Federal, state and local governments ran a combined USD 2.1 billion deficit, which is much narrower than the BRL 30.7 billion deficit seen in May 2017.
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The Brazilian monetary authority believes the economy will see 1.6% growth in 2018, down from a prior 2.6% estimate.
In May, the current account surplus was USD 729 million. Year-to-date, however, it has a USD 4 billion deficit.
The economic expansion estimate from financial institutions polled by the Brazilian Central Bank has moved down for the eighth straight week, this time to 1.55%.
Financial institutions polled by the Brazilian Central Bank expect the Brazilian economy to grow 1.76% in 2018. Last week’s forecast called for a 1.94% forecast.
The Brazilian monetary authority said it will offer currency swap contracts starting next week to reduce volatility of the United States currency.
Speaking in a seminar in Rio de Janeiro, Ilan Goldfajn said that the normalization of interest rates in developed economies has been causing volatility in the international market.
Financial institutions polled by the Brazilian Central Bank expect the economy to expand by 2.70% this year, down from a prior 2.75% forecast.
The price index of commodities produced in Brazil increased 4% over March, according to the Brazilian Central Bank (BC). This year, the index has risen 3.64%.
After seeing net withdrawals in January and February, savings accounts swung to a surplus in March, the Brazilian Central Bank said.
