UPDATE 1-Brazil posts widest current account gap as pct of GDP since 2002

viernes 24 de octubre de 2014 09:42 GYT

(Recast, adds detail of 12-month deficit and FDI)

BRASILIA Oct 24 (Reuters) - Brazil's current account deficit widened sharply in September, central bank data showed on Friday, reaching its largest 12-month gap in more than a decade as the country's trade balance suffers from lower commodity prices.

Brazil posted a current account deficit of $7.907 billion in September, its largest this year and above market expectations for a gap of $7.250 billion, according to the median forecast of 19 analysts in a Reuters poll. Brazil's current account deficit in September of last year was $2.764 billion.

In the last 12 months through September, the current account deficit was equivalent to 3.70 percent of gross domestic product, its biggest gap since February of 2002.

The widening deficit threatens to surpass the central bank estimate for a $80 billion shortfall this year. So far in 2014 Brazil has averaged a monthly deficit of $7 billion.

On the other hand, foreign direct investment (FDI) has remained robust, but not enough to cover the current account deficit. So far this year, Brazil has attracted $46.215 billion in foreign direct investment while its current account deficit shot up to $62.730 billion.

In September, the country saw FDI inflows of $4.214 billion, above market expectations for $3.450 billion. (Reporting by Alonso Soto and Luciana Otoni Editing by W Simon and Chizu Nomiyama)