Brazil Public Debt Holds Steady in September

Brazil’s General Government Gross Debt (GGGD), which includes the federal government, the National Social Security Institute (INSS), and state and municipal governments, stood at 82.9% of GDP, equivalent to R$11.1 trillion, in September 2026, unchanged from August.

The monthly stability reflected opposing factors: accrued nominal interest added 0.8 pp to the debt-to-GDP ratio, while net debt redemptions and growth in nominal GDP each reduced it by 0.4 pp.

Since the beginning of the year, the debt ratio has increased by 4.3 pp.

The main driver was accrued nominal interest, which contributed 7.2 pp, followed by net debt issuance, which added 1.1 pp.

These increases were partially offset by nominal GDP growth, which reduced the ratio by 3.9 pp, and currency appreciation, which lowered it by a further 0.2 pp.