Surprise boost for current account deficit in August
The current account def c t (CAD) came n below market expectat ons at $1.2 b ll on n August. The def c t was $1.4 b ll on n the same month of last year. Wh le the expans on n fore gn trade def c t pushed the def c t up, the recovery n tour sm revenue played an mportant role n the pos t ve performance of the current account balance n August. In the f rst e ght months of the year, the CAD expanded by 19% to $27.2 b ll on compared w th the same per od n the prev ous year. Analys s of 12-month cumulat ve data reveals that the CAD narrowed to $37 b ll on n August. When gold and energy trade are excluded, the mprovement n the CAD was noteworthy.