BRASILIA, April 30 Brazil posted a primary
budget surplus of $3.5 billion reais ($1.75 billion) in March
, recovering after a deficit in February, but still
well below the surplus scored a year ago, according to central
bank data released on Tuesday.
The primary budget balance, which represents the public
sector's excess revenue over expenditures before debt payments,
was expected to reach a surplus of 5.6 billion reais according
to the median forecast of 11 analysts surveyed by Reuters.
The primary balance is a gauge closely watched by investors
because it measures a country's ability to service its debt. The
government missed its primary surplus target in 2012 and is
likely to miss it again this year as a slew of tax breaks aimed
at reviving the economy hits revenues.
The country posted a nominal budget deficit of 15.85 billion
reais in March.