Reuters: US Dollar Report: UPDATE 1-Brazil May current gap narrows from April

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UPDATE 1-Brazil May current gap narrows from April Jun 22nd 2012, 14:12 Fri Jun 22, 2012 10:12am EDT * Current account deficit $3.5 bln in May * Country attracts $3.7 bln in FDI BRASILIA, June 22 (Reuters) - Brazil posted a current account deficit of $3.468 billion in May, central bank data showed on Friday, in line with analysts' expectations and less than the previous month's gap. The country was expected to post a deficit of $3.4 billion, according to the median forecast of 12 analysts in a Reuters survey. The forecasts for the deficit ranged from $2.8 billion to $4.4 billion. Brazil's current account deficit in April was $5.4 billion, the central bank said last month. Brazil's 12-month current account deficit through May equaled 2.11 percent of gross domestic product, the central bank said. The current account, the broadest measure of a country's foreign transactions in its balance of payments, encompasses trade in goods and services, interest payments and profit and worker remittances. The measure indicates how reliant an economy is on financing from foreign capital. Strong capital inflows from foreign investors have helped Brazil cover its current account deficit in recent years. Foreign direct investment, which falls under the capital account in the balance of payments, was $3.716 billion in May, the central bank said, down from $3.973 billion in May last year and below the $4.669 billion reported in April. The central bank said it expects a current account deficit of $56 billion in 2012, down from a previous forecast of $68 billion, though kept its estimate for foreign direct investment unchanged at $50 billion. Link this Share this Digg this Email Reprints

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