THE country's current account deficit narrowed in the first half of the year, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.
THE country's current account deficit narrowed in the first half of the year, the Bangko Sentral ng Pilipinas reported on Friday.At $7.1 billion and equivalent to 3.2 percent of gross domestic product , the shortfall dropped by 17.8 percent from the $8.6 billion recorded a year earlier.'The lower current account deficit emanated from the narrowing trade in goods deficit and the higher net receipts in the primary and secondary income accounts,' the central bank said.
6 percent of the country's GDP, up from the previous 3.9 percent.The central bank attributed the wider deficit to an expansion in the trade in goods gap and lower net receipts in trade in services.'This was partly muted by higher net receipts in the primary and secondary income accounts,' the BSP said.The trade in goods shortfall rose $16.8 billion from $16.1 billion recorded in April to June 2023, while the services deficit narrowed to $3.4 billion from $3.9 billion.
Account Shortfall Down 17.8% To $7.1B In H1
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
For inflation battle, Bangko Sentral Governor Remolona gets an ‘A-’Remolona faced the difficult task of reining in inflation in an economy still reeling from the effects of the COVID-19 pandemic
Read more »
Bangko Sentral rate cuts seen boosting PH growthRATE cuts by the Bangko Sentral ng Pilipinas (BSP) could boost consumer and business spending, leading to stronger economic growth.
Read more »
Former UCPB president Jose Querubin completes Bangko Sentral’s Monetary BoardJose Querubin will serve the remaining term of Anita Aquino, who stepped down from the Monetary Board earlier in 2024 after being tagged in a ghost employee scandal
Read more »
Bangko Sentral maintaining thrift banks’ MