Brazil Current Account May 2021

Brazil

Brazil: Current account records another surplus in May

June 25, 2021

Brazil’s current account posted a surplus of USD 3.8 billion in May, contrasting the USD 0.5 billion deficit recorded in May last year, while narrowing somewhat from the USD 5.7 billion surplus logged in April.

May’s result chiefly reflected a greater goods surplus as exports rose at a faster clip than imports, while the services and primary income accounts logged wider shortfalls compared to a year ago. Meanwhile, net foreign investment weakened in the month, totaling USD 1.2 billion (May 2020: USD 3.1 billion).

Accordingly, the 12-month sum of the current balance narrowed to a USD 8.4 billion deficit from the USD 12.7 billion shortfall recorded in April, which was equivalent to approximately 0.6% of GDP (April: Approximately 0.9% of GDP).

The LatinFocus Consensus Forecast projects a current account deficit of 0.7% of GDP in 2021. For 2022, panelists foresee the current account deficit at 1.3% of GDP.


Author:, Economist

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Brazil Current Account May 2021 0

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


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