gross government debt reached 64.6% of GDP in July 2015. The debt-to-GDP goes
on upward trend, reaching 53.3% in December 2013 and 58.9% in December 2014.
Spending with high interest rates, the fall in tax revenue and increased public
spending explain the behavior of the Brazilian debt.
following chart shows the recent evolution of gross debt to GDP.
Thetrade balancehad aUSD3.9billiondeficitin 2014.Themain reason for this deficit wasthe fall inexportcommodity prices, such asiron ore ndsoybeans.Brazilian exports totaledUSD225.1billionand importsUSD229billionin 2014.
The chart below presents the recent evolution of the Brazilian