'The current account
deficit has remained in the economy due to increase in international petroleum oil prices in recent months,' he added.
Still, Guinigundo reiterated that the current account
On the other hand, financing current account
deficit by speculative short-term and external debt-increasing hot money inflow may pose a big danger for economy.
'Moreover, overseas Filipino workers' remittances-also high for the quarter-are part of the current account
which goes to show that the remittances are not enough to cover for the trade gap,' Roces said earlier.
Thiswas the highest on record since the $4.4 billion current account
deficitrecordedduring the height of the Asian financial crisis in 1997.
However, current account
deficit narrowed down 10.6 percent to $6.1 billion in the first five months of the current financial year as compared to $6.8 billion of the same period of last year showing an improvement of 10.6 percent
If the trend in imports persists for the next three months, the current account
deficit could cross its record levels, witnessed in the previous fiscal year.
The current account
surplus of Azerbaijan's oil and gas sector stood at $7.4 billion in 2017 compared to $4.4 billion in 2016, according to the balance of payments.
As per data released by the Reserve Bank of India (RBI) on Friday, the current account
deficit rose to 2 percent of the GDP at $13.5 billion in the December quarter, up from $8 billion or 1.4 percent in the year-ago period, on the back of higher trade deficit.
In fact, the biggest recurrent shock to the German balance of payments has come not from the real economy, which would affect the current account
, but from financial conditions.
The UK's Financial Conduct Authority (FCA) chief executive, Andrew Bailey, has warned banks against closing down operations in the current account