Brazil Current Account

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Brazil: Current account deficit narrows in February

March 25, 2015

In February, the current account balance registered a deficit of USD 6.9 billion, which was an improvement from the USD 7.4 billion deficit recorded in the same month last year. The gap was below market expectations of a USD 7.7 billion deficit.

The trade balance registered a deficit of USD 2.8 billion in February, which was a deterioration over the USD 2.1 billion deficit recorded in February 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 4.2 billion deficit in February, which was a smaller shortfall compared to the USD 5.4 billion posted in the same month of the previous year.

The moving 12-month current account deficit recorded USD 89.8 billion in February, which was a slight improvement over January’s USD 90.4 billion. February’s figure is equivalent to approximately 4.2% 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.


Author: Angela Bouzanis, Senior Economist

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Brazil Current Account Chart


Brazil Current Account February 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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