High imports of gold and oil pushed Current Account Deficit (CAD) to 4.9% of GDP to $21.8 billion in the April-June quarter of the current fiscal, RBI said today.
CAD, the difference between inflow and outflow of foreign exchange, was 4.4 % or $16.9 billion in the same quarter of last fiscal, 2012-13. "The trade deficit, coupled with a slow recovery in net invisibles (income and services), led to widening of CAD to $21.8 billion in Q1 of 2013-14 from $16.9 billion in Q1 of 2012-13," RBI said in its Balance of Payments statement.
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