The central government’s primary budget deficit last month was the worst on record and wider than all but one forecast made by analysts, underscoring the challenges facing Brazil’s Finance Minister Nelson Barbosa as he struggles to win investor confidence.
The gap, which excludes interest payments as well as municipalities and government-run companies, was 21.3 billion reais ($5.5 billion) in November, the Treasury said Monday. The median forecast of 18 analysts surveyed by Bloomberg was for a deficit of 14.1 billion reais, with estimates ranging from a gap of 8.3 billion reais to a deficit of 22 billion reais.
Brazil Energy Insight 
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