Brazil's fiscal balance to remain under strong pressure

The 2014 fiscal balance was better than expected as GDP and the deflator growth surprised to the upside in Q4. 

"we expect the fiscal balance to improve over the next few years on the government's pledge to introduce austerity measures, the pace of improvement will be painfully slow (-5.5% and -4.6% of GDP in 2015 and 2016) and inadequate to boost investor confidence - the key ingredient for medium-term recovery", says Societe Generale

The expected deceleration in government spending will act as a drag on growth in 2015 (and to some extent in 2016 as well).