Brazil's current account widens

Brazil's current account deficit for October widened less than expected from September at the same time the country attracted less foreign direct investment. Brazil posted a current account deficit of $3.1 billion in October, the central bank said on Tuesday.
The country had been expected to post a deficit of $3.5 billion, according to the median forecast of 12 analysts in a Reuters survey. The forecasts for the deficit ranged from $2.9 billion to $4 billion. Brazil's current account deficit in September was $2.2 billion, the central bank said last month. The commodity powerhouse attracted $5.6 billion in foreign direct investment in October, down from $6.3 billion in September.
The 12-month current account deficit through October was equal to 2 percent of gross domestic product, the bank said. In the 12-month period through September the deficit was equal to 2.05 percent of GDP, the bank said previously. The current account, the broadest measure of a country's foreign transactions, indicates how reliant an economy is on financing from foreign capital. It encompasses trade, services and interest payments.