 2001.

Data are reported in aggregated terms and separately for each sphere of government. The primary result is calculated according to the cash criterion; and nominal interest, according to the criterion of competence.

The main deficit or surplus indicators of the various spheres of government, calculated from the perspective of financing (below the line methodology) are as follows:

Nominal result: corresponds to the nominal change in net debt balances, less equity and methodological adjustments made in the period. It covers the monetary restatement component of the debt, real interest and the primary fiscal result.

Nominal interest: refers to the flow of interest, appropriated on an accrual basis, on internal and external debt. It comprises the real interest and the monetary restatement component of the debt. Corresponds to the financial component of the fiscal result. It excludes the impact of exchange variation on the external debt and on the internal securities debt indexed to the dollar.

JN = Dt+1 – Dt – ( Dt+1 – (1+i) Dt )/( (1+i)1/2 )

where, JN = nominal interest flow Dt = debt balance in month t i = nominal interest rate proxy

Primary result: is the non-financial component of the public sector's fiscal result. Corresponds to the nominal result less nominal interest appropriated on an accrual basis, levied on the debt.