Brazil
Latin America’s largest economy. Very high interest rates make its debt expensive to carry, so interest is a large share of its deficit.
How much it owes, and what it costs
Government debt in Brazil is about 97% of GDP this year, on IMF estimates, 10 points higher than in 2019. The government is running a deficit of 8.1% of GDP: even before paying 7.8% of GDP in interest, it spends more than it collects. The IMF expects debt to rise to about 105% by 2031.
| Measure | 2019 | 2025 | 2026IMF estimate | 2031IMF forecast | 2007–26 |
|---|---|---|---|---|---|
| Government debt% of GDP, gross | 87.1% | 93.3% | 97.0% | 105.3% | |
| Budget balance% of GDP, minus = deficit | −4.9% | −7.4% | −8.1% | −6.4% | |
| Primary balancebudget before interest | −0.1% | −0.1% | −0.3% | +1.1% | |
| Interest cost% of GDP, net | 4.8% | 7.3% | 7.8% | 7.5% |
Long-term foreign-currency ratings, checked 25 October 2026. AAA is the highest grade; below BBB− is “high yield”.
What it earns and spends abroad
Brazil runs a current account deficit of 2.4% of GDP (about $63bn): it spends more abroad than it earns, and relies on foreign investors to fund the gap.
| Measure | 2019 | 2025 | 2026IMF estimate | 2007–26 |
|---|---|---|---|---|
| Current account% of GDP | −3.4% | −2.9% | −2.4% | |
| Current accountUS$ billions | −64 | −67 | −63 |
Growth, prices and borrowing costs
The IMF expects the economy to grow 2.2% this year in real terms, with inflation averaging 4.4%.
| Measure | 2025 | 2026IMF estimate | 2027IMF forecast |
|---|---|---|---|
| Growthreal GDP, % | 2.3% | 2.2% | 1.9% |
| Inflationaverage for the year, % | 5.0% | 4.4% | 4.1% |
| Unemployment% of workforce | 6.0% | 6.2% | 6.8% |
The mechanics behind it
Terms on this page
Other country profiles
Sources and notes
- Government finances, current account, growth, inflation and unemployment: IMF World Economic Outlook and Fiscal Monitor, via the IMF DataMapper (checked 2026-10-24). The IMF publishes them in April and October.
- 2026 figures are IMF estimates, and later years are IMF forecasts. Earlier years are actual data, sometimes revised.
- Debt is general government gross debt: central, regional and local government and social security. Interest cost is net interest, worked out as the primary balance minus the overall balance.
- Credit ratings: long-term foreign-currency ratings from S&P Global, Moody’s and Fitch, checked on the date shown. Agencies can change them at any time.
- Policy rates, 10-year yields, monthly inflation and exchange rates: as on The numbers page.