Citoyen
  • Home
  • Feed
  • Countries
  • Categories
  • Comparison
  • Rankings
  • Briefings
  • Deep dives
  • Reform tracker
  • Calendar
  • Sources
  • About
  1. Brazil
  2. ›
  3. Purchasing power & prices

Selic: Brazil facing its interest rates

For more than eight months, Brazil’s policy rate stayed at its highest in nearly twenty years, before the first cuts of 2026. Lula, re-elected on 25 October 2026, inherits a public debt whose interest bill has soared and heavily indebted households. Rates, inflation, public finances and credit, from the central bank and IBGE.

Citoyen·Data as of Nov 12, 2026

Scope: Brazil, Central Bank of Brazil (SGS system) and IBGE series, monthly since 2006; IMF for the comparison with other emerging economies.

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Key points

Selic rate13.75%Copom target, against 15.00% at its highest
Inflation over twelve months4.58%IPCA, Sep. 2026, for a 3% target
Interest on public debt9.0% of GDPconsolidated public sector, twelve months to Sep. 2026
Household income spent on debt29.0%interest and repayments, Aug. 2026
  • A very high policy rate. The Copom held the Selic at 15.00% from Jun. 2025 – Feb. 2026, against 2.00% at the 2020-2021 low; it has since brought it down to 13.75%, a cut of 1.25 pt.
  • One of the highest real rates in the world. With inflation at 4.58% over twelve months (Sep. 2026), the inflation-adjusted Selic reaches 8.8%.
  • An interest bill that weighs on the State. Interest paid by the public sector amounts to 9.0% of GDP over twelve months, against 3.4% of GDP at the Jun. 2021 low. General government gross debt reaches 82.9% of GDP, against 51.5% of GDP at the end of 2013.
  • More indebted households. Debt service absorbs 29.0% of household disposable income, against 17.0% in Mar. 2005; their debt reaches 50.1% of a year’s income.
  • More defaults. The default rate on household credit is 6.0% in Sep. 2026, against 2.9% at the Dec. 2020 low.
How to read these figures

The Selic is the policy rate of the Central Bank of Brazil, set by its monetary policy committee (Copom) about every six weeks; the chart keeps the target in force at the end of each month. Inflation is measured by IBGE’s IPCA; the National Monetary Council sets a 3% target with a tolerance band of 1.5 points. The real rate computed here sets the Selic against inflation over the past twelve months.

Nominal interest of the consolidated public sector (general government, central bank, state-owned firms) is measured by the central bank over twelve months, as a percentage of GDP. The IMF’s international comparison covers general government only (gap between the primary and overall balances): its scope differs, and so do its levels. The household indicators cover their debt to the financial system, relative to their disposable income.

1. Policy rate and inflation

The central bank raised the Selic from September 2024, with inflation above target; it held it at 15.00% from Jun. 2025 – Feb. 2026, then began cutting in 2026.

Selic rate and inflation over twelve months

Selic target at month end and IPCA over twelve months. Dashed line: 3% inflation target.

