Brasília – A drop in federal revenues due to the economy downturn cause the economic staff to cut to R$ 8.747 billion (US$ 2.725 billion) – 0.15% of the Gross Domestic Product (GDP) – the target of the primary surplus of the public sector for this year. The indicator measures resources savings to pay interest rates of the public debt.
The new target was released this Wednesday (22th) by the Ministry of Planning and announced by the ministers of Finance, Joaquim Levy, and Planning, Nelson Barbosa. Released every two months, the document updates the official parameters of the economy and the forecast of revenues, spending and budget cuts and serves as the basis for the edition of a decree with spending limits to each ministry.
Until now, the target for the fiscal efforts of the Union, states and counties and state-owned companies amounted to R$ 66.3 billion (US$ 20.658 billion), or 1.1% of the GDP, for this year. It had to be cut because of a decline on the forecast for net revenue. The report cut in R$ 46.7 billion (US$ 14.551 billion) the projection of revenues in 2015.
*Translated by Sérgio Kakitani
