Brazil Current Account


Current account deficit narrows in March

In March, the current account balance registered a deficit of USD 5.7 billion, which was an improvement from the USD 6.6 billion deficit recorded in the same month last year. The gap was above market expectations of a USD 4.9 billion deficit. In addition, the Central Bank of Brazil introduced a new methodology for calculating balance of payments data with March’s release.

The trade balance registered a surplus of USD 500 million in March, which marked the first surplus in three months and was above the USD 100 million surplus recorded in March 2014. Brazil tallied a trade deficit for the first time in 14 years in 2014 on the back of a sharp decline in the value of key exports. The services and income balance tallied a USD 6.1 billion deficit in March.

The moving 12-month current account deficit recorded USD 101.6 billion in March, which was a slight improvement over February’s USD 102.5 billion. March’s figure is equivalent to approximately 4.5% of GDP.

LatinFocus Consensus Forecast participants expect a current account deficit of 3.6% of GDP in 2015. For 2016, panelists expect the current account deficit to be 3.3% of GDP.

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Brazil Current Account Chart

Brazil Current Account March 2015

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

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