Brasília – The accounts of the Central Government of Brazil (Central Bank, National Treasury and Social Service) registered a surplus of 78.966 billion Brazilian reals (US$ 47.1 billion) in 2010, coming close to the target established for the year, of 2.15% of Gross Domestic Product (GDP), aided by capitalisation of Petrobras and by the return to economic growth. The figures were disclosed today (28) by the National Treasury.
The result for the year was 2.16% of GDP and is 0.92 percentage point higher than in the previous year. In 2009, the Central Government result was 39.436 billion, or 1.24% of GDP.
Finance minister Guido Mantega celebrated the result. "The 2010 target for the Central Government is accomplished. Now, regarding states and cities, I do not believe they are going to fully comply with their targets, and we will be just short of the 3.1% [of GDP] stipulated as part of the PAC [Growth Acceleration Program]," said the minister, on leaving the Minsitry for São Paulo.
The result for the public sector should only be known on Monday (31), when the figures will be disclosed by the Central Bank.
Mantega also pointed out that the result represents improvement in the government. According to him, in 2009 and 2010, the government followed the recommendations of the International Monetary Fund (IMF): a policy of fighting against the crisis, with greater investment and expenses to recover the country.
The minister also said that the government should comply with the full target for 2011, of 3% of GDP for the consolidated public sector.
*Translated by Mark Ament
