#StatisticsCanada; #Ottawa; #Canada'sCurrentAccountDeficitWidened
Ottawa, Dec 3 (Canadian-Media): Third quarter of Canada's current account deficit (on a seasonally adjusted basis) widened by $3.1 billion to $9.9 billion , following the second quarter's reduction of $10.1 billion, with overall deficit on trade in goods and services rising by $2.4 billion, Statistics Canada's reports said.
Statistics Canada. Image credit: Twitter handle
Formed in 1971 and with its headquarters in Ottawa, Statistics Canada is the Canadian government agency aimed to produce and provide relevant statistics to enable Canadians to help better understand Canada, its population, resources, economy, society, and culture. Minister of Innovation, Science and Economic Development, currently Navdeep Bains, is responsible for Statistics Canada.
Non-residents' increased holdings of their assets in Canada by $47.0 billion and inflow of funds from abroad to finance the current account transactions in currency and deposits during the third quarter accounted for deficit in the financial account (unadjusted for seasonal variation).
The third quarter witnessed a net inflow of funds in the economy of $1.5 billion portfolio investment as against the moderation of strong investments in corporate bonds by significant declines in holdings of government bonds on both sides of the ledger.
Meanwhile, net outflow of funds totalling $1.6 billion was generated by direct investment activity. During the third quarter both Canadian direct investment abroad and foreign direct investment in Canada slowed on lower mergers and acquisitions activity in the third quarter.