Canada current account deficit narrows to $11.39B in Q1

Nathan Andrada – Fourth Estate Cooperative Contributor

Ottawa, BC, Canada (4E) – Canada reported lower current account deficit in the first three months of the year as higher energy prices helped push exports up to its highest level in more than five years, helping the trade balance to post its first surplus in over two years.

The deficit fell to 12.39bn Canadian dollars ($11.39bn) from a revised 15.64 Canadian dollars in the final quarter of 2013, initially projected at 16.01bn Canadian dollars, according to the report by Statistics Canada released Thursday.

The figure in the first quarter was lower compared with 13bn Canadian dollars predicted by the Royal Bank of Canada.

The current account is Canada’s broadest gauge of trade in goods and services. The country posted current account deficits since the October to December period in 2008.

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