Brazil’s public sector posted a primary budget surplus of R$4.8 billion in October, the first monthly surplus since April, the Central Bank said Wednesday. But accounts deteriorated on a 12-month basis to a deficit of R$187 billion, far above the government’s target for calendar 2017 of no more than R$163 billion. Officials said the disappointing 12-month figure was due to a low basis of comparison from 2016. The 12-month deficit should decline sharply in November and December, closing the year within target.
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