Brazil may not reach 2010 fiscal target: finance minister

December 30, 2010 - 0:0

RIO DE JANEIRO (Xinhua) -- Various sectors in Brazil, including the private sector, have difficulty in meeting the fiscal target for 2010, Finance Minister Guido Mantega said Tuesday.

In order to reach the target, the Brazilian public sector must accumulate a primary surplus of 3.1 percent of the country's GDP. In the first 10 months of the year, Brazil's public sector accumulated a primary surplus of 86.6 billion reais (51.1 billion U.S. dollars), or 2.99 percent of the GDP.
Mantega said the central government will reach its share of the fiscal target (2.25 percent), but the states and municipalities may have some difficulty in doing the same.
The minister stressed, however, that the higher Christmas sales may help local governments achieve a higher surplus at the end of the year.
""The Union will fulfill its 2.25 percent, but I don't know if 3.1 percent will be reached,"" he said.
The Jan.-Nov. figures for the central government were released earlier on Tuesday, showing the accumulated surplus reached 64.5 billion reais (38.1 billion U.S. dollars), or 1.95 percent of the GDP. The figures for the entire public sector are expected to be released on Wednesday.