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Brazil posts record budget surplus in Sep-201

1-Nov-2010 3:42 PM

Banco Central do Brasil stated (29-Oct-2010) Brazil posted a record budget surplus in Sep-2010, with a budget surplus of BRL11.8 billion (USD6.9 billion) in Sep-2010 marking the first surplus since Apr-2010. The figure comes following a BRL10.5 billion deficit in Aug-2010 and occurred after the government sold oil rights to state oil producer Petroleo Brasileiro SA boosting federal revenue. Brazil’s nominal budget deficit as a percentage of GDP fell to 2.4% in the 12 months ended Sep-2010, the lowest since Dec-2008 when it stood at 1.9%.