Itaú BBA - $494 million current account deficit in March

Macro Brazil

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$494 million current account deficit in March

April 25, 2019

Current account deficit at historically low levels

For the version with all charts and tables, please open the attached pdf file.
 

 The current account posted a deficit of $ 494 million in March, below our estimate (USD 500 million surplus) and market expectations ($ 100 million deficit). Compared to our forecast, the surprise was concentrated in the income account, with higher than expected expenses related to profits and dividends. The current account deficit remains at a low level. For the coming years, we maintain our vision of a gradual increase in the current account deficit, but without compromising the sustainability of external accounts. Direct investment in the country continues to be the main source of financing for the current account deficit.  


Thales Caramella
 

For the version with all charts and tables, please open the attached pdf file



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