Brazil: Current account deficit worsens in November
December 19, 2014
In November, the current account balance registered a deficit of USD 9.3 billion, which was a deterioration from the 5.1 billion deficit recorded in the same month last year. The gap exceeded market expectations of a USD 8.6 billion deficit and marked the largest deficit in 10 months.
The trade balance registered a shortfall of USD 2.4 billion in November, which was a significant deterioration from the USD 1.7 billion surplus recorded in November 2013. In addition, the services and income balance tallied a USD 7.2 billion deficit in November, which was a larger shortfall compared to the USD 7.0 billion posted in the same month last year.
The moving 12-month current account deficit worsened from October’s USD 84.4 billion to USD 88.7 billion in November, which is equivalent to approximately 4.1% of GDP and marked the largest deficit since December 2001.