11 March 1996 - 3 December 2007
BALANCE OF PAYMENTS: December Quarter 1997
The balance of payments estimates for the December quarter 1997 indicate a seasonally adjusted current account deficit of $5,736 million.
The increase in the current account deficit was caused by a turnaround in the balance of goods, from a surplus of $265 million in the September quarter to a $132 million deficit in the December quarter, and a $626 million worsening in net services. The net income deficit increased by $103 million.
The December quarter results are in line with the updated current account forecasts in the Mid Year Fiscal and Economic Outlook, which have the current account deficit expanding moderately from historically low levels.
Unlike previous experience, the present situation is accompanied by healthy positives: - negligible inflation, low interest rates, a budget moving into surplus and healthy domestic growth.
December quarter net export volumes (sa) fell from a deficit of $474 million deficit to a $1,565 million deficit. As a result net exports are estimated to detract around 1.0 percentage points from growth in expenditure based GDP in the December quarter.
3 March 1998