RIO DE JANEIRO, BRAZIL - After two months in positive territory, the central government's budget recorded a primary deficit in May. Last month, the difference between revenues and expenditures was negative at R$20.947 billion, according to the Ministry of Finance.
The result - which combines the accounts of the National Treasury, Social Security, and the Central Bank - was the best for the month since 2019, when it was negative by R$126.636 billion in May 2020, influenced by additional spending to fight Covid-19.
Last month's surplus was lower than the median of financial market expectations, which . . .
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