Brazil Current Account


Current account deficit narrows in July

In July, the current account balance registered a deficit of USD 6.0 billion. The gap narrowed over the USD 9.0 billion shortfall registered in the same month last year and overshot market expectations of a USD 5.8 billion deficit.

The trade balance registered a surplus of USD 1.6 billion in July, which was an improvement from the USD 1.9 billion deficit recorded in July 2013. Conversely, the services and income balance tallied a USD 7.8 billion deficit in July, a slight decline compared to the USD 7.3 billion shortfall posted in the same month last year.

The moving 12-month current account deficit narrowed from the USD 81.3 billion tallied in June to USD 78.4 billion in July and is now equivalent to approximately 3.5% of GDP.

LatinFocus Consensus Forecast participants expect a current account deficit of 3.6% of GDP in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, panelists expect the current account deficit to be 3.3% of GDP.

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Brazil Current Account Chart

Brazil Current Account July 2014

Note: Monthly and 12-month current account balance in USD billion.
Source: Central Bank of Brazil (BCB) and FocusEconomics calculations.

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