Brazil’s public sector rolled up a big primary budget surplus in April, aided by rising tax revenues, but still lags behind the congressionally-imposed 2017 performance target. The April surplus was a robust R$12.9 billion, reversing two straight months of deficits. April performance was aided by hefty tax revenues of R$118 billion, representing a 2.27% inflation-adjusted rise over April of 2016. Royalties from rising oil production were a major factor in boosting revenues. But the 12-month public sector deficit weighed in at a stubborn R$145.1 billion, down only slightly from R$147.8 billion as of March. The country’s congressionally mandated 2017 target is a deficit no greater than R$143.1 billion.
Link to government news agency release