BoP: Soon Out Of Balance?

January 2007 | Market Strategy

Venezuela's current account surplus came in at US$7.7bn in Q306, decreasing by 4.4% y-o-y (down from a 100.5% y-o-y increase in Q305), which represented the first quarterly decline since Q204. On an accumulative basis, the surplus amounted to US$22.9bn during the first nine months of 2006, growing by 22.5% y-o-y (down from a 66.7% y-o-y rise during the same time period in 2005). Although we did not anticipate such a sharp quarterly deterioration, the slowdown

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