Brazil's primary fiscal surplus lowest in 11 years

Brazil's primary fiscal surplus in 2013 hit its lowest in 11 years, missing the target figure, the Central Bank announced on Friday. The government's consolidated primary fiscal surplus totaled 91 billion reais (some 37.75 billion U.S. dollars) last year, representing 1.9 percent of the country' s GDP, the lowest since 2002, according to the bank. In comparison, the target was 111 billion reais (46 billion U.S. dollars), the equivalent of 2.3 percent of the GDP. The nominal result, which includes the primary fiscal surplus and appropriated nominal interests, posted a deficit of 157.6 billion reais (65.4 billion U.S. dollars) in 2013, which represents 3.28 percent of the GDP, the highest in four years, the bank said.