Fiscal Balance in Brazil
Brazil's fiscal deficit grew from 2013 to 2022, driven by political instability and economic challenges. High spending levels and structural issues, including pension liabilities, contributed to the deficit's growth. Efforts to implement austerity measures faced political resistance. The COVID-19 pandemic further exacerbated the fiscal situation, leading to increased government spending and a wider deficit. By 2022, Brazil faced continued fiscal challenges, with efforts to reform public finances and control the deficit ongoing amidst economic recovery efforts.
The fiscal balance in Brazil averaged -7.1% of GDP in the decade to 2022, below the Latin America average of -4.7% of GDP. The fiscal balance in 2022 was -4.6% of GDP. For more fiscal balance information, visit our dedicated page.
Brazil Fiscal Balance Chart
Note: This chart displays Fiscal Balance (% of GDP) for Brazil from 2014 to 2023.
Source: Macrobond.
Brazil Fiscal Balance Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | -5.8 | -13.3 | -4.3 | -4.6 | -8.9 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Brazilian fiscal balance projections for the next ten years from a panel of 24 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable fiscal balance forecast available for Brazilian fiscal balance.
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