Brazil’s FDI covers current account shortfalls in 2012

Reuters, 01/23/2013

Foreign direct investment in Brazil more than covered the country’s current account deficit in 2012, the central bank said on Wednesday, in a sign of continued confidence in Latin America’s largest economy despite sluggish growth.

Brazil attracted $65.272 billion in foreign direct investment in 2012, above a central bank estimate of $63 billion that was revised upward several times last year. The country drew $66.6 billion of FDI in 2011.

That investment fully covers a current account deficit of $54.246 billion last year — more than the bank’s forecast of $52.5 billion.

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