The current account deficit had stood at 2% of GDP in the quarter ended June
Mumbai:
The current account deficit narrowed to 0.9 per cent of GDP or $6.3 billion in the July-September quarter – the second quarter of the current fiscal year, Reserve Bank of India (RBI) data showed on Tuesday. The current account deficit had stood at 2.9 per cent of GDP or $19 billion in the corresponding period a year ago.
In the first quarter of financial year 2019-20, the current account deficit had stood at 2 per cent of GDP or $14.2 billion.
“The contraction in the current account deficit was primarily on account of a lower trade deficit at $38.1 billion as compared with $50 billion a year ago,” the RBI said in a release.
In the first half of the current fiscal year, the current account deficit narrowed to 1.5 per cent of GDP from 2.6 per cent in the corresponding period of financial year 2018-19, on the back of a reduction in the trade deficit.
Trade deficit shrank to $84.3 billion in the first half of financial year 2019-20 from $95.8 billion last year, according to the RBI.
Source: NDTV Profit
