Brazil: Current account deficit narrows in July
August 22, 2014
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.