  • Inflation (IPCA)
  • Selic rate

Source:Banco Central do Brasil·IBGE

Show the chart data
PeriodSelic rateInflation (IPCA)
Jan. 200617.25%5.70%
Feb. 200617.25%5.51%
Mar. 200616.50%5.32%
Apr. 200615.75%4.63%
May 200615.75%4.23%
Jun. 200615.25%4.03%
Jul. 200614.75%3.97%
Aug. 200614.25%3.84%
Sep. 200614.25%3.70%
Oct. 200613.75%3.26%
Nov. 200613.25%3.02%
Dec. 200613.25%3.14%
Jan. 200713.00%2.99%
Feb. 200713.00%3.02%
Mar. 200712.75%2.96%
Apr. 200712.50%3.00%
May 200712.50%3.18%
Jun. 200712.00%3.69%
Jul. 200711.50%3.74%
Aug. 200711.50%4.18%
Sep. 200711.25%4.15%
Oct. 200711.25%4.12%
Nov. 200711.25%4.19%
Dec. 200711.25%4.46%
Jan. 200811.25%4.56%
Feb. 200811.25%4.61%
Mar. 200811.25%4.73%
Apr. 200811.75%5.04%
May 200811.75%5.58%
Jun. 200812.25%6.06%
Jul. 200813.00%6.37%
Aug. 200813.00%6.17%
Sep. 200813.75%6.25%
Oct. 200813.75%6.41%
Nov. 200813.75%6.39%
Dec. 200813.75%5.90%
Jan. 200912.75%5.84%
Feb. 200912.75%5.90%
Mar. 200911.25%5.61%
Apr. 200910.25%5.53%
May 200910.25%5.20%
Jun. 20099.25%4.80%
Jul. 20098.75%4.50%
Aug. 20098.75%4.36%
Sep. 20098.75%4.34%
Oct. 20098.75%4.17%
Nov. 20098.75%4.22%
Dec. 20098.75%4.31%
Jan. 20108.75%4.59%
Feb. 20108.75%4.83%
Mar. 20108.75%5.17%
Apr. 20109.50%5.26%
May 20109.50%5.22%
Jun. 201010.25%4.84%
Jul. 201010.75%4.60%
Aug. 201010.75%4.49%
Sep. 201010.75%4.70%
Oct. 201010.75%5.20%
Nov. 201010.75%5.63%
Dec. 201010.75%5.91%
Jan. 201111.25%5.99%
Feb. 201111.25%6.01%
Mar. 201111.75%6.30%
Apr. 201112.00%6.51%
May 201112.00%6.55%
Jun. 201112.25%6.71%
Jul. 201112.50%6.87%
Aug. 201112.50%7.23%
Sep. 201112.00%7.31%
Oct. 201111.50%6.97%
Nov. 201111.50%6.64%
Dec. 201111.00%6.50%
Jan. 201210.50%6.22%
Feb. 201210.50%5.84%
Mar. 20129.75%5.24%
Apr. 20129.00%5.10%
May 20128.50%4.99%
Jun. 20128.50%4.92%
Jul. 20128.00%5.20%
Aug. 20127.50%5.24%
Sep. 20127.50%5.28%
Oct. 20127.25%5.45%
Nov. 20127.25%5.53%
Dec. 20127.25%5.84%
Jan. 20137.25%6.15%
Feb. 20137.25%6.31%
Mar. 20137.25%6.59%
Apr. 20137.50%6.49%
May 20138.00%6.50%
Jun. 20138.00%6.70%
Jul. 20138.50%6.27%
Aug. 20139.00%6.09%
Sep. 20139.00%5.86%
Oct. 20139.50%5.84%
Nov. 201310.00%5.77%
Dec. 201310.00%5.91%
Jan. 201410.50%5.59%
Feb. 201410.75%5.68%
Mar. 201410.75%6.15%
Apr. 201411.00%6.28%
May 201411.00%6.37%
Jun. 201411.00%6.52%
Jul. 201411.00%6.50%
Aug. 201411.00%6.51%
Sep. 201411.00%6.75%
Oct. 201411.25%6.59%
Nov. 201411.25%6.56%
Dec. 201411.75%6.41%
Jan. 201512.25%7.14%
Feb. 201512.25%7.70%
Mar. 201512.75%8.13%
Apr. 201513.25%8.17%
May 201513.25%8.47%
Jun. 201513.75%8.89%
Jul. 201514.25%9.56%
Aug. 201514.25%9.53%
Sep. 201514.25%9.49%
Oct. 201514.25%9.93%
Nov. 201514.25%10.48%
Dec. 201514.25%10.67%
Jan. 201614.25%10.71%
Feb. 201614.25%10.36%
Mar. 201614.25%9.39%
Apr. 201614.25%9.28%
May 201614.25%9.32%
Jun. 201614.25%8.84%
Jul. 201614.25%8.74%
Aug. 201614.25%8.97%
Sep. 201614.25%8.48%
Oct. 201614.00%7.87%
Nov. 201614.00%6.99%
Dec. 201613.75%6.29%
Jan. 201713.00%5.35%
Feb. 201712.25%4.76%
Mar. 201712.25%4.57%
Apr. 201711.25%4.08%
May 201711.25%3.60%
Jun. 201710.25%3.00%
Jul. 20179.25%2.71%
Aug. 20179.25%2.46%
Sep. 20178.25%2.54%
Oct. 20177.50%2.70%
Nov. 20177.50%2.80%
Dec. 20177.00%2.95%
Jan. 20187.00%2.86%
Feb. 20186.75%2.84%
Mar. 20186.50%2.68%
Apr. 20186.50%2.76%
May 20186.50%2.86%
Jun. 20186.50%4.39%
Jul. 20186.50%4.48%
Aug. 20186.50%4.19%
Sep. 20186.50%4.53%
Oct. 20186.50%4.56%
Nov. 20186.50%4.05%
Dec. 20186.50%3.75%
Jan. 20196.50%3.78%
Feb. 20196.50%3.89%
Mar. 20196.50%4.58%
Apr. 20196.50%4.94%
May 20196.50%4.66%
Jun. 20196.50%3.37%
Jul. 20196.50%3.22%
Aug. 20196.00%3.43%
Sep. 20195.50%2.89%
Oct. 20195.00%2.54%
Nov. 20195.00%3.27%
Dec. 20194.50%4.31%
Jan. 20204.50%4.19%
Feb. 20204.25%4.01%
Mar. 20203.75%3.30%
Apr. 20203.75%2.40%
May 20203.00%1.88%
Jun. 20202.25%2.13%
Jul. 20202.25%2.31%
Aug. 20202.00%2.44%
Sep. 20202.00%3.14%
Oct. 20202.00%3.92%
Nov. 20202.00%4.31%
Dec. 20202.00%4.52%
Jan. 20212.00%4.56%
Feb. 20212.00%5.20%
Mar. 20212.75%6.10%
Apr. 20212.75%6.76%
May 20213.50%8.06%
Jun. 20214.25%8.35%
Jul. 20214.25%8.99%
Aug. 20215.25%9.68%
Sep. 20216.25%10.25%
Oct. 20217.75%10.67%
Nov. 20217.75%10.74%
Dec. 20219.25%10.06%
Jan. 20229.25%10.38%
Feb. 202210.75%10.54%
Mar. 202211.75%11.30%
Apr. 202211.75%12.13%
May 202212.75%11.73%
Jun. 202213.25%11.89%
Jul. 202213.25%10.07%
Aug. 202213.75%8.73%
Sep. 202213.75%7.17%
Oct. 202213.75%6.47%
Nov. 202213.75%5.90%
Dec. 202213.75%5.79%
Jan. 202313.75%5.77%
Feb. 202313.75%5.60%
Mar. 202313.75%4.65%
Apr. 202313.75%4.18%
May 202313.75%3.94%
Jun. 202313.75%3.16%
Jul. 202313.75%3.99%
Aug. 202313.25%4.61%
Sep. 202312.75%5.19%
Oct. 202312.75%4.82%
Nov. 202312.25%4.68%
Dec. 202311.75%4.62%
Jan. 202411.75%4.51%
Feb. 202411.25%4.50%
Mar. 202410.75%3.93%
Apr. 202410.75%3.69%
May 202410.50%3.93%
Jun. 202410.50%4.23%
Jul. 202410.50%4.50%
Aug. 202410.50%4.24%
Sep. 202410.75%4.42%
Oct. 202410.75%4.76%
Nov. 202411.25%4.87%
Dec. 202412.25%4.83%
Jan. 202513.25%4.56%
Feb. 202513.25%5.06%
Mar. 202514.25%5.48%
Apr. 202514.25%5.53%
May 202514.75%5.32%
Jun. 202515.00%5.35%
Jul. 202515.00%5.23%
Aug. 202515.00%5.13%
Sep. 202515.00%5.17%
Oct. 202515.00%4.68%
Nov. 202515.00%4.46%
Dec. 202515.00%4.26%
Jan. 202615.00%4.44%
Feb. 202615.00%3.81%
Mar. 202614.75%4.14%
Apr. 202614.50%4.39%
May 202614.50%4.72%
Jun. 202614.25%4.64%
Jul. 202614.25%4.44%
Aug. 202614.00%4.22%
Sep. 202613.75%4.58%
Oct. 202613.75%–

Inflation-adjusted Selic rate

Month-end Selic against IPCA over the past twelve months. Latest point: 8.8% in Sep. 2026.

