Brazil: Current account registers another shortfall in February
March 24, 2014
In February, the current account balance incurred a deficit of USD 7.4 billion. The print was slightly larger than the USD 6.6 billion shortfall registered in the same month last year and market expectations of a EUR 8.0 billion deficit. The trade balance registered a deficit of USD 2.1 billion in February, which was slightly greater than the USD 1.3 billion deficit registered in February 2013. Moreover, the services and income balance tallied a USD 5.4 billion deficit in February, which represented a slight improvement compared to the USD 5.8 billion shortfall posted in the same month last year. The moving 12-month current account deficit widened slightly from USD 81.6 billion in January to USD 82.5 billion in February, representing approximately 3.7% of GDP. LatinFocus Consensus Forecast participants expect a current account deficit of 3.4% of GDP in 2014, which is down 0.1 percentage points from last month's forecast. For 2015, panelists expect the current account deficit to be at 3.1% of GDP.