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Brazil's February current account deficit nearly halves, while FDI doubles

Brazil's current account deficit was at $1.13 billion in February, down from $2.04 billion in the same month the year prior, as an improvement in trade surplus drove the result up above expectations, according to data from Banco Central do Brasil.

At the same time, foreign direct investment shot up to $8.40 billion during the month from $4.71 billion in February 2018, totaling $89.51 billion in the last 12 months, or 4.77% of Brazil's GDP.

These results exceeded the central bank's expectations, according to a report from Reuters. However, the monetary authority reportedly expects the figures to worsen again in coming months.

The country's trade surplus jumped 19% to $3.2 billion from $2.7 billion year over year, while service account deficit decreased to $2.1 billion from $2.6 billion during the period, the central bank said.

Meanwhile, net inflows of equity investments, mutual funds and fixed income securities traded in the domestic market totaled $4.0 billion in February and $10.7 billion in the first two months of 2019.

The central bank data also revealed that stock of international reserves reached $378.4 billion in February 2019.