Source:Banco Central do Brasil·IBGE

Show the chart data
PeriodReal rate
Jan. 200610.9%
Feb. 200611.1%
Mar. 200610.6%
Apr. 200610.6%
May 200611.1%
Jun. 200610.8%
Jul. 200610.4%
Aug. 200610.0%
Sep. 200610.2%
Oct. 200610.2%
Nov. 20069.9%
Dec. 20069.8%
Jan. 20079.7%
Feb. 20079.7%
Mar. 20079.5%
Apr. 20079.2%
May 20079.0%
Jun. 20078.0%
Jul. 20077.5%
Aug. 20077.0%
Sep. 20076.8%
Oct. 20076.8%
Nov. 20076.8%
Dec. 20076.5%
Jan. 20086.4%
Feb. 20086.3%
Mar. 20086.2%
Apr. 20086.4%
May 20085.8%
Jun. 20085.8%
Jul. 20086.2%
Aug. 20086.4%
Sep. 20087.1%
Oct. 20086.9%
Nov. 20086.9%
Dec. 20087.4%
Jan. 20096.5%
Feb. 20096.5%
Mar. 20095.3%
Apr. 20094.5%
May 20094.8%
Jun. 20094.2%
Jul. 20094.1%
Aug. 20094.2%
Sep. 20094.2%
Oct. 20094.4%
Nov. 20094.3%
Dec. 20094.3%
Jan. 20104.0%
Feb. 20103.7%
Mar. 20103.4%
Apr. 20104.0%
May 20104.1%
Jun. 20105.2%
Jul. 20105.9%
Aug. 20106.0%
Sep. 20105.8%
Oct. 20105.3%
Nov. 20104.8%
Dec. 20104.6%
Jan. 20115.0%
Feb. 20114.9%
Mar. 20115.1%
Apr. 20115.2%
May 20115.1%
Jun. 20115.2%
Jul. 20115.3%
Aug. 20114.9%
Sep. 20114.4%
Oct. 20114.2%
Nov. 20114.6%
Dec. 20114.2%
Jan. 20124.0%
Feb. 20124.4%
Mar. 20124.3%
Apr. 20123.7%
May 20123.3%
Jun. 20123.4%
Jul. 20122.7%
Aug. 20122.1%
Sep. 20122.1%
Oct. 20121.7%
Nov. 20121.6%
Dec. 20121.3%
Jan. 20131.0%
Feb. 20130.9%
Mar. 20130.6%
Apr. 20130.9%
May 20131.4%
Jun. 20131.2%
Jul. 20132.1%
Aug. 20132.7%
Sep. 20133.0%
Oct. 20133.5%
Nov. 20134.0%
Dec. 20133.9%
Jan. 20144.7%
Feb. 20144.8%
Mar. 20144.3%
Apr. 20144.4%
May 20144.4%
Jun. 20144.2%
Jul. 20144.2%
Aug. 20144.2%
Sep. 20144.0%
Oct. 20144.4%
Nov. 20144.4%
Dec. 20145.0%
Jan. 20154.8%
Feb. 20154.2%
Mar. 20154.3%
Apr. 20154.7%
May 20154.4%
Jun. 20154.5%
Jul. 20154.3%
Aug. 20154.3%
Sep. 20154.3%
Oct. 20153.9%
Nov. 20153.4%
Dec. 20153.2%
Jan. 20163.2%
Feb. 20163.5%
Mar. 20164.4%
Apr. 20164.5%
May 20164.5%
Jun. 20165.0%
Jul. 20165.1%
Aug. 20164.8%
Sep. 20165.3%
Oct. 20165.7%
Nov. 20166.6%
Dec. 20167.0%
Jan. 20177.3%
Feb. 20177.1%
Mar. 20177.3%
Apr. 20176.9%
May 20177.4%
Jun. 20177.0%
Jul. 20176.4%
Aug. 20176.6%
Sep. 20175.6%
Oct. 20174.7%
Nov. 20174.6%
Dec. 20173.9%
Jan. 20184.0%
Feb. 20183.8%
Mar. 20183.7%
Apr. 20183.6%
May 20183.5%
Jun. 20182.0%
Jul. 20181.9%
Aug. 20182.2%
Sep. 20181.9%
Oct. 20181.9%
Nov. 20182.4%
Dec. 20182.7%
Jan. 20192.6%
Feb. 20192.5%
Mar. 20191.8%
Apr. 20191.5%
May 20191.8%
Jun. 20193.0%
Jul. 20193.2%
Aug. 20192.5%
Sep. 20192.5%
Oct. 20192.4%
Nov. 20191.7%
Dec. 20190.2%
Jan. 20200.3%
Feb. 20200.2%
Mar. 20200.4%
Apr. 20201.3%
May 20201.1%
Jun. 20200.1%
Jul. 2020−0.1%
Aug. 2020−0.4%
Sep. 2020−1.1%
Oct. 2020−1.8%
Nov. 2020−2.2%
Dec. 2020−2.4%
Jan. 2021−2.4%
Feb. 2021−3.0%
Mar. 2021−3.2%
Apr. 2021−3.8%
May 2021−4.2%
Jun. 2021−3.8%
Jul. 2021−4.3%
Aug. 2021−4.0%
Sep. 2021−3.6%
Oct. 2021−2.6%
Nov. 2021−2.7%
Dec. 2021−0.7%
Jan. 2022−1.0%
Feb. 20220.2%
Mar. 20220.4%
Apr. 2022−0.3%
May 20220.9%
Jun. 20221.2%
Jul. 20222.9%
Aug. 20224.6%
Sep. 20226.1%
Oct. 20226.8%
Nov. 20227.4%
Dec. 20227.5%
Jan. 20237.5%
Feb. 20237.7%
Mar. 20238.7%
Apr. 20239.2%
May 20239.4%
Jun. 202310.3%
Jul. 20239.4%
Aug. 20238.3%
Sep. 20237.2%
Oct. 20237.6%
Nov. 20237.2%
Dec. 20236.8%
Jan. 20246.9%
Feb. 20246.5%
Mar. 20246.6%
Apr. 20246.8%
May 20246.3%
Jun. 20246.0%
Jul. 20245.7%
Aug. 20246.0%
Sep. 20246.1%
Oct. 20245.7%
Nov. 20246.1%
Dec. 20247.1%
Jan. 20258.3%
Feb. 20257.8%
Mar. 20258.3%
Apr. 20258.3%
May 20259.0%
Jun. 20259.2%
Jul. 20259.3%
Aug. 20259.4%
Sep. 20259.3%
Oct. 20259.9%
Nov. 202510.1%
Dec. 202510.3%
Jan. 202610.1%
Feb. 202610.8%
Mar. 202610.2%
Apr. 20269.7%
May 20269.3%
Jun. 20269.2%
Jul. 20269.4%
Aug. 20269.4%
Sep. 20268.8%

2. The cost for public finances

A large share of Brazil’s public debt is indexed to the Selic or short-term: the interest bill therefore closely follows the policy rate.

Nominal interest of the public sector, over twelve months

Central Bank of Brazil, consolidated public sector, % of GDP.

