Brazil: Current account deficit narrows in March
April 25, 2014
In March, the current account balance incurred a deficit of USD 6.2 billion. The print was smaller than the USD 6.8 billion shortfall registered in the same month last year, but was broadly in line with market expectations.
The trade balance registered a surplus of USD 0.1 billion in March, which was slightly smaller than the USD 0.2 billion surplus registered in March 2013. Moreover, the services and income balance tallied a USD 6.5 billion deficit in March, which represented a slight improvement compared to the USD 7.2 billion shortfall posted in the same month last year.
The moving 12-month current account deficit narrowed slightly from USD 82.1 billion in February to USD 81.6 billion in March, representing approximately 3.6% of GDP.
LatinFocus Consensus Forecast participants expect a current account deficit of 3.4% 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 3.1% of GDP.