Brazil’s nominal budget deficit widened to R$175.6 billion in July 2025, up from R$81.9 billion a year earlier. The consolidated public sector posted a primary deficit of R$66.6 billion, compared to R$21.3 billion in July 2024. Deficits were recorded across the Central Government (R$56.4 billion), regional governments (R$8.1 billion), and state-owned enterprises (R$2.1 billion). Over the 12 months through July, the nominal deficit reached R$968.5 billion (7.86% of GDP), up from R$894.4 billion (7.30% of GDP) in June. During the same period, the primary balance shifted to a R$27.3 billion deficit (0.22% of GDP) from a R$17.9 billion surplus (0.15% of GDP). The General Government Gross Debt rose to 77.6% of GDP (R$9.6 trillion), an increase of 0.9 percentage points from June.