Brazil: Current account deficit widens in December
January 23, 2015
In December, the current account balance registered a deficit of USD 10.3 billion, which was a deterioration from the USD 8.6 billion deficit recorded in the same month of the previous year. The gap exceeded market expectations of a USD 9.7 billion deficit and marked the largest deficit since January 2014.
The trade balance registered a surplus of USD 0.3 billion in December, which was an improvement over the USD 2.4 billion deficit recorded in November. In addition, the services and income balance tallied a USD 10.9 billion deficit in December, which was a smaller shortfall compared to the USD 11.7 billion posted in the same month of the previous year.
The moving 12-month current account deficit worsened from November’s USD 89.3 billion to USD 90.9 billion in December, which is equivalent to approximately 4.2% of GDP and marked the largest deficit since December 2001.