The central government accounts – National Treasury, Central Bank (BC) and Social Security – recorded a primary deficit of 20.2 billion reais in November 2025. The data is part of the National Treasury Report (RTN), published this Monday (12/29).
In the same month of 2024, a deficit of R$4.5 billion was observed (in values not adjusted for inflation).
The central government’s main result accumulated over 12 months was a deficit of 57.4 billion reais, equivalent to 0.47% of gross domestic product (GDP).
Compared to the cumulative result from January to November 2025, the central government recorded a deficit of R$83.8 billion, compared to a deficit of R$67.0 billion in 2024.
In real terms, net revenues increased by R$60.2 billion (+2.9%) and total expenditures increased by R$71.9 billion (+3.4%) in 2025, compared to the previous year.
This year’s result results from a surplus of BRL 244 billion at the Treasury and the Central Bank and a deficit of BRL 328 billion at the Social Security level.
- A deficit is when a government has more expenses than revenues, a surplus is when the opposite occurs.
- The real result is adjusted by an inflation index, the nominal result is the gross value, without inflationary adjustments.
Income and expenses
In November 2025, total revenues decreased by 5.8 billion reais (-2.6%).
According to the Treasury, the increase in net revenues in November 2025 is explained, to a large extent, by the evolution of revenues administered by the Federal Revenue. The main highlights were:
- Income tax – increase of 5.1 billion reais
- IOF – increase of 2.6 billion reais
- Net collection for RGPS – increase of 3.7 billion reais
- Dividends and participations – increase of 6.9 billion reais
Since the beginning of the year, total revenues have increased by R$82.9 billion (3.3%), while net revenues have increased by R$60.2 billion (2.9%) in real terms compared to the same period of the previous year.
This variation, according to the Treasury, is mainly due to the joint effect of:
- Import tax – increase of 9.4 billion reais
- Income tax – increase of 37.3 billion reais
- IOF – increase of 13.4 billion reais
- Other revenues administered by the Federal Treasury – increase of 12.9 billion reais
- Net collection for RGPS – increase of 31.7 billion reais
Regarding spending, in November, compared to the same month of 2024, there was an increase of R$7.1 billion (4%) in real terms:
- Social security benefits – increase of 3 billion reais
- Personnel costs and social charges – increase of R$864.7 million
- Extraordinary credits – reduction of R$1.6 billion
- Subsidies, Subsidies and Proagro – increase of 964 million reais
- Discretionary – increase of 3.9 billion reais
Since the beginning of the year, total spending has increased by 71.9 billion reais (3.4%).
The main variants were:
- Social security benefits – increase of 36.4 billion reais
- Personnel costs and social charges – increase of 13 billion reais
- LOAS continuous payment benefits – increase of R$10.2 billion
- Extraordinary credits – reduction of 11.6 billion reais
- Fundeb – Complementation of the Union – increase of R$9.3 billion
Understanding central government accounts
- A primary surplus occurs when revenues have a greater balance than expenditures, not including interest. The primary deficit occurs when this result is negative. Together they form the “primary outcome”.
- In 2024, the central government had a primary deficit of 43 billion reais, equivalent to 0.36% of gross domestic product (GDP). Even with this negative result, the 2024 budget target was achieved.
- The federal government’s goal for 2025 is a zero budget deficit. This means the economic team’s search for a balance in the public accounts, with revenue equal to expenditure.
The budgetary objective for 2025
As in the previous year, the federal government is pursuing the budgetary objective of a zero budget deficit in 2025. In other words, the search for balanced public accounts, with revenue equal to expenditure.
The idea is that there will be a gradual increase until 2028, when it is expected to reach a primary surplus of 1% of GDP.
Discover the other screenings:
2026: surplus of 0.25% of GDP (R$34 billion) 2027: surplus of 0.50% of GDP (R$70.7 billion) 2028: surplus of 1% of GDP (R$150.7 billion)
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