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BrazilFederative Republic of Brazil · República Federativa do Brasil

Government Budget
Fiscal Year 2024

Source: STN, Receita Federal, Banco Central
Total Receipts
R$2.71T
~26.4% of GDP · record
Nominal Deficit
R$~928B
~8.5% GDP · incl. R$855B interest
Total Outlays
R$~2.84T
~27.7% of GDP
Public Debt
~78%
~R$7.1T · Selic 10.5% avg makes it costly
Budget breakdown

Revenue by Source

Max = R$700B (Income Tax) · Total R$2.71T
Income & Corporate
Income Tax (IRPF + IRPJ)Personal 7.5–27.5% · Corporate ~34%
R$700B6.4% GDP
PIS / COFINSSocial contribution on revenue
R$430B3.9% GDP
Indirect
IPIFederal manufacturing tax
R$75B0.7% GDP
IOFFinancial operations tax
R$60B0.6% GDP
CIDE & otherFuel CIDE, import duties
R$110B1% GDP
Social Contributions
INSS (RGPS)Employee 7.5–14% + Employer 20%
R$620B5.7% GDP
Non-Tax
Oil & Gas RoyaltiesPetrobras dividends, royalties
R$160B1.5% GDP
Concessions & otherFees, asset sales, transfers
R$554B5.1% GDP
Deficit FinancingTesouro Direto bonds
R$~130B~1.2% primary
Total Resources Available
R$2.84T
Note: Employees contribute 7.5–14% to INSS. Employers pay 20%. 2019 pension reform raised retirement ages.

Expenditure by Function

Max = R$870B (INSS) · Total R$2.84T
Social Security & Transfers
INSS Pensions (RGPS)40.4M beneficiaries
R$870B8% GDP
Civil Servant PensionsFederal servants
R$120B1.1% GDP
BPCDisability & elderly aid
R$90B0.8% GDP
Bolsa Família21M+ families · avg R$672/mo
R$168B1.5% GDP
Unemployment Insurance~4–5 months
R$62B0.6% GDP
Core Services
Healthcare (SUS)Federal share of universal system
R$210B1.9% GDP
EducationUniversities, FUNDEB
R$190B1.7% GDP
Infrastructure & PACRoads, rail, sanitation
R$110B1% GDP
Defence~1.0% GDP
R$115B1.1% GDP
Public AdminSalaries, operations
R$290B2.7% GDP
Other PrimaryScience, agri, environment
R$615B5.6% GDP
Total Primary Expenditure
R$2.84T
Note: Nominal deficit (~8.5% GDP) far exceeds primary deficit (~1.2%) because interest on ~R$7.1T debt consumed ~R$855B (~7.3% GDP).
Context & explanations
👴

Pensions Dominate

INSS pays ~R$870B to 40M+ beneficiaries. Civil servant pensions add R$120B. Total: ~9.7% GDP.

Pension total: ~9.7% GDP
💸

Interest: Crushing Burden

~R$855B (7.3% GDP). The gap between primary (~1.2%) and nominal (~8.5%) deficit is entirely debt service.

Interest: ~7.3% GDP
🌱

Bolsa Família

World's largest cash transfer — 21M families (~80M people). ~R$168B (1.6% GDP).

Bolsa Família: ~1.6% GDP
🏥

SUS Under Pressure

Universal healthcare for 215M people. Federal health: ~R$210B (2.0% GDP).

Federal health: ~2.0% GDP
🧾

Record Tax Revenue

R$2.71T — real +9.6%. Tax burden ~33% GDP is Latin America's highest.

Record: R$2.71T
⚖️

New Fiscal Framework

Primary deficit of ~1.2% vs 0% target triggered market concern and BRL depreciation.

Primary: ~1.2% (target: 0%)

Primary sources: Receita Federal; STN; Banco Central; INSS; IMF; World Bank.

Methodology: Revenue actuals from Receita Federal. GDP: ~R$10.9T. Federal government (União) only. Primary deficit excludes ~R$855B interest.