Source:Banco Central do Brasil

Show the chart data
PeriodInterest
Jan. 20056.6% of GDP
Feb. 20056.6% of GDP
Mar. 20056.7% of GDP
Apr. 20056.8% of GDP
May 20056.9% of GDP
Jun. 20057.1% of GDP
Jul. 20057.2% of GDP
Aug. 20057.2% of GDP
Sep. 20057.2% of GDP
Oct. 20057.3% of GDP
Nov. 20057.4% of GDP
Dec. 20057.3% of GDP
Jan. 20067.5% of GDP
Feb. 20067.5% of GDP
Mar. 20067.4% of GDP
Apr. 20067.3% of GDP
May 20067.0% of GDP
Jun. 20067.1% of GDP
Jul. 20067.0% of GDP
Aug. 20067.1% of GDP
Sep. 20066.9% of GDP
Oct. 20066.8% of GDP
Nov. 20066.7% of GDP
Dec. 20066.7% of GDP
Jan. 20076.5% of GDP
Feb. 20076.4% of GDP
Mar. 20076.3% of GDP
Apr. 20076.2% of GDP
May 20076.5% of GDP
Jun. 20076.2% of GDP
Jul. 20076.2% of GDP
Aug. 20075.9% of GDP
Sep. 20076.1% of GDP
Oct. 20076.1% of GDP
Nov. 20076.1% of GDP
Dec. 20076.0% of GDP
Jan. 20085.9% of GDP
Feb. 20086.0% of GDP
Mar. 20085.9% of GDP
Apr. 20085.9% of GDP
May 20085.8% of GDP
Jun. 20085.9% of GDP
Jul. 20086.0% of GDP
Aug. 20086.0% of GDP
Sep. 20085.6% of GDP
Oct. 20085.3% of GDP
Nov. 20085.2% of GDP
Dec. 20085.3% of GDP
Jan. 20095.4% of GDP
Feb. 20095.2% of GDP
Mar. 20095.2% of GDP
Apr. 20095.2% of GDP
May 20095.0% of GDP
Jun. 20094.9% of GDP
Jul. 20094.8% of GDP
Aug. 20094.8% of GDP
Sep. 20095.1% of GDP
Oct. 20095.2% of GDP
Nov. 20095.3% of GDP
Dec. 20095.1% of GDP
Jan. 20105.0% of GDP
Feb. 20105.1% of GDP
Mar. 20105.1% of GDP
Apr. 20105.1% of GDP
May 20105.1% of GDP
Jun. 20105.1% of GDP
Jul. 20105.0% of GDP
Aug. 20105.0% of GDP
Sep. 20105.0% of GDP
Oct. 20104.9% of GDP
Nov. 20105.0% of GDP
Dec. 20105.0% of GDP
Jan. 20115.1% of GDP
Feb. 20115.2% of GDP
Mar. 20115.2% of GDP
Apr. 20115.3% of GDP
May 20115.4% of GDP
Jun. 20115.4% of GDP
Jul. 20115.4% of GDP
Aug. 20115.4% of GDP
Sep. 20115.4% of GDP
Oct. 20115.5% of GDP
Nov. 20115.4% of GDP
Dec. 20115.4% of GDP
Jan. 20125.4% of GDP
Feb. 20125.3% of GDP
Mar. 20125.3% of GDP
Apr. 20125.2% of GDP
May 20125.1% of GDP
Jun. 20125.0% of GDP
Jul. 20124.9% of GDP
Aug. 20124.8% of GDP
Sep. 20124.7% of GDP
Oct. 20124.6% of GDP
Nov. 20124.5% of GDP
Dec. 20124.4% of GDP
Jan. 20134.5% of GDP
Feb. 20134.5% of GDP
Mar. 20134.4% of GDP
Apr. 20134.4% of GDP
May 20134.4% of GDP
Jun. 20134.4% of GDP
Jul. 20134.4% of GDP
Aug. 20134.5% of GDP
Sep. 20134.4% of GDP
Oct. 20134.4% of GDP
Nov. 20134.6% of GDP
Dec. 20134.7% of GDP
Jan. 20144.8% of GDP
Feb. 20144.6% of GDP
Mar. 20144.5% of GDP
Apr. 20144.5% of GDP
May 20144.5% of GDP
Jun. 20144.5% of GDP
Jul. 20144.6% of GDP
Aug. 20144.5% of GDP
Sep. 20144.9% of GDP
Oct. 20145.0% of GDP
Nov. 20145.0% of GDP
Dec. 20145.4% of GDP
Jan. 20155.2% of GDP
Feb. 20155.9% of GDP
Mar. 20156.8% of GDP
Apr. 20156.4% of GDP
May 20157.0% of GDP
Jun. 20157.1% of GDP
Jul. 20157.6% of GDP
Aug. 20158.2% of GDP
Sep. 20158.6% of GDP
Oct. 20158.5% of GDP
Nov. 20158.3% of GDP
Dec. 20158.4% of GDP
Jan. 20169.0% of GDP
Feb. 20168.5% of GDP
Mar. 20167.3% of GDP
Apr. 20167.7% of GDP
May 20167.5% of GDP
Jun. 20167.3% of GDP
Jul. 20167.0% of GDP
Aug. 20166.8% of GDP
Sep. 20166.3% of GDP
Oct. 20166.6% of GDP
Nov. 20166.8% of GDP
Dec. 20166.5% of GDP
Jan. 20176.2% of GDP
Feb. 20176.1% of GDP
Mar. 20176.8% of GDP
Apr. 20176.9% of GDP
May 20176.7% of GDP
Jun. 20176.9% of GDP
Jul. 20176.6% of GDP
Aug. 20176.5% of GDP
Sep. 20176.4% of GDP
Oct. 20176.4% of GDP
Nov. 20176.1% of GDP
Dec. 20176.1% of GDP
Jan. 20185.9% of GDP
Feb. 20185.9% of GDP
Mar. 20185.7% of GDP
Apr. 20185.7% of GDP
May 20185.7% of GDP
Jun. 20185.9% of GDP
Jul. 20185.8% of GDP
Aug. 20186.1% of GDP
Sep. 20185.8% of GDP
Oct. 20185.5% of GDP
Nov. 20185.5% of GDP
Dec. 20185.4% of GDP
Jan. 20195.3% of GDP
Feb. 20195.3% of GDP
Mar. 20195.4% of GDP
Apr. 20195.5% of GDP
May 20195.4% of GDP
Jun. 20195.0% of GDP
Jul. 20195.0% of GDP
Aug. 20194.8% of GDP
Sep. 20194.9% of GDP
Oct. 20195.0% of GDP
Nov. 20195.0% of GDP
Dec. 20195.0% of GDP
Jan. 20205.2% of GDP
Feb. 20205.1% of GDP
Mar. 20205.3% of GDP
Apr. 20205.1% of GDP
May 20204.8% of GDP
Jun. 20204.9% of GDP
Jul. 20204.6% of GDP
Aug. 20204.3% of GDP
Sep. 20204.5% of GDP
Oct. 20204.7% of GDP
Nov. 20204.2% of GDP
Dec. 20204.1% of GDP
Jan. 20214.1% of GDP
Feb. 20214.1% of GDP
Mar. 20213.9% of GDP
Apr. 20213.5% of GDP
May 20213.6% of GDP
Jun. 20213.4% of GDP
Jul. 20213.8% of GDP
Aug. 20213.9% of GDP
Sep. 20214.0% of GDP
Oct. 20214.3% of GDP
Nov. 20214.7% of GDP
Dec. 20215.0% of GDP
Jan. 20224.7% of GDP
Feb. 20224.6% of GDP
Mar. 20224.4% of GDP
Apr. 20225.3% of GDP
May 20225.3% of GDP
Jun. 20226.2% of GDP
Jul. 20226.1% of GDP
Aug. 20225.9% of GDP
Sep. 20226.0% of GDP
Oct. 20225.8% of GDP
Nov. 20225.8% of GDP
Dec. 20225.8% of GDP
Jan. 20236.1% of GDP
Feb. 20236.4% of GDP
Mar. 20236.7% of GDP
Apr. 20236.3% of GDP
May 20236.6% of GDP
Jun. 20236.1% of GDP
Jul. 20236.1% of GDP
Aug. 20236.5% of GDP
Sep. 20236.5% of GDP
Oct. 20236.7% of GDP
Nov. 20236.6% of GDP
Dec. 20236.6% of GDP
Jan. 20246.8% of GDP
Feb. 20246.7% of GDP
Mar. 20246.7% of GDP
Apr. 20246.9% of GDP
May 20246.9% of GDP
Jun. 20247.4% of GDP
Jul. 20247.6% of GDP
Aug. 20247.4% of GDP
Sep. 20247.1% of GDP
Oct. 20247.5% of GDP
Nov. 20247.8% of GDP
Dec. 20248.1% of GDP
Jan. 20257.7% of GDP
Feb. 20257.7% of GDP
Mar. 20257.8% of GDP
Apr. 20257.7% of GDP
May 20257.7% of GDP
Jun. 20257.4% of GDP
Jul. 20257.6% of GDP
Aug. 20257.6% of GDP
Sep. 20257.9% of GDP
Oct. 20257.8% of GDP
Nov. 20257.8% of GDP
Dec. 20257.9% of GDP
Jan. 20268.1% of GDP
Feb. 20268.1% of GDP
Mar. 20268.3% of GDP
Apr. 20268.4% of GDP
May 20268.5% of GDP
Jun. 20268.8% of GDP
Jul. 20268.7% of GDP
Aug. 20268.9% of GDP
Sep. 20269.0% of GDP

General government gross debt

Central Bank of Brazil, methodology in force since 2008, % of GDP. Latest month: Sep. 2026.

