Australia’s current account deficit falls in Q3

December 6th, 2011 - 2:35 pm ICT by IANS  

Sydney, Dec 6 (IANS) Australia’s current account deficit fell by 1.02 billion Australian dollars ($1.05 billion), or 15 percent, in the September quarter, the Australian Bureau of Statistics (ABS) reported Tuesday.

The ABS said current account deficit was down to 5.64 billion AU dollars in the September quarter, from 6.66 billion AU dollars in the June quarter.

Economists’ forecasts were centred on a deficit of 5.6 billion AU dollars for the September quarter, reported Xinhua.

The Australian Bureau of Statistics (ABS) said the net goods and services deficit rose 1.93 billion AU dollars or 17 percent to 13.27 billion AU dollars in the September quarter.

The rise to the deficit on goods and services is expected to detract 0.6 percentage points from growth in the September quarter volume measure of gross domestic product (GDP), according to the ABS.

Global financial services firm JP Morgan economist Ben Jarman said the narrower current account deficit came in as expected as export prices in particular were quite strong.

Stephen Roberts, chief economist from financial consulting service Nomura, said the current account deficit for the September quarter was about 1.6 percent of GDP, near historic lows.

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