Brazil: Current account deficit narrows in May
June 24, 2014
In May, the current account balance incurred a deficit of USD 6.6 billion. The print came in a notch below the USD 6.4 billion shortfall registered in the same month last year and was in line with market expectations.
The trade balance registered a surplus of USD 0.7 billion in May, which was a tad below the USD 0.8 billion surplus recorded in May 2013. Moreover, the services and income balance tallied a USD 7.4 billion deficit in May, which represented a slight deterioration compared to the USD 7.3 billion shortfall posted in the same month last year.
The moving 12-month current account deficit widened from the USD 81.6 billion tallied in April to USD 81.9 billion in May and now represents approximately 3.6% of GDP.