Source:Banco Central do Brasil

Show the chart data
PeriodGross debt
Dec. 200655.5% of GDP
Jan. 200756.2% of GDP
Feb. 200756.9% of GDP
Mar. 200757.2% of GDP
Apr. 200757.2% of GDP
May 200757.9% of GDP
Jun. 200758.2% of GDP
Jul. 200758.3% of GDP
Aug. 200758.5% of GDP
Sep. 200757.9% of GDP
Oct. 200757.5% of GDP
Nov. 200757.3% of GDP
Dec. 200756.7% of GDP
Jan. 200857.5% of GDP
Feb. 200857.0% of GDP
Mar. 200857.1% of GDP
Apr. 200856.5% of GDP
May 200855.8% of GDP
Jun. 200855.6% of GDP
Jul. 200855.5% of GDP
Aug. 200855.0% of GDP
Sep. 200854.8% of GDP
Oct. 200855.1% of GDP
Nov. 200854.6% of GDP
Dec. 200856.0% of GDP
Jan. 200956.9% of GDP
Feb. 200957.2% of GDP
Mar. 200957.5% of GDP
Apr. 200956.8% of GDP
May 200957.1% of GDP
Jun. 200958.3% of GDP
Jul. 200959.7% of GDP
Aug. 200960.8% of GDP
Sep. 200960.8% of GDP
Oct. 200961.0% of GDP
Nov. 200960.2% of GDP
Dec. 200959.2% of GDP
Jan. 201059.8% of GDP
Feb. 201059.0% of GDP
Mar. 201056.2% of GDP
Apr. 201056.1% of GDP
May 201056.0% of GDP
Jun. 201055.8% of GDP
Jul. 201055.5% of GDP
Aug. 201055.0% of GDP
Sep. 201054.9% of GDP
Oct. 201055.1% of GDP
Nov. 201054.7% of GDP
Dec. 201051.8% of GDP
Jan. 201152.4% of GDP
Feb. 201152.4% of GDP
Mar. 201152.6% of GDP
Apr. 201152.6% of GDP
May 201152.2% of GDP
Jun. 201152.4% of GDP
Jul. 201152.5% of GDP
Aug. 201152.3% of GDP
Sep. 201152.1% of GDP
Oct. 201151.7% of GDP
Nov. 201151.8% of GDP
Dec. 201151.3% of GDP
Jan. 201251.8% of GDP
Feb. 201252.2% of GDP
Mar. 201252.7% of GDP
Apr. 201253.2% of GDP
May 201253.3% of GDP
Jun. 201253.4% of GDP
Jul. 201253.6% of GDP
Aug. 201253.3% of GDP
Sep. 201254.1% of GDP
Oct. 201254.5% of GDP
Nov. 201254.7% of GDP
Dec. 201253.7% of GDP
Jan. 201354.0% of GDP
Feb. 201354.0% of GDP
Mar. 201354.1% of GDP
Apr. 201353.8% of GDP
May 201353.9% of GDP
Jun. 201353.6% of GDP
Jul. 201353.7% of GDP
Aug. 201353.4% of GDP
Sep. 201353.0% of GDP
Oct. 201353.1% of GDP
Nov. 201352.7% of GDP
Dec. 201351.5% of GDP
Jan. 201452.6% of GDP
Feb. 201451.8% of GDP
Mar. 201451.8% of GDP
Apr. 201452.0% of GDP
May 201452.2% of GDP
Jun. 201452.8% of GDP
Jul. 201453.2% of GDP
Aug. 201453.8% of GDP
Sep. 201455.1% of GDP
Oct. 201455.4% of GDP
Nov. 201456.0% of GDP
Dec. 201456.3% of GDP
Jan. 201557.2% of GDP
Feb. 201558.3% of GDP
Mar. 201559.5% of GDP
Apr. 201559.1% of GDP
May 201560.2% of GDP
Jun. 201560.8% of GDP
Jul. 201562.2% of GDP
Aug. 201563.0% of GDP
Sep. 201563.7% of GDP
Oct. 201563.9% of GDP
Nov. 201564.3% of GDP
Dec. 201565.5% of GDP
Jan. 201666.5% of GDP
Feb. 201666.7% of GDP
Mar. 201666.3% of GDP
Apr. 201666.6% of GDP
May 201667.6% of GDP
Jun. 201667.5% of GDP
Jul. 201668.7% of GDP
Aug. 201669.3% of GDP
Sep. 201670.0% of GDP
Oct. 201669.8% of GDP
Nov. 201670.8% of GDP
Dec. 201669.8% of GDP
Jan. 201769.8% of GDP
Feb. 201770.4% of GDP
Mar. 201771.2% of GDP
Apr. 201771.4% of GDP
May 201772.3% of GDP
Jun. 201772.7% of GDP
Jul. 201773.2% of GDP
Aug. 201773.6% of GDP
Sep. 201773.7% of GDP
Oct. 201774.1% of GDP
Nov. 201774.0% of GDP
Dec. 201773.7% of GDP
Jan. 201874.0% of GDP
Feb. 201874.5% of GDP
Mar. 201874.6% of GDP
Apr. 201875.0% of GDP
May 201876.1% of GDP
Jun. 201876.1% of GDP
Jul. 201876.0% of GDP
Aug. 201876.0% of GDP
Sep. 201876.0% of GDP
Oct. 201875.3% of GDP
Nov. 201875.7% of GDP
Dec. 201875.3% of GDP
Jan. 201975.4% of GDP
Feb. 201975.5% of GDP
Mar. 201976.7% of GDP
Apr. 201977.1% of GDP
May 201976.6% of GDP
Jun. 201976.7% of GDP
Jul. 201976.8% of GDP
Aug. 201977.6% of GDP
Sep. 201976.6% of GDP
Oct. 201975.8% of GDP
Nov. 201976.2% of GDP
Dec. 201974.4% of GDP
Jan. 202074.8% of GDP
Feb. 202075.2% of GDP
Mar. 202076.8% of GDP
Apr. 202078.0% of GDP
May 202080.0% of GDP
Jun. 202082.9% of GDP
Jul. 202083.5% of GDP
Aug. 202085.8% of GDP
Sep. 202087.4% of GDP
Oct. 202087.7% of GDP
Nov. 202087.0% of GDP
Dec. 202086.9% of GDP
Jan. 202186.9% of GDP
Feb. 202186.9% of GDP
Mar. 202185.1% of GDP
Apr. 202182.6% of GDP
May 202181.4% of GDP
Jun. 202180.6% of GDP
Jul. 202180.3% of GDP
Aug. 202179.6% of GDP
Sep. 202179.6% of GDP
Oct. 202179.5% of GDP
Nov. 202178.2% of GDP
Dec. 202177.3% of GDP
Jan. 202277.0% of GDP
Feb. 202276.9% of GDP
Mar. 202276.4% of GDP
Apr. 202276.3% of GDP
May 202275.7% of GDP
Jun. 202275.6% of GDP
Jul. 202275.2% of GDP
Aug. 202274.6% of GDP
Sep. 202274.2% of GDP
Oct. 202273.7% of GDP
Nov. 202273.0% of GDP
Dec. 202271.7% of GDP
Jan. 202371.4% of GDP
Feb. 202371.8% of GDP
Mar. 202371.5% of GDP
Apr. 202371.6% of GDP
May 202372.1% of GDP
Jun. 202372.0% of GDP
Jul. 202372.5% of GDP
Aug. 202372.9% of GDP
Sep. 202373.0% of GDP
Oct. 202373.3% of GDP
Nov. 202373.3% of GDP
Dec. 202373.8% of GDP
Jan. 202474.5% of GDP
Feb. 202474.8% of GDP
Mar. 202475.0% of GDP
Apr. 202475.2% of GDP
May 202475.7% of GDP
Jun. 202476.7% of GDP
Jul. 202477.2% of GDP
Aug. 202477.4% of GDP
Sep. 202477.1% of GDP
Oct. 202477.4% of GDP
Nov. 202477.5% of GDP
Dec. 202476.3% of GDP
Jan. 202575.5% of GDP
Feb. 202575.8% of GDP
Mar. 202575.6% of GDP
Apr. 202575.6% of GDP
May 202575.8% of GDP
Jun. 202576.3% of GDP
Jul. 202577.2% of GDP
Aug. 202577.3% of GDP
Sep. 202577.8% of GDP
Oct. 202578.3% of GDP
Nov. 202579.0% of GDP
Dec. 202578.6% of GDP
Jan. 202678.7% of GDP
Feb. 202679.1% of GDP
Mar. 202679.9% of GDP
Apr. 202680.1% of GDP
May 202681.0% of GDP
Jun. 202682.0% of GDP
Jul. 202682.6% of GDP
Aug. 202682.9% of GDP
Sep. 202682.9% of GDP

