BRAZIL · FISCAL POLICY
Key Facts
—The headline: Brazil’s central government posted a Brazil primary surplus of 25.2 billion reais in April, the best April reading since 2022, the National Treasury reported on Thursday.
—The beat: Market consensus in the Finance Ministry’s Prisma Fiscal survey expected a surplus of 17.8 billion reais. The Projeções Broadcast median was 24.7 billion reais. The print beat both.
—The breakdown: Treasury and central bank combined surplus reached 58.3 billion reais. Social security ran a 33.1 billion reais deficit. Real net revenue grew 5.8 percent versus April 2025.
