June 24, 2020 / 3:19 PM / 16 days ago

Brazil's primary deficit this year could exceed 11% of GDP - treasury secretary

BRASILIA, June 24 (Reuters) - Brazil’s primary budget deficit this year could reach 800 billion reais ($152 billion), or more than 11% of gross domestic product, Treasury Secretary Mansueto Almeida said on Wednesday, which would be higher than current official forecasts.

Speaking in an online live event hosted by Citi, Almeida also said the economy is likely to shrink by 6-7% this year, again more than the government’s official projection of a 4.7% decline.

$1 = 5.25 reais Reporting by Jamie McGeever

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