Brazil’s gross public debt rose to 77.6% of GDP (BRL 9.6 t;n) in July, up 0.9 ppt from June. The increase reflected nominal interest (+0.8 ppt), net issuance (+0.4 ppt), and exchange rate depreciation (+0.1 ppt), partially offset by nominal GDP growth (-0.4 ppt). Debt has risen 1.1 ppt YTD, mainly due to accrued interest (+5.1 ppt) and offsetting GDP effects (-3.6 ppt).