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Financial News: Australia Q3 Current Account Deficit A$9.125 Billion

Australia Q3 Current Account Deficit A$9.125 Billion

12/04/2017 - 21:48:00 (RTTNews)

(RTTNews) - Australia posted a seasonally adjusted current account deficit of A$9.125 billion in the third quarter of 2017, the Australian Bureau of Statistics said on Tuesday - up 6 percent on quarter.

That missed expectations for a shortfall of A$9.0 billion following the A$9.664 billion deficit in the three months prior.

Net exports of GDP came in flat, again missing forecasts for a gain of 0.25 percentage points following the addition of 0.30 percentage points in the second quarter.

The balance on goods and services skidded 11 percent on quarter to a surplus of A$3.056 billion, while net primary income gained 8.0 percent to a deficit of A$11.968 billion.

Australia's international investment position was up 1.0 percent on quarter to a surplus of A$958.949 billion.

Included therein, net foreign equity plummeted 71 percent to a deficit of A$30.849 billion, while net foreign debt gained 3.0 percent to a surplus of A$989.699 billion.

Also on Tuesday: . The total value of retail sales in Australia was up a seasonally adjusted 0.5 percent on month in October, the Australian Bureau of Statistics said - coming in at A$26.0.51 billion.

That beat expectations for an increase of 0.3 percent following the upwardly revised 0.1 percent gain in September (originally flat).

By category, sales were down for household goods retailing (-0.6 percent), other retailing (-0.2 percent), and clothing, footwear and personal accessory retailing (-0.1 percent).

Food retailing (0.1 percent), cafes, restaurants and takeaway food services (0.1 percent), and department stores (0.2 percent) sales rose in October.

. The service sector in New Zealand continued to expand in November, and at a faster rate, the Australian Industry Group said with a Performance of Service Index score of 51.7.

That's up from 51.4 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Among the individual components of the survey, sales, new orders, employment, deliveries, input prices, average wages and capacity utilization all expanded, while stocks and selling prices fell into contraction.

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