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Brazil's external account deficit to fall below average

Xinhua, November 4, 2016 Adjust font size:

Brazil's external account deficit will fall to around one percent of its GDP in 2016, the Institute for Applied Economic Research (IPEA) announced on Thursday.

According to an IPEA study, the figures are below the country's historical average, which is 1.8 percent of the GDP.

The Institute said that the country's accounts are on a path of adjustment and current transaction deficit has been significantly reduced.

From January to September 2016, Brazil accumulated a deficit of 13.6 billion U.S. dollars, down 70 percent from the figures registered in the same period in 2015.

"It is no exaggeration to say that the country has already completed the adjustments of its external accounts, in the sense that the current transaction deficit is already below average," said IPEA's Fernando Ribeiro, who coordinated the study.

Ribeiro said the lower deficit can be attributed to a rise in trade surplus in the period, adding the trade surplus registered in the January-October period is three times higher than the amounts registered in the same period last year. Endi