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State-Owned Companies Closed August 2025 With Deficit, After Four Consecutive Years of Surpluses; Consolidated Public Sector Also Closed in the Red.
Brazilian state-owned companies registered a deficit of R$ 6 million in August 2025, according to the “Fiscal Statistics” report released by the Central Bank on Tuesday (30). This result breaks a four-year streak of surpluses in the same month.
Recent Trajectory of State-Owned Companies
The numbers show a change in performance. In August 2021, state-owned companies recorded a surplus of R$ 483.8 million. The following year, the positive result reached R$ 969.6 million. In 2023, the surplus was R$ 866 million, and in 2024 it totaled R$ 468.9 million.
This year, however, the negative balance of R$ 6 million marked a break in the recent surplus trajectory.
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Consolidated Public Sector and Gross Debt
In the same period, the consolidated public sector, composed of the Union, States, municipalities, and state-owned companies, had a primary deficit of R$ 17.3 billion in August.
The Gross Debt of the General Government, which includes the federal government, the INSS, and state and municipal governments, remained stable compared to the previous month. The indicator stayed at 77.5% of Gross Domestic Product (GDP), totaling R$ 9.6 trillion in August, the same level observed in July.
The data highlight the contrast between the results of state-owned companies in recent years and the broader performance of public accounts in 2025, marked by sustained high debt levels and the reversal of positive balances in state-owned enterprises.
