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Brazil posts record current account gap

Brazil posted its biggest monthly current account ever in November, as a slumping global economy hit trade and foreign investment, while foreign companies repatriated more profits amid fears of a financial crisis in Europe. Brazil posted a current account deficit of $6.8 billion last month, the largest in its history, the central bank said on Tuesday. The bank expects another record in December when it sees a $7.1 billion current account gap.

The November deficit was more than double October's current account deficit of $3.1 billion but in line with the median forecast of a Reuters survey. Brazil's biggest current account deficit previously was $5.95 billion in December 2009.

Copyright Reuters, 2011