Brazil Current Account


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.

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 December 2014

Note: Monthly and 12-month current account balance in USD billion.
Source: Central Bank of Brazil (BCB) and FocusEconomics calculations.

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