Overview

• August’s shortfall was the smallest for that month since 2023 and came in better than the Projeções Broadcast median forecast of a $5.35 billion deficit.
• The month’s composition showed a $5.466 billion trade surplus offset by a $4.189 billion services deficit and $6.343 billion in primary‑income outflows, with the financial account at negative $7.957 billion.
• On a 12‑month basis, the deficit eased to 3.51% of GDP from a revised 3.66% in July, while the year‑to‑date gap reached $46.810 billion.
• The Central Bank’s September report projects a $70 billion current‑account deficit in 2025 financed by roughly $70 billion in net direct investment and a $54.0 billion trade surplus.
• Direct investment posted $8.0 billion of net inflows in August and $69 billion over 12 months, and international reserves rose to $350.8 billion with a $5.7 billion monthly increase.