Brazil targets fiscal deficit as economic gloom worsens

Joe Leahy – Financial Times, 10/28/2015

Brazil has revised its fiscal target for this year yet again as the country’s economic outlook worsens.

The government said on Tuesday night that the consolidated primary fiscal target — the budget balance before interest payments — would be a deficit of 0.85 per cent of gross domestic product, down from a previous target set in July for a surplus of 0.15 per cent.

“Expectations for GDP growth for 2015, which effectively orient the fiscal projections of the federal government, suffered repeated reductions throughout the year,” finance minister Joaquim Levy and planning minister Nelson Barbosa said in a joint statement.

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