Brazil’s nominal budget deficit widened to R$101.6 billion in November 2025, from R$99.1 billion a year earlier. The consolidated public sector posted a primary deficit of R$14.4 billion, versus R$6.6 billion in November 2024. The Central Government recorded a deficit of R$16.9 billion and state-owned enterprises a deficit of R$2.9 billion, while regional governments posted a surplus of R$5.3 billion. Nominal interest expenses totaled R$87.2 billion, down from R$92.5 billion a year earlier. Over the twelve months to November, the nominal deficit reached R$1.03 trillion, equivalent to 8.13% of GDP, compared with R$1.02 trillion, or 8.15% of GDP, in October.