February 13, 2020 / 4:33 PM / 9 days ago

Brazil deficit outlook dims slightly on lower revenue forecasts -survey

BRASILIA, Feb 13 (Reuters) - The outlook for Brazil’s public finances this year has dimmed slightly due to an expected fall in government revenues, an Economy Ministry survey of economists on Thursday showed, although official budget targets are still likely to be met.

According to the ministry’s ‘Prisma’ survey for February, the median forecast for this year’s central government primary deficit is 86.25 billion reais ($20 billion), almost 4 billion reais more than last month’s 82.345 billion reais estimate.

That is still comfortably below the government’s goal of a 124.1 billion reais shortfall across the Treasury, central bank and social security system, and would be narrower than last year’s 95.065 billion reais deficit.

Economists’ net revenue forecast for this year dipped to 1.379 trillion reais from 1.383 trillion reais, while the outlook for expenditures held steady at 1.469 trillion reais.

Prisma projections for the 2021 primary deficit, before interest payments are taken into account, narrowed to 45.74 billion reais from 47.15 billion reais a month earlier. That is also well below the official target of 68.5 billion reais.

Brazil’s national debt is expected to end this year at 76.2% of gross domestic product and next year at 76.5% of GDP, the survey showed, down sharply from 78% and 78.1%, respectively, projected a month ago.

$1 = 4.33 reais Reporting by Marcela Ayres Writing by Jamie McGeever; Editing by Steve Orlofsky

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