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Australia's current account deficit widens

Posted on Dec 04, 08:54PM | IANS

Australia's current account deficit increased to 14.9 billion AU dollars (USD 15.53 billion) in the September quarter, data released Tuesday by the Australian Bureau of Statistics (ABS) showed.

The ABS said the current account deficit rose 2.53 billion AU dollars, or 20 percent, in the September quarter, following an upwardly revised deficit of 12.37 billion AU dollars in the June quarter, reported Xinhua.

The median market forecast was for a deficit of 14.6 billion AU dollars in the September quarter.

The net goods and services surplus in chain volume terms rose 490 million AU dollars (51 percent) to 1.45 billion AU dollars in the September quarter, the ABS said.

"This is expected to contribute 0.1 percentage points to growth in the September quarter 2012 volume measure of Gross Domestic Product," it said in a statement.