JUSTIÇA DE SÃO PAULO DETERMINA QUE O MUNICIPIO AUTORIZE A EXPEDIÇÃO DE NOTAS FISCAIS ELETRÔNICAS.
9 de fevereiro de 2024
Por que Rússia deve crescer mais do que todos os países desenvolvidos, apesar de guerra e sanções, segundo o FMI
18 de abril de 2024PRESS RELEASE – 6.29.2010
I – Fiscal results
The non-financial public sector registered a primary surplus of R$1.4 billion in May, compared to R$1.1 billion registered in May 2009. The Central Government recorded a deficit of R$1.4 billion, while regional governments and state-owned companies had surpluses of R$1.5 billion and R$1.4 billion, respectively.
The cumulative primary surplus for the year reached R$38 billion, 0.13 percentage points (p.p.) of GDP higher than that achieved in the same period last year. In the twelve-month period ending in May, the surplus totaled R$70.7 billion (2.13% of GDP), compared to R$70.4 billion (2.15% of GDP) accumulated up to April.
Nominal interests appropriated on an accrual basis reached R$16.2 billion in May, up R$1.7 billion compared to those appropriated in April. The greater number of business days in the month contributed to that increase.
In the year, accumulated nominal interests closed at R$75.7 billion (5.42% of GDP), for a 0.09 p.p. of GDP increase in relation to the same period from 2009. This performance was influenced by the 0.89 p.p. increase of the Extended National Consumer Price Index (IPCA) accumulated for the year – an index used as the correcting factor for a significant amount of securities debt -, as well as by the favorable result of exchange rate swap operations in the previous year (R$3.2 billion), which did not repeat in 2010. In the twelve-month cumulative period, appropriated nominal interests reached R$179.4 billion (5.42% of GDP), for a 0.06 p.p. of GDP growth compared to April.
The nominal result, which includes the primary result and the appropriated nominal interests, registered a deficit of R$14.8 billion in May. Accumulated for the year, the result showed a deficit of R$37.6 billion (2.69% of GDP), for a 0.04 p.p. of GDP decrease in relation to the deficit recorded in the first five months of 2009. In the twelve-month cumulative period, the deficit reached R$108.7 billion (3.28% of GDP), for a 0.07 p.p. of GDP growth compared to the amount accumulated up to April.
The nominal deficit in May was financed by expansions of R$18.2 billion in the securities debt and by R$4.3 billion from other sources of domestic financing, which include the monetary base. These increases were partially offset by reductions of R$7.4 billion in net foreign financing and of R$375 million in the net banking debt.
II – Federal securities debt
The federal securities debt outside of the Central Bank, evaluated by the portfolio position, totaled R$1,519.6 billion (44.1% of GDP) in May, for an increase of R$26.7 billion when compared to the previous month. The result reflected net issues of R$11 billion, from which R$5.8 billion refer to placements in favor of the National Bank of Economic and Social Development – BNDES; a R$0.5 billion increase due to exchange rate devaluation; and incorporation of R$15.2 billion in interests.
The highlights were net issues of R$7.7 billion in LTN, R$7.3 billion in NTN-F and R$1.8 billion in LFT; and redemptions of R$5.6 billion in NTN-B.
The participation by indexing factors registered the following evolution, in relation to April: the percentage of securities indexed to exchange rates remained stable at 0.5%; the percentage of securities linked to the Selic rate stood at 29.4%; that of fixed-rate bonds rose from 26.9% to 27.7%, due to net issues of LTN and NTN-F; the percentage of securities linked to price indexes fell from 24% to 23.8%, resulting from net redemptions of NTN-B. Such changes were offset by repo operations, which had their participation reduced from 18.3% to 17.7% in the same period.
At the end of May, the maturity structure of the securities debt on the market was as follows: R$216.4 billion, 14.2% of the total, maturing in 2010; R$304.6 billion, 20% of the total, maturing in 2011; and R$998.6 billion, 65.7% of the total, maturing in 2012 and later.
III – Public sector net debt
The public sector net debt reached R$1,371.2 billion (41.4% of GDP) in May, for a decrease of 0.4 p.p. of GDP when compared to the previous month. The exchange rate devaluation of 5% in the month and the effect of current GDP growth were the main factors contributing to this reduction.
In the year, the PSND/GDP ratio registered a decline equivalent to 1.4 p.p. of GDP. Contributing to this decrease were the primary surplus, with 1.1 p.p. of GDP; the effect of current GDP growth, with 2.2 p.p.; the exchange rate devaluation of 4.3% accumulated in the year, with 0.4 p.p.; and the effect of privatizations, with 0.1 p.p. On the other hand, appropriated nominal interests contributed to a corresponding increase of 2.3 p.p. of GDP, and the parity adjustment of the basket of currencies comprising the net foreign debt, with 0.2 p.p.
The Gross Debt of the General Government (Federal Government, Social Security, state and municipal governments) reached R$1,991.4 billion (60.1% of GDP), compared to R$1,968.2 billion (60% of GDP) in April.
Glossary
Public sector net debt (PSND): this item consolidates the net debt of the nonfinancial public sector and the Central Bank of Brazil (Bacen) with the financial system (public and private), the nonfinancial private sector, and the rest of the world.
Asset Adjustment encompasses:
i) acknowledgment of public sector debts generated in the past (“skeletons”) and which have already produced a macroeconomic impact;
ii) effects of the process of privatizing companies (sale revenues and transfers of debts to the private sector;
iii) methodological adjustment of the foreign sector debt, due to conversion of the balances by the rate of exchange at the end of the period and of flows at the average rate of exchange of the month.
Net fiscal debt: it consists of the difference between the public sector net debt and asset adjustments.
Public sector borrowing requirements (PSBR) – nominal concept: it is calculated on the basis of monthly growth in the net fiscal debt.
Public sector borrowing requirements (PSBR) – operational concept: this concept is equal to the flow of PSBR in its nominal concept excluding monetary updating of PSND. To calculate monthly monetary updating, the centered IGP-DI at the end of the month is utilized as deflator (geometric average of the IGP-DI of the month and of the subsequent month).
Public sector borrowing requirements (PSBR) – primary concept: this concept is equal to the nominal concept excluding outlays on nominal interest levied on the PSND, calculated on an accrual basis, and including interest revenues on international reserves. The average purchase rate of exchange is utilized to convert amounts expressed in dollars into real.
Public sector borrowing requirements (PSBR) – real interest: it corresponds to the difference between total financial charges (nominal interest) and the share of monetary updating in the month.
Implicit interest rate: it results from the ratio between nominal interest expenditures and revenues and the balances of debts or assets, plus the primary flows that occurred in the month in question.