General government interest, comparison

IMF, gap between the primary and overall balances, observed years. In 2024: Brazil 6.0% of GDP, Mexico 5.9% of GDP, South Africa 5.2% of GDP, India 4.9% of GDP, Colombia 3.8% of GDP.

  • Colombia
  • India
  • South Africa
  • Mexico
  • Brazil

Source:International Monetary Fund

Show the chart data
PeriodBrazilMexicoSouth AfricaIndiaColombia
20105.1% of GDP2.6% of GDP2.2% of GDP4.3% of GDP2.1% of GDP
20115.5% of GDP2.5% of GDP2.3% of GDP4.3% of GDP2.1% of GDP
20124.6% of GDP2.7% of GDP2.4% of GDP4.4% of GDP1.7% of GDP
20134.9% of GDP2.6% of GDP2.7% of GDP4.6% of GDP2.0% of GDP
20145.4% of GDP2.7% of GDP2.8% of GDP4.5% of GDP1.6% of GDP
20158.4% of GDP2.7% of GDP2.9% of GDP4.6% of GDP1.8% of GDP
20166.0% of GDP3.0% of GDP3.1% of GDP4.7% of GDP1.9% of GDP
20176.3% of GDP3.6% of GDP3.3% of GDP4.7% of GDP2.0% of GDP
20186.1% of GDP3.7% of GDP3.4% of GDP4.7% of GDP2.2% of GDP
20194.8% of GDP4.4% of GDP3.6% of GDP4.8% of GDP2.3% of GDP
20204.1% of GDP4.4% of GDP4.1% of GDP5.7% of GDP2.6% of GDP
20214.6% of GDP4.3% of GDP4.2% of GDP5.3% of GDP2.7% of GDP
20225.3% of GDP5.0% of GDP4.5% of GDP5.2% of GDP3.8% of GDP
20235.5% of GDP5.8% of GDP4.9% of GDP5.3% of GDP3.8% of GDP
20246.0% of GDP5.9% of GDP5.2% of GDP4.9% of GDP3.8% of GDP
20257.3% of GDP6.1% of GDP––2.3% of GDP

3. Households and credit

The share of household income spent on repaying debt is at a record for the series, and defaults have risen since 2020.

Household debt and debt service

Debt service (interest and repayments) as % of disposable income, seasonally adjusted; debt to the financial system as % of the past twelve months’ income.

