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UPDATE 1-Brazil central bank sees higher current account deficit in 2017
March 24, 2017 / 2:09 PM / 8 months ago

UPDATE 1-Brazil central bank sees higher current account deficit in 2017

(Adds 2017 projections)

BRASILIA, March 23 (Reuters) - Brazil’s Central Bank forecast a larger current account deficit for this year of $30 billion on Friday, compared to a previous projection of $28 billion, as it expects more spending by Brazilians abroad and higher profit remittances by multinational companies.

Brazil’s current account deficit widened more than expected in February to $935 million, central bank data showed, compared to estimates of a $400 million surplus in a Reuters poll of economists.

Brazil’s 12-month current account deficit was equal to 1.24 percent of Gross Domestic Product in February.

The country attracted $5.306 billion in foreign direct investment in February, above forecasts in a Reuters poll for an inflow of $4.7 billion.

The bank’s projection of foreign direct investment this year remains unchanged $75 billion, while the 2017 trade surplus forecast increased to $51 billion from a previous estimate of $44 billion. (Reporting by Silvio Cascione; Editing by Alistair Bell)

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