Itaú BBA - Wider-than-expected current account deficit in October

Macro Brazil

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Wider-than-expected current account deficit in October

noviembre 25, 2019

Wider-than-expected current account deficit in October. Due to the revision of external sector statistics, the CAD reached 3.0% of GDP.


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

 The current account posted a $7.9 billion deficit in October, which was wider than our forecast (-$4.9 billion) and market estimates (-$5.2 billion). The Central Bank published a new revision of external statistics, pushing the deficit in the 12 months through September to $48.9 billion from $37.4 billion. In October, the negative reading reached to $54.8 billion (3.0% of GDP). Compared to October 2018 (-$2.0 billion after the revision), the larger deficit was mostly driven by a weakening trade surplus.
 

Julia Gottlieb
Thales Caramella


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



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