Brasília – Current account transactions between Brazil and foreign countries posted a US$ 3.4 billion deficit in February, although the balance of payments recorded a surplus of US$ 9.6 billion in the same month, according to the Foreign Sector Report issued this Friday (25th) by the Central Bank. As a result, the accumulated current account transaction deficit in the last 12 month period is US$ 49.2 billion, equivalent to 2.31% of the Gross Domestic Product (GDP) – the sum of all wealth produced in the country.
According to a report by the Economic Department of the Central Bank, the country’s financial account recorded a net inflow of US$ 12.8 billion, the highlight being the inflow of US$ 7.7 billion into foreign direct investment (FDI) in the productive sector and the US$ 2.1 billion return on Brazilian investment abroad.
The services account posted a US$ 2.2 billion deficit, representing an increase of 6.4% over February of last year, featuring greater net spending on international travel (US$ 761 million), which grew by 54.1% compared with February 2010, and on transport (US$ 441 million), which grew by 7% using the same basis of comparison.
Net remittances to foreign countries reached US$ 2.9 billion, representing growth of 56.6% over the same month of 2010, resulting mostly from net outflows of income from direct investment, which reached US$ 2.2 billion, 77.3% more than in February last year.
*Translated by Gabriel Pomerancblum
