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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The consolidated public sector in Brazil (federal, state, municipal and state-owned companies) registered a primary deficit of R$155.8 billion in 2016 according to the country’s Central Bank (CB). The deficit was equivalent to 2.47 percent of the country’s GDP, and the largest in fifteen years.

“The increased deficit was due to the reduction of economic activity,” said Fernando Rocha of the Central Bank’s Economic Department, to local news outlet G1. “We have had very weak economic activity and the recovery has been very . . .

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