The central government’s primary budget surplus exceeded analyst estimates last month, as a jump in tax revenue pulled Brazil out of deficit territory for the first time since April 2015.
The surplus, which excludes interest payments as well as municipalities and government-run companies, was 14.8 billion reais ($3.8 billion) in January, the Treasury said Thursday. The median forecast of economists surveyed by Bloomberg was for a surplus of 11.7 billion reais. Investors and credit rating companies use the primary budget result to gauge Brazil’s fiscal health.
Brazil Energy Insight 
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