SYDNEY, June 2 (Reuters) – Australia’s current account deficit widened by more than expected in the first quarter as the trade account suffered its first shortfall since 2017, leaving net exports as a major drag on economic growth.
Data from the Australian Bureau of Statistics out on Tuesday showed the current account ran a deficit of A$27.1 billion ($19.41 billion) in the March quarter, from a revised A$23.0 billion the previous quarter. That compared with forecasts for a A$23.2 billion shortfall.
The ABS said net exports would subtract 0.8 percentage points from gross domestic product in the first quarter, compared with analyst forecasts of a drag of 0.5 percentage points.
($1 = 1.4094 Australian dollars)
(Reporting by Wayne Cole; Editing by Sonali Paul)
