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Brazil accumulates until October its lowest deficit with abroad in ten years

Brazil accumulated in the first ten months of this year a deficit in its foreign transactions of 3,033 million dollars, the lowest for the period in the last decade, reported today The central bank.

Rio de Janeiro, Nov 23 (EFE) .- Brazil accumulated in the first ten months of this year a deficit in its foreign transactions of 3,033 million dollars, the lowest for the period In the last decade, the Central Bank reported today.

The so-called current account deficit in Brazil between January and October of this year was almost five times lower than the one accumulated in the same period of 2016 (16,931 million dollars) and 17 times lower than the first ten months of 2015 (53,491 million dollars), according to the data of the issuing agency.

The numbers are in line with those expected by the Central Bank, which for 2017 foresees a negative difference of 16,000 million dollars between the resources that Brazil sends abroad through its trade, service and income balances and those it receives from other countries for the same concepts.

The deficit forecast for this year, if fulfilled, will be 31.9% less than in 2016 (23,500 million dollars), almost three times lower than in 2015 (58,800 million dollars) and the lowest for the last ten years, since 2007, when the country registered a surplus of 408 million dollars in its transactions with abroad.

The good result in the current accounts of Brazil so far this year has been mainly driven by the balance commercial, which between January and October accumulated a surplus of 56,130 million dollars, positive balance much higher than the same period of 2016 (36,310 million dollars).

The serious The recession that Brazil faced in the last two years significantly reduced the demand for external products and the strong fall in imports added to the gains that the country it has obtained thanks to the strong increase of the prices in the external markets of several of the raw materials that it exports, mainly grains and minerals.

The high commercial surplus it compensated the outflow of resources in the balance of services and in the financial balance until October.

The numbers of the external accounts in the period also reflect the incipient recovery of the Brazilian economy in 2017, when an economic growth of 0.70% is expected after two years of deep recession.

Brazil's economy retracted 3.5% in 2015 and another 3.6 in 2016, which led to two consecutive years of negative growth for the first time since the 1930s.

The Central Bank also reported that foreign direct investment in Brazil it went up from 54,900 million dollars in the first ten months of 2016 to 60,000 million dollars between January and October of this year.

The value reinforces the forecast of the Brazilian government, according to which the country will end 2017 with 75,000 million dollars in productive investment of foreigners.

The foreign investment received by Brazil this year, therefore, it will be more than enough to finance the country's current account deficit in 2016 (23.5 billion dollars).

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