UPDATE 1-Canada Q1 current account deficit widens on weak crude prices

Mon May 30, 2016 8:39am EDT
 
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(Adds details of release, background)

OTTAWA May 30 (Reuters) - Canada's current account deficit widened to C$16.77 billion ($12.90 billion) in the first quarter as weak crude oil prices dragged down the value of exports, Statistics Canada said on Monday.

The shortfall matched a prediction by analysts in a Reuters poll. Statscan revised the deficit for the fourth quarter of 2015 to C$15.71 billion from an initial C$15.38 billion.

The deficit on international transactions in goods deepened to C$6.34 billion from C$5.04 billion. Overall, exports of goods dropped by C$1.49 billion to C$130.36 billion as soft crude prices cut the value of energy exports.

The overall deficit on international trade in services narrowed by $171 million to C$5.65 billion as U.S. residents increased their spending in Canada.

The deficit on cross-border investment income flows remained virtually unchanged at C$3.41 billion.

($1=$1.30 Canadian)

(Reporting by David Ljunggren; Editing by Lisa Von Ahn)