The Finance Minister warned on Wednesday that the fiscal results for the second quarter will be significantly worse than those recorded in the first three months of the year.
Fernando Medina’s statements took place before the Budget and Finance Committee (COF), in the parliament, when he was asked about the public accounts by the deputy of the Liberal Initiative (IL), João Cotrim Figueiredo.
“If you look at the second quarter numbers, they will be significantly worse than the first quarter”said the finance minister.
The government official confirmed the idea that some support measures will be included in the first quarter accounts and only weigh on the second quarter budget balance, so the annual deficit projections will have to take this into account.
The state posted a budget surplus of 1.2% of gross domestic product (GDP) in the first quarter, in national accounts, released last Friday the National Institute of Statistics (INE), which compares with a deficit of 0.6% in the homologous period.
The government forecasts a budget deficit of 0.4% of GDP this yeara result similar to last year.
Source: DN
