Brazil’s nominal budget deficit rose sharply to BRL 102.2 billion in September 2025 from BRL 53.8 billion a year earlier, above market expectations of a BRL 86.1 billion gap. The consolidated public sector posted a primary deficit of BRL 17.5 billion, up from BRL 7.3 billion in September 2024. The central government recorded a BRL 14.9 billion deficit, regional governments a BRL 3.5 billion shortfall, and state-owned companies a BRL 1.0 billion surplus. Over the past 12 months, the public sector accumulated a primary deficit of BRL 33.2 billion (0.27% of GDP). The nominal deficit reached BRL 1.018 trillion, or 8.16% of GDP, compared with BRL 969.6 billion (7.81% of GDP) in August.