  • Debt / income
  • Debt service / income

Source:Banco Central do Brasil

Show the chart data
PeriodDebt service / incomeDebt / income
Jan. 2005–16.5%
Feb. 2005–16.8%
Mar. 200517.0%17.2%
Apr. 200517.2%17.6%
May 200517.4%18.0%
Jun. 200517.6%18.1%
Jul. 200517.7%18.4%
Aug. 200517.9%18.9%
Sep. 200518.3%19.1%
Oct. 200518.6%19.4%
Nov. 200518.6%19.6%
Dec. 200518.7%19.6%
Jan. 200618.7%19.9%
Feb. 200619.0%20.1%
Mar. 200619.3%20.5%
Apr. 200619.5%20.8%
May 200619.6%21.1%
Jun. 200619.6%21.2%
Jul. 200619.5%21.4%
Aug. 200619.7%21.7%
Sep. 200619.5%21.7%
Oct. 200619.4%21.9%
Nov. 200619.3%22.1%
Dec. 200619.5%22.0%
Jan. 200719.4%22.3%
Feb. 200719.3%22.5%
Mar. 200718.9%22.0%
Apr. 200718.8%22.4%
May 200718.6%22.9%
Jun. 200718.9%23.1%
Jul. 200719.2%23.6%
Aug. 200719.4%23.8%
Sep. 200719.3%24.0%
Oct. 200719.3%24.6%
Nov. 200719.4%24.9%
Dec. 200719.4%25.0%
Jan. 200819.6%25.3%
Feb. 200819.9%25.5%
Mar. 200820.2%26.0%
Apr. 200820.4%26.5%
May 200820.4%26.8%
Jun. 200820.4%26.9%
Jul. 200820.5%27.2%
Aug. 200820.6%27.3%
Sep. 200820.6%27.4%
Oct. 200820.8%27.8%
Nov. 200820.8%27.5%
Dec. 200820.9%27.4%
Jan. 200920.9%27.3%
Feb. 200921.0%27.3%
Mar. 200921.1%27.3%
Apr. 200921.2%27.5%
May 200921.3%27.9%
Jun. 200921.7%28.0%
Jul. 200921.8%28.2%
Aug. 200921.9%28.4%
Sep. 200922.0%28.8%
Oct. 200922.2%28.9%
Nov. 200922.2%29.1%
Dec. 200922.2%29.5%
Jan. 201022.3%29.8%
Feb. 201022.3%30.0%
Mar. 201022.3%30.4%
Apr. 201022.5%30.7%
May 201022.7%31.2%
Jun. 201023.0%31.4%
Jul. 201023.1%32.0%
Aug. 201023.1%32.3%
Sep. 201023.2%32.7%
Oct. 201023.2%32.9%
Nov. 201023.5%33.5%
Dec. 201024.0%34.0%
Jan. 201124.2%34.1%
Feb. 201124.0%34.2%
Mar. 201123.9%34.9%
Apr. 201123.8%34.9%
May 201123.8%35.1%
Jun. 201123.6%35.3%
Jul. 201123.5%35.4%
Aug. 201123.7%36.0%
Sep. 201124.2%36.3%
Oct. 201124.7%36.5%
Nov. 201124.6%36.5%
Dec. 201124.6%36.6%
Jan. 201224.5%36.8%
Feb. 201224.5%36.8%
Mar. 201224.5%36.9%
Apr. 201224.5%37.0%
May 201224.5%37.2%
Jun. 201224.4%37.4%
Jul. 201224.1%37.5%
Aug. 201223.8%37.7%
Sep. 201223.6%37.5%
Oct. 201223.4%37.7%
Nov. 201223.5%37.9%
Dec. 201223.5%38.0%
Jan. 201323.2%38.2%
Feb. 201323.1%38.3%
Mar. 201322.9%38.2%
Apr. 201322.8%38.3%
May 201322.3%38.4%
Jun. 201322.2%38.4%
Jul. 201322.2%38.6%
Aug. 201322.2%38.7%
Sep. 201322.3%38.5%
Oct. 201322.3%38.4%
Nov. 201322.4%38.4%
Dec. 201322.7%38.2%
Jan. 201422.6%38.3%
Feb. 201422.6%38.3%
Mar. 201422.5%38.2%
Apr. 201422.6%38.1%
May 201422.7%38.3%
Jun. 201422.8%38.5%
Jul. 201422.8%38.6%
Aug. 201422.7%38.6%
Sep. 201422.7%38.7%
Oct. 201422.7%39.0%
Nov. 201423.1%39.0%
Dec. 201423.5%39.2%
Jan. 201523.9%39.6%
Feb. 201524.1%39.6%
Mar. 201524.0%39.7%
Apr. 201524.2%40.0%
May 201524.2%40.0%
Jun. 201524.3%40.1%
Jul. 201524.3%40.4%
Aug. 201524.4%40.6%
Sep. 201524.6%40.8%
Oct. 201524.2%40.8%
Nov. 201523.8%40.5%
Dec. 201523.0%40.1%
Jan. 201623.3%40.0%
Feb. 201623.4%39.7%
Mar. 201623.7%39.5%
Apr. 201623.7%39.3%
May 201624.0%39.2%
Jun. 201624.0%39.0%
Jul. 201623.8%38.8%
Aug. 201623.8%38.7%
Sep. 201623.8%38.5%
Oct. 201623.7%38.2%
Nov. 201623.6%38.2%
Dec. 201623.2%38.1%
Jan. 201723.2%38.0%
Feb. 201723.0%37.9%
Mar. 201722.9%37.8%
Apr. 201722.5%37.5%
May 201722.2%37.4%
Jun. 201722.2%37.3%
Jul. 201722.4%37.3%
Aug. 201722.7%37.4%
Sep. 201722.8%37.3%
Oct. 201722.6%37.3%
Nov. 201722.3%37.4%
Dec. 201722.1%37.2%
Jan. 201821.9%37.3%
Feb. 201821.9%37.2%
Mar. 201822.0%37.3%
Apr. 201822.3%37.5%
May 201822.5%37.8%
Jun. 201822.9%37.8%
Jul. 201822.4%37.8%
Aug. 201822.1%38.0%
Sep. 201822.2%38.0%
Oct. 201822.2%38.3%
Nov. 201822.3%38.8%
Dec. 201822.6%39.0%
Jan. 201922.8%39.3%
Feb. 201923.0%39.6%
Mar. 201923.0%39.6%
Apr. 201923.5%39.8%
May 201923.9%40.1%
Jun. 201925.1%40.6%
Jul. 201924.7%40.7%
Aug. 201924.7%41.1%
Sep. 201923.9%41.2%
Oct. 201923.5%41.3%
Nov. 201923.0%41.6%
Dec. 201922.7%41.5%
Jan. 202022.6%41.6%
Feb. 202022.6%41.5%
Mar. 202023.7%41.6%
Apr. 202023.3%40.9%
May 202021.8%40.1%
Jun. 202020.5%39.4%
Jul. 202019.9%39.2%
Aug. 202019.8%39.2%
Sep. 202020.0%39.6%
Oct. 202020.5%40.2%
Nov. 202021.3%41.0%
Dec. 202021.8%41.8%
Jan. 202122.2%42.1%
Feb. 202122.0%42.3%
Mar. 202122.3%42.5%
Apr. 202122.4%42.9%
May 202122.8%43.9%
Jun. 202123.0%44.5%
Jul. 202123.3%45.2%
Aug. 202123.6%46.5%
Sep. 202124.5%47.5%
Oct. 202125.2%48.2%
Nov. 202125.5%49.0%
Dec. 202125.6%49.5%
Jan. 202226.0%49.7%
Feb. 202225.7%49.5%
Mar. 202225.4%49.6%
Apr. 202225.6%49.7%
May 202225.5%49.6%
Jun. 202226.0%49.7%
Jul. 202226.5%49.9%
Aug. 202226.9%49.7%
Sep. 202227.2%49.6%
Oct. 202227.2%49.8%
Nov. 202227.3%49.5%
Dec. 202227.6%49.1%
Jan. 202327.7%49.1%
Feb. 202327.7%48.8%
Mar. 202327.7%48.7%
Apr. 202327.8%48.6%
May 202328.0%48.9%
Jun. 202327.8%48.5%
Jul. 202327.3%48.1%
Aug. 202326.9%48.3%
Sep. 202326.8%48.1%
Oct. 202326.8%48.2%
Nov. 202326.5%48.2%
Dec. 202325.8%47.8%
Jan. 202425.7%48.0%
Feb. 202425.8%47.9%
Mar. 202426.1%47.8%
Apr. 202426.1%47.7%
May 202426.0%47.6%
Jun. 202426.4%47.7%
Jul. 202426.5%47.9%
Aug. 202426.7%48.1%
Sep. 202426.5%48.1%
Oct. 202426.4%48.2%
Nov. 202426.4%48.3%
Dec. 202426.8%48.5%
Jan. 202526.7%48.6%
Feb. 202526.9%48.6%
Mar. 202527.0%48.9%
Apr. 202527.1%48.9%
May 202527.2%48.9%
Jun. 202527.2%48.8%
Jul. 202527.3%48.8%
Aug. 202527.6%48.9%
Sep. 202527.8%49.1%
Oct. 202527.9%49.5%
Nov. 202527.9%49.6%
Dec. 202528.1%49.7%
Jan. 202628.2%49.9%
Feb. 202628.3%49.8%
Mar. 202628.2%49.9%
Apr. 202628.4%49.9%
May 202628.5%49.8%
Jun. 202628.7%49.7%
Jul. 202628.8%49.9%
Aug. 202629.0%50.1%

Default rate on household credit

Share of loans more than 90 days overdue. Latest month: Sep. 2026.

