Central government accumulated primary deficit is $474.86 million in first half
The drop in revenue caused by the economic contraction had an impact on public s in the first half. 
The drop in revenue caused by the economic contraction had an impact on public s in the first half. From January to June, the central government's – which includes National Treasury, Social Security and Central Bank – accumulated primary deficit has hit $474.86 million.
In real (inflation-corrected), it is the worst result of the history for the first half of the year since the creation of the historical series in 1997.
In June, the ed deficit was $2,438.49 billion, which is also the worst result for the month in real . Last month's accumulated primary deficit annulled the primary surplus of $ 1,968.98 billion, collected from January to May.
According to the National Treasury, the drop in revenue is the main cause for the negative public s in 2015. From January to June, revenues fell 3.3% discounting inflation. Total expenses, however, were stable, rising 0.5%.
The stability of the expenditure is being pulled by investments, which totaled $ 8,260.13 billion in the first half of the year, an inflation-corrected drop of 36.2% compared to 2014. Of this amount, expenditures on Growth Acceleration Program (PAC) totaled $ 5,930.70 billion, with an inflation-corrected reduction of 36%. Another expense that had a decrease when considering inflation was functionalism, with an inflation-corrected drop of 1.3%.
However, other types of spending have been rising in 2015, including the costs (expenses on the maintenance of public istration), with inflation-corrected increase of 7.3% in 2015 and grants and subsidies, with inflation-corrected rise of 108.9% driven by the sponsorship of the Investment Program (Programa de Sustentação do Investimento), granted by the Brazilian Development Bank (BNDES).
The costs of Social Security hit 3.8% above the National Consumer Price Index (IPCA) in 2015. According to Treasury, the inflation-corrected growth is due to the average increase of 8.1% in the value of benefits and the increase of 3.1% in the number of benefits paid.
The difficulties in cutting spending and increasing revenues has made the economic team to reduce to $ 8.7 billion – 0.15% of GDP – the primary surplus target for 2015. Of this amount, 0.10% - $1,723.52 - correspond to the Central Government's target.
Translated by Amarílis Anchieta
Fonte: Central government accumulated primary deficit is $474.86 million in first half
