São Luís – Brazil’s current account deficit posted in 2023 a reduction of USD 19.6 billion compared to 2028, the country’s central bank reported on Monday. This was the smallest result in three years. Last year, the deficit reached USD 28.6 billion, or 1.32% of the gross domestic product (GDP), down from USD 48.3 billion, or 2.47% of the GDP, in 2022.
According to the Central Bank of Brazil, the narrower deficit was particularly due to the widening of USD 36.4 billion in the trade balance and the reduction of USD 2 billion in the services deficit. Last year, the trade balance posted a record surplus of USD 98.839 billion, 60% higher than a year earlier. The services account deficit, in turn, reached USD 36.7 billion, down 5.1% compared to 2022.
Translation by Guilherme Miranda
