Brazil: Current account deficit worsens in October
November 24, 2014
In October, the current account balance registered a deficit of USD 8.1 billion, which was a deterioration from the 7.1 billion deficit recorded in the same month last year. The gap exceeded market expectations of a USD 7.5 billion deficit and marked the largest deficit in six months.
The trade balance registered a shortfall of USD 1.2 billion in October, which was a significant deterioration from the USD 2 million deficit recorded in October 2013. Conversely, the services and income balance tallied a USD 7.2 billion deficit in October, which was a smaller shortfall compared to the USD 7.5 billion posted in the same month last year.
The moving 12-month current account deficit worsened from September’s USD 83.4 billion to USD 84.4 billion in October, which is equivalent to approximately 3.7% of GDP and marks an all-time record.