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Economic Research

Brazilian Fiscal Accounts Booming

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Central government total revenues surged in July to R$62 bn, above the consensus of R$57.5bn and also pushing most of the year-over-year rates of growth to the upside. The real rate of growth (IPCA adjusted) went from 7.6% and 7.2% in May and June respectively to 14.7% in July while nominal rolling 12-month rate of growth also accelerated from 15.7% to 16.4%. At the beginning of the year we estimated July YTD revenues of R$400.5 bn, but the figures are already R$406.1 bn. At that point most of the estimates were[...]

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