BRASÍLIA—Brazil’s government accounts remained weak in November, with a budget deficit equal to 9.3% of gross domestic product, the central bank said Tuesday.
The result is slightly improved from October’s 9.5%-of-GDP budget gap.
The primary budget deficit, which excludes interest payments, was 0.89% of GDP, versus 0.7% of GDP in October.
Brazil’s gross debt was 65.1% of GDP, versus 64.9% of GDP in October, revised down from 66.1%, the central bank said.
The government has given up plans set earlier this year to achieve a primary surplus of 1.1% of GDP in 2015, as a deep recession weakened tax revenue and offset spending cuts. Instead of a surplus, the government can now end the year with a primary deficit as large as 2% of GDP, analysts say. Full-year results are to be released in late January.
The government announced Monday that this week it will pay in full a total of 57 billion Brazilian reais ($14.75 billion) in debt it has with Brazil’s large state-controlled banks, a move likely to increase the country’s budget hole.