Australia’s current account deficit widens

March 6th, 2012 - 1:47 pm ICT by IANS  

Sydney, March 6 (IANS) Australia’s current account deficit widened to 8.37 billion AU dollars ($8.93 billion) in the December quarter of 2011, following an upwardly revised deficit of 5.82 billion AU dollars ($6.21 billion) in the September quarter, the Australian Bureau of Statistics (ABS) said Tuesday.

The current account deficit, seasonally adjusted, rose by 2.55 billion AU dollars ($2.72 billion), or 44 percent in the three months to December 31, the ABS reported.

The median market forecast was for a deficit of 8.1 billion AU dollars ($8.64 billion) in the December quarter, reported Xinhua.

The deficit on goods and services fell by 912 million AU dollars ($973 million), or 7.0 percent, to 12.46 billion AU dollars ($13.29 billion) in the December quarter 2011, from 13.37 billion AU dollars ($14.26 billion) in the September quarter 2011, the ABS said.

“This is expected to contribute 0.3 percentage points to growth in the December quarter 2011 volume measure of gross domestic product,” the ABS said in a statement Tuesday.

Australia’s net foreign debt decreased to 735.4 billion AU dollars ($784.52 billion) in the December quarter.

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