UPDATE 1-Canada Q3 current account gap falls, Q2 gap much higher

Thu Nov 28, 2013 8:36am EST
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* Q3 current account deficit C$15.47 bln

* Q2 deficit C$15.92 bln, revised from C$14.58 bln

OTTAWA, Nov 28 (Reuters) - Canada's current account deficit shrank in the third quarter, but the decline was from a second-quarter deficit that was substantially larger than previously reported, Statistics Canada said on Thursday.

The deficit fell to C$15.47 billion ($14.59 billion) in the third quarter from C$15.92 billion in the second, which was revised from C$14.58 billion.

The improvement from the second to the third was due a lower deficit on trade in both goods and services, and in investment income.

The reason for the upward revision for the second quarter, despite higher exports of both goods and services than first reported, was an increase in the deficit in investment income.