HomeTop Global NewsBrazil's Debt Hits Lowest Level in Five Years

Brazil’s Debt Hits Lowest Level in Five Years

Brazil’s central bank released data on Monday showing that the South American nation’s debt as a share of gross domestic product (GDP) in 2022 sunk to its lowest level in over five years.

The country’s debt in December fell to 73.5% of its GDP from a figure of 74.6% the previous month. This is the lowest level since July 2017, when Brazil’s debt accounted for 73.2% of its GDP.

Among the drivers for this suppression of debt are an improved local job market, solid service activity, and an increase in government fiscal stimulus ahead of the presidential election that took place in October 2022.

Brazil’s public sector was largely influential in the debt turnaround, recording a primary deficit of 11.8 billion reais ($2.3 billion) but a primary surplus of 126 billion reais; its best result since 2011.

This positive result comes just two years after the South American nation posted a record deficit of 703 billion reais in 2020, largely caused by a sharp rise in spending during the coronavirus pandemic.

S&P 500 Hits New Record as Dow Surges

Stocks on the New York Stock Exchange surged on Wednesday to recover from several days of declines. The S&P 500 surged by 0.8% to...

GameStop Stock Plunges Following Slump in Revenue

Shares in GameStop plummeted by 16% in extended trading after the company announced its fourth-quarter earnings. Revenue was $1.79 billion, down from last year's...

Tesla Offers One-Month Trial of Driver-Assist Technology

Electric vehicle maker Tesla is set to offer a one-month free trial to U.S. customers of its driver-assist technology, Full Self-Driving (FSD), CEO Elon...