Source:Banco Central do Brasil

Show the chart data
PeriodDefault rate
Mar. 20114.6%
Apr. 20114.7%
May 20114.8%
Jun. 20114.8%
Jul. 20114.9%
Aug. 20115.0%
Sep. 20115.0%
Oct. 20115.2%
Nov. 20115.2%
Dec. 20115.2%
Jan. 20125.4%
Feb. 20125.4%
Mar. 20125.4%
Apr. 20125.4%
May 20125.5%
Jun. 20125.4%
Jul. 20125.4%
Aug. 20125.4%
Sep. 20125.4%
Oct. 20125.3%
Nov. 20125.2%
Dec. 20125.1%
Jan. 20135.0%
Feb. 20135.0%
Mar. 20135.0%
Apr. 20134.9%
May 20134.9%
Jun. 20134.6%
Jul. 20134.6%
Aug. 20134.5%
Sep. 20134.5%
Oct. 20134.3%
Nov. 20134.2%
Dec. 20134.1%
Jan. 20144.1%
Feb. 20144.0%
Mar. 20144.1%
Apr. 20144.1%
May 20144.2%
Jun. 20144.0%
Jul. 20144.1%
Aug. 20144.1%
Sep. 20144.0%
Oct. 20144.0%
Nov. 20143.9%
Dec. 20143.7%
Jan. 20153.8%
Feb. 20153.9%
Mar. 20153.7%
Apr. 20153.8%
May 20153.9%
Jun. 20153.7%
Jul. 20153.8%
Aug. 20153.9%
Sep. 20154.0%
Oct. 20154.1%
Nov. 20154.2%
Dec. 20154.3%
Jan. 20164.3%
Feb. 20164.4%
Mar. 20164.3%
Apr. 20164.4%
May 20164.4%
Jun. 20164.1%
Jul. 20164.2%
Aug. 20164.2%
Sep. 20164.2%
Oct. 20164.2%
Nov. 20164.2%
Dec. 20164.0%
Jan. 20174.0%
Feb. 20174.1%
Mar. 20174.1%
Apr. 20174.1%
May 20174.2%
Jun. 20173.9%
Jul. 20174.0%
Aug. 20174.0%
Sep. 20173.9%
Oct. 20173.9%
Nov. 20173.8%
Dec. 20173.6%
Jan. 20183.8%
Feb. 20183.8%
Mar. 20183.7%
Apr. 20183.7%
May 20183.6%
Jun. 20183.5%
Jul. 20183.6%
Aug. 20183.6%
Sep. 20183.5%
Oct. 20183.4%
Nov. 20183.4%
Dec. 20183.3%
Jan. 20193.4%
Feb. 20193.4%
Mar. 20193.4%
Apr. 20193.4%
May 20193.5%
Jun. 20193.4%
Jul. 20193.5%
Aug. 20193.5%
Sep. 20193.6%
Oct. 20193.6%
Nov. 20193.6%
Dec. 20193.6%
Jan. 20203.6%
Feb. 20203.7%
Mar. 20204.0%
Apr. 20204.1%
May 20204.0%
Jun. 20203.7%
Jul. 20203.5%
Aug. 20203.4%
Sep. 20203.2%
Oct. 20203.1%
Nov. 20203.0%
Dec. 20202.9%
Jan. 20212.9%
Feb. 20213.0%
Mar. 20212.9%
Apr. 20213.0%
May 20213.0%
Jun. 20212.9%
Jul. 20212.9%
Aug. 20213.0%
Sep. 20213.0%
Oct. 20213.0%
Nov. 20213.0%
Dec. 20213.1%
Jan. 20223.3%
Feb. 20223.4%
Mar. 20223.5%
Apr. 20223.5%
May 20223.7%
Jun. 20223.6%
Jul. 20223.7%
Aug. 20223.8%
Sep. 20223.8%
Oct. 20223.9%
Nov. 20223.9%
Dec. 20223.9%
Jan. 20234.1%
Feb. 20234.2%
Mar. 20234.1%
Apr. 20234.3%
May 20234.4%
Jun. 20234.3%
Jul. 20234.2%
Aug. 20234.1%
Sep. 20234.0%
Oct. 20234.0%
Nov. 20233.9%
Dec. 20233.8%
Jan. 20243.8%
Feb. 20243.8%
Mar. 20243.7%
Apr. 20243.8%
May 20243.8%
Jun. 20243.7%
Jul. 20243.8%
Aug. 20243.8%
Sep. 20243.8%
Oct. 20243.8%
Nov. 20243.8%
Dec. 20243.6%
Jan. 20253.9%
Feb. 20254.0%
Mar. 20254.0%
Apr. 20254.3%
May 20254.4%
Jun. 20254.4%
Jul. 20254.7%
Aug. 20254.9%
Sep. 20254.9%
Oct. 20255.0%
Nov. 20255.1%
Dec. 20255.1%
Jan. 20265.4%
Feb. 20265.6%
Mar. 20265.4%
Apr. 20265.5%
May 20265.6%
Jun. 20265.4%
Jul. 20265.8%
Aug. 20266.0%
Sep. 20266.0%

What we know, what we don’t

What the figures establish

  • The Selic stayed at its highest in nearly twenty years for more than eight months, then began to fall in 2026.
  • The public sector’s interest bill has more than doubled since its 2021 low.
  • The share of household income spent on debt is the highest in the series.

What they don’t tell

  • The pace of the next rate cuts, which depends on the Copom’s decisions.
  • The specific effect of rates on inflation and activity: these series do not measure the effect of monetary policy.
  • The fiscal policy of the new term, which starts in January 2027.

Stay up to date

This dossier is updated at least once a quarter with the new figures. Follow it to get a notification at each update.

Sources

Series downloaded from their producers on Nov 12, 2026, the snapshot date. Only published periods are used: no projection.

  • Banco Central do Brasil Taxa de juros, meta Selic definida pelo Copom (SGS 432)
  • Banco Central do Brasil NFSP, juros nominais do setor público consolidado, % do PIB em 12 meses (SGS 5760); dívida bruta do governo geral, % do PIB (SGS 13762)
  • Banco Central do Brasil Comprometimento de renda das famílias com o serviço da dívida (SGS 29034), endividamento das famílias (SGS 29037), inadimplência pessoas físicas (SGS 21084)
  • IBGE IPCA, variação acumulada em 12 meses (SIDRA, tabela 1737, variável 2265)
  • International Monetary Fund World Economic Outlook: general government primary net lending minus net lending (GGXONLB_NGDP − GGXCNL_NGDP), % of GDP, actual years