Australia’s current account deficit in seasonally adjusted terms decreased $3,582 million in the December quarter 2018 to $7,203 million driven mainly by increased goods and services exports, according to latest figures from the Australian Bureau of Statistics (ABS).
Australia’s net foreign debt liability position increased $35.4 billion to $1,082.9 billion., up 3%.
More downward pressure on the GDP? It looks like the economy has lost considerable momentum over the second half of 2018, thanks to whats happening in housing and weak consumer spending.
The balance on goods and services surplus in the December quarter 2018 was $8,425 million, a rise of $2,661 million. Exports of goods and services rose $3,676 million (3 per cent) and imports of goods and services rose $1,015 million (1 per cent). The net primary income deficit narrowed by $848 million to $15,318 million in the December quarter 2018.
In volume terms, falling exports and rising imports resulted in an expectation for international trade to detract 0.2 percentage points from growth in the December quarter 2018 Gross Domestic Product. In seasonally adjusted chain volume terms, the balance on goods and services surplus decreased $781 million, narrowing the surplus to $1,241 million.
Australia’s net international investment position was a liability of $975.7 billion at 31 December 2018, an increase of $36.5 billion on the revised 30 September 2018 position of $939.1 billion.
Australia’s net foreign debt liability position increased $35.4 billion to $1,082.9 billion. Australia’s net foreign equity asset position decreased $1.1 billion to $107.2 billion at 31 December 2018
