MUMBAI, June 27 (Reuters) - India's current account deficit narrowed sharply in the January to March quarter, helped by a smaller trade gap and increased services exports, the Reserve Bank of India (RBI) said on Wednesday.
The current account deficit (CAD) (INCURA=ECI) stood at $1.3 billion, or 0.2% of gross domestic product (GDP), in the fourth quarter of the 2022/23 fiscal year, compared with the previous quarter's revised deficit of $16.8 billion, or 2% of GDP.
The deficit had stood at $13.4 billion in the same period a year earlier, the data showed.
Forecasts ranged widely, from a deficit of $5 billion to a surplus of $7.8 billion.
For the 2022/23 fiscal year the current account balance showed a deficit of 2% of GDP versus a deficit of 1.2% in the preceding financial year as the trade deficit widened to $265.3 billion from $189.5 billion a year earlier.
Persons:
Aditi Gupta, Baroda's Gupta, Siddhi Nayak, Sudipto Ganguly, Clarence Fernandez, David Goodman
Organizations:
Reserve Bank of India, Reuters Graphics, Baroda, Bank, Baroda's, Thomson
Locations:
MUMBAI