Brazil’s public sector posted a February primary budget deficit of R$17.4 billion, reversing a January surplus but still ensuring compliance with annual goals, the Central Bank said Wednesday. The 12-month primary deficit as of February was R$94.3 billion, well within the government’s goal for calendar 2018 of a deficit no larger than R$161.3 billion. Budget performance so far this year has been favored by rising revenues. Revenues are running more than 10% ahead of 2017 levels because of an economic recovery and an aggressive government campaign to collect tax arrears. Budget performance has also been aided by a freeze on expenditures currently amounting to more than R$18 billion.
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