Brazil: Current account gap widens in June
August 1, 2012
In June, the current account balance incurred a deficit of USD 4.4 billion, which was larger than the USD 3.5 billion shortfall registered in May but came in line with market expectations. The June print was mainly influenced by a lower trade surplus, which fell from USD 3.0 billion in May to USD 806 million in June. The services and income account, on the other hand, improved from a shortfall of USD 6.7 billion in May to a USD 5.5 billion deficit in June. The moving 12-month current account deficit widened from USD 50.8 billion in May to USD 51.8 billion in June (approximately 2.2% of GDP).