(MENAFN) According to the Brazilian Central Bank, the country registered a primary deficit last year, marking the first registered deficit since records have been kept, Xinhua reported.
In 2014, the deficit value stood at USD12.324 billion, accounting for 0.63 percent of gross domestic product (GDP). In December alone, the deficit amounted to USD4.884 billion, up 24 percent.
At the beginning of 2014, the government sat a surplus target of 1.9 percent of GDP, but in September, the target was reversed due to a rise in public spending in an electoral year.
"We need to re-optimize the state-owned ports. The cargo transport industry has changed dramatically over the past 20 years, as have the demands of our partners," Finance Minister said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.