The economic team foresees R$133.8 billion in investments in the 2027 Budget, according to the Annual Budget Law (PLOA) project sent this Monday (31) to the National Congress. The value represents an increase in relation to the R$ 110.8 billion foreseen in the 2026 Budget.
The proposal expands the resources allocated to infrastructure works, acquisition of equipment, housing and projects considered priorities by the economic team. Investments are part of discretionary expenses, which are not mandatory and can be adjusted by the government throughout the year.
Of the total forecast for 2027, R$87.9 billion corresponds to primary expenses and R$45.9 billion to financial investments, which include operations such as subsidies for housing programs.
The fiscal framework determines a floor of R$88.7 billion for investments next year, equivalent to 0.6% of the Gross Domestic Product (GDP, sum of the wealth produced in the country). Therefore, the total public investments planned for 2027 are R$45.1 billion above the minimum limit.
Main numbers
R$133.8 billion: total investments planned for 2027;
R$87.9 billion: primary investment expenses;
R$45.9 billion: financial investments;
R$61.5 billion: investment forecast in the New Growth Acceleration Program (New PAC);
R$110.8 billion: investments foreseen in the 2026 Budget;
R$88.7 billion: investment floor scheduled for 2027.
The Minister of Planning and Budget, Bruno Moretti, highlighted that the government's investment capacity increased in the proposal, although it is still below what is necessary to sustain faster economic growth.
"Even when considering only primary investment, we have expanded our capacity [to invest in PLOA]. It is a space that still needs to grow, because it increases our production capacity," he said.
Resources for the PAC
The New Growth Acceleration Program (PAC) is expected to concentrate R$61.5 billion in investments in 2027. The amount considers both primary and financial expenses.
The resources will be able to finance infrastructure projects and expansion of production capacity, including transport, energy, housing and other areas considered strategic by the government.
The text reserves the following funds for some New PAC programs:
R$8.25 billion for Minha Casa, Minha Vida;
R$1.19 billion for urban public transport;
R$667.2 million for drainage and flood prevention.
According to Moretti, the increase in investments was possible in part by controlling the growth of mandatory expenses and by applying the containment mechanisms provided for in tax legislation.
Mandatory expenses
The proposal also foresees a reduction in the share of mandatory expenses in the economy. According to the government, they should rise from 17.5% to 17.3% of the Gross Domestic Product (GDP).
The proportion of mandatory expenditure in relation to total primary expenditure also drops, from 92.4% to 91.7% of GDP.
Among the main reductions planned are:
Personnel: drop of 0.1 percentage point of GDP;
Social security benefits: drop of 0.1 point;
Mandatory expenses with flow control: drop of 0.1 point;
Judicial sentences: drop of 0.1 point.
On the other hand, the Budget incorporates an expense equivalent to 0.2 percentage points of GDP for the new Compensation Fund for States and Municipalities, created by the tax reform.
Tax limit
The increase in investments occurs within the rules of the fiscal framework. The legislation allows annual expenditure growth of up to 2.5% above inflation, conditioned on the behavior of public revenues.
Discretionary expenses, as they are more flexible, are one of the main areas used by the government to accommodate investments and, at the same time, meet fiscal targets.
For Moretti, despite the growth predicted in PLOA 2027, the volume of investments is still insufficient given the infrastructure needs and expansion of the country's productive capacity.
