States and Municipalities Add to the Fiscal Expansion

BRAZIL ECONOMICS - Report 10 Jun 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
The weak economic growth and expansionary fiscal policy that have raised the risks of dangerous growth of the public debt were responsible for the change in the Brazilian outlook from stable to negative by S&P. In addition to the decline in the primary surplus of the central government, which was evident despite the efforts at concealment with creative accounting, the primary surpluses of the state and municipal governments have also been falling. From 2002 to 2008 they oscillated around 0.9% of GDP, but they now stand at slightly above 0.4% of GDP. To help remedy the lack of good statistic...

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