Public finances
Gross debt is up 4.2 points of GDP in eight months
Gross general government debt reached 82.86% of GDP in August 2026, against 78.64% in December. Net debt went from 65.24% to 69.26% over the same period.
The Briefing · Written Oct 4, 2026 · Numbers and charts update with each release
Government debt: gross and net
% of GDP, last five years
Source: Central Bank of Brazil (SGS)
Gross debt adds up everything the general government owes. Net debt subtracts public-sector assets, such as international reserves. Gross debt has risen every month since December and is still below its peak of 87.66% in October 2020.
The primary balance, the difference between what the government collects and spends before interest, is a deficit of 0.62% of GDP over the last 12 months. It reached 1.19% in June and has narrowed since.
What the number means for you
For every R$100 the country produces in a year, the government owes R$82.86
That is gross debt. In December it was R$78.64.
Net of assets, debt is lower but also rising
In December it was 65.24%. The 4.02-point increase tracks the rise in gross debt.
The government spends more than it collects, before interest
The 12-month primary deficit has narrowed from its 1.19% peak in June, but it remains open while debt keeps rising.
The next test: what would change the answer
What we do not know yet: how much of the rise comes from interest on the debt and how much from new spending. This page does not have the nominal balance, which includes interest.
Gross debt above 83% of GDP. It would be another step in 2026's climb.
The 12-month primary deficit widening back above 1.19%, the June peak. It would show the government is again spending more than it collects before interest.
Gross debt falling back below 80%. It would signal the path has reversed.
Questions readers ask
What is the difference between gross and net debt?
Gross debt adds up everything the general government owes. Net debt subtracts public-sector assets, such as international reserves and receivables.
What is the primary balance?
The difference between government revenue and spending, excluding interest on the debt. A surplus means money is left over before interest; a deficit means it falls short.
Why does debt rise if the primary deficit is small?
From the data on this page we cannot break down the rise. We do know that a primary deficit of 0.62% of GDP is not large next to debt of 82.86% of GDP.
What is debt as a % of GDP?
The debt balance divided by the value of what the country produces in a year. It lets you compare debt with the size of the economy.