Current account deficit narrows as expected

Wed, 17 Jun 2020

The annual current account deficit narrowed to $8.5 billion, or 2.7 percent of GDP, in the March quarter, meeting economists’ expectations. That compared to a deficit of $9.3 billion, or 3 percent of GDP, in the December period. An increase in exported goods underpinned the smaller deficit, with commodity prices and volumes holding up despite the early impacts of the covid-19 pandemic. Imports were also lower as local demand slowed and global supply chains were disrupted by the coronavirus outbreak. The country’s net inter...

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