Current account deficit shrinks to 1% of GDP

December 26, 2023
Posted by: AliensFaith
Category: OBJECTIVE PRESS

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The current account deficit (CAD) for the September quarter shrunk to $8.3 billion, around 1% of the GDP. The improvement was due to a significant reduction in the goods trade deficit, which dropped from -$78.3 billion in FY23 to -$61 billion in FY24. The petroleum, oil, and lubricants (POL) segment also showed a positive trend, with the deficit shrinking from -$29.5 billion to -$17.9 billion. The services sector demonstrated robust growth, with a net positive balance of $40 billion in Q2 FY24.

Author: AliensFaith

HighTech FinTech researcher, university lecturer & Scholar. He is studying his second doctoral degree at the Hague International University. Studying different fields of Sciences gave him a broad understanding of various aspects of life. His recent researches covered AI, Machine-learning & Automation concepts. The Information Technology Skills & Knowledge gave his company a higher position over other regional high-tech consultancy services. The other qualities and activities which can describe him are a Hobbyist Programmer, Achiever, Strategic Thinker, Futuristic person, and Frequent Traveler.

Current account deficit shrinks to 1% of GDP

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