SAO PAULO –  Brazil exceeded the goal for its central government accounts in 2011 and said it was committed to meeting its target this year, the Treasury reported Friday.

The central government, which includes the Treasury, the social security system and the central bank, posted a 93.5 billion-Brazilian-real primary surplus for 2011, equivalent to 2.26% of the gross domestic product. That was above the goal of a surplus of BRL91.8 billion.

"We consider it a good result in terms of spending as a whole," said Treasury Secretary Arno Augustin. "We will meet the full target this year, with all respect for anyone who says otherwise."

Brazil's central government has targeted a primary surplus of BRL96.97 billion and a full target--which includes state and local government and state-controlled company results--of BRL139.82 billion, up from the 2011 target of BRL128 billion, Augustin said.

Part of the effort to reach that target includes a freeze on spending, or "budget contingency" as it is labeled by the government, which suspends a portion of federal spending at the beginning of each year to ensure that the primary budget surplus goal is met. Last year, the government set an initial budget contingency of BRL50 billion, but expectations are that this year's figure will be larger.

The value of this year's freeze will be decided "in coming weeks," Augustin told reporters in Brasilia.

Despite meeting the target, Augustin said the government was less than satisfied with the result of that spending.

"The result of the investment wasn't what we wanted," he said. "We want more growth and we hope that this could happen in 2012."

The government plans to reclassify some spending as investment, such as the money it spent on the Minha Casa, Minha Vida housing program. That could allow the government to boost spending on the program, Augustin said, noting that money spent on the program in 2011 "isn't a ceiling" on spending.

"Is it possible to increase investment and reach the full target? We think it is indeed possible," he said. "For a number of years we've had a policy of increasing investments and we will continue that."

The central government posted a BRL2 billion ($1.1 billion) primary budget surplus for December.

The figures reported Friday are a key component of consolidated public-sector results, scheduled for release by the country's central bank Tuesday.

Augustin said that dividends from state-controlled companies, which are included in the consolidated results, totaled BRL19.96 billion in 2011, down from BRL22 billion in 2010 and BRL26 billion in 2009. Dividends paid to the government are likely to climb to BRL20.4 billion this year, Augustin said.

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