(Corrects overall deficit comparison in 9th graph to biggest since 2003)
BRASILIA, Dec 29 (Reuters) - Brazil posted a primary budget deficit for a period of 12 months in November, its first in more than a decade and a threat to the government’s already reduced fiscal goal for the year, central bank data showed on Monday.
Brazil posted a primary budget deficit of 8.084 billion reais ($3 billion) in November, its largest gap for that month on record. In the 12 months through November, the country had a deficit of 9.234 billion reais, the first such gap since the central bank series started in 2002.
The primary budget balance, which is seen as a gauge of the country’s capacity to repay its debt, had been expected to show a deficit of 3.4 billion reais in November, according to the median forecast of seven analysts surveyed by Reuters.
At the start of the year, the government aimed for a primary surplus, which represents the public sector’s excess revenue over expenditures before debt interest payments, of 99 billion reais or the equivalent of 1.9 percent of gross domestic product for the full year of 2014.
In November, the government reduced its surplus goal to just 10 billion reais, but changes in the 2014 budget bill allows the administration to lower that target even further.
President Dilma Rousseff has promised to put the country’s finances back in order to regain the trust of investors worried about the fundamental of the once-booming Brazilian economy.
Incoming Finance Minister Joaquim Levy has said the government will tie any future spending to economic growth rates and set more attainable fiscal goals to halt the rise of the country’s gross debt.
In just a year, Brazil’s gross public debt rose nearly 7 percentage points to 63 percent of GDP in November.
The overall budget balance, which includes debt payments, had a deficit of 41.6 billion in November. In the 12 months through November, the country posted a deficit of 297.42 billion reais, or the equivalent of 5.82 percent of GDP -- the biggest since September of 2003.
Brazil posted a primary surplus of 3.7 billion reais in October. (Reporting by Alonso Soto and Silvio Cascione; Editing by Chizu Nomiyama and W Simon)