*The central bank (BCB) reported that Brazil’s current account deficit was US$2.4bn in November, exceeding the bank’s US$1.5bn estimate. However, the accumulated current account deficit was US$5.4bn over the last eleven months, down from US$17.6bn during the same period last year. This is the best result since 2007 (the last time Brazil registered a surplus), showing President Michel Temer’s fiscal policies, including a cap on public spending which came into effect last year, appear to be paying off. The BCB has lowered its current acount deficit forecast for the whole of 2017 from US$16bn (0.8% of GDP) to US$9.2bn (0.45% GDP).
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