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Brazil cuts current account deficit nearly in half

January 26, 2016 by

Brazil managed to cut its current account deficit nearly in half in 2015, the Central Bank said Tuesday, but only because of a stiff currency depreciation and a recessionary economy. Brazil’s 2015 current account deficit amounted to $58.9 billion, down sharply from $104.2 billion in 2014. Overseas travel spending by Brazilians fell 32% on the heels of a 33% depreciation of the Brazilian Real against the U.S. dollar. Imports also declined sharply, partly on the strong dollar and partly due to a persistent recession, which slashed demand for everything from capital goods to toys. That meant Brazil was able to convert a 2014 foreign trade deficit of $3.9 billion into a 2015 surplus of $19.7 billion. Profit and divident remittances in 2015 were stable against the previous year. Foreign direct investment declined 22% but was still strong in 2015 at $75.1 billion, the Central Bank said.

Link to Central Bank release.

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