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The Gross Debt Of Brazil Reached A Historic Mark Of R$ 9 Trillion In October 2024.
The gross debt of Brazil reached a historic mark of R$ 9.032 trillion in October 2024. The increase was 1.16% compared to September and 14.13% in comparison with October 2023. The data was released by the Central Bank on Friday (29) in the “Fiscal Statistics” report.
The amount includes the debts of the federal government, the INSS, and state and municipal governments. In 2024, the debt stock grew R$ 952.6 billion. Since the beginning of Lula’s government in January 2023, the increase has already reached R$ 1.8 trillion.
Historical Growth Of The Debt
The historical series of the General Government Gross Debt (GGGD) started in 2006. Since then, each administration has contributed to the increase of the amount:
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- Lula Government (2007-2010): R$ 674.9 billion.
- Dilma Government (2011-2014): R$ 1.241 trillion.
- Dilma/Temer Government (2015-2018): R$ 2.020 trillion.
- Bolsonaro Government (2019-2022): R$ 1.952 trillion.
- Lula Government (2023-present): R$ 1.807 trillion.
Debt Represents 78.6% Of GDP
The gross debt reached 78.64% of GDP in October, the highest level since October 2021, when it reached 79.1%. In the accumulated year of 2024, the increase was 4.22 percentage points, totaling a growth of 6.96 points during the current administration.
The debt/GDP ratio is a widely used metric to evaluate fiscal sustainability. The growth reflects both the increase in indebtedness and the pace of economic expansion below what is necessary to contain the ratio.
Interest Spending Increases 80%
The nominal interest on the debt totaled R$ 111.6 billion in October 2024, a jump of 80.3% compared to R$ 61.9 billion in the same month of 2023. The high Selic rate has been a determining factor for increasing financing costs.
<p Consequently, the nominal deficit of the consolidated public sector, which includes interest, was R$ 74.1 billion in October. In the last 12 months, spending on interest reached R$ 869.3 billion, contributing to a cumulative nominal deficit of R$ 1.093 trillion, equivalent to 9.52% of GDP.
The escalation of indebtedness and high-interest costs reinforce the need for adjustments in public accounts to ensure long-term fiscal sustainability.
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