February 29, 2016 / 1:51 PM / 3 years ago

Canada current account gap widens modestly in fourth quarter

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

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

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