The soaring US dollar and Brazil’s slumping economy led to a weaker demand for imported goods and services in 2015. As a result, Brazil’s current account deficit reached USD 58.942 billion, equivalent to 3.32% of GDP. The result is the smallest amount since 2010. In 2014, the current account deficit reached USD 104.181 billion, or 4.31% of GDP.
Despite the pope is Argentine and on Monday he will be making his first pastoral trip overseas to Brazil, Argentine government strict currency controls are making it difficult for prospective pilgrims to travel. An estimated 60.000 Argentines are expected to travel to Rio do Janeiro for the grand event.