Canada current account gap widens modestly in fourth quarter

Mon Feb 29, 2016 8:46am EST
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OTTAWA (Reuters) - Canada's current account deficit widened modestly in the fourth quarter from a revised third quarter, while the gap increased substantially in 2015 overall from the year before, data from Statistics Canada showed on Monday.

The current account gap increased to C$15.38 billion ($11.34 billion) in the final quarter of last year from a C$15.31 billion deficit in the third quarter.

The fourth-quarter reading came under economists' forecasts for a deficit of C$15.60 billion, while the third quarter was revised from an initially reported C$16.21 billion.

International transactions in goods narrowed to a C$4.78 billion deficit as imports declined more than exports. But the goods balance hit a record C$23.65 billion deficit for the year overall due to a slump in energy product exports.

For 2015, the current account deficit expanded to C$65.71 billion from 2014's C$44.89 billion.

($1 = $1.3558 Canadian)

(Reporting by Leah Schnur Editing by W Simon)

People walk down Bay St in the heart of the financial district in downtown Toronto in this file photo taken on December 7, 2009. REUTERS/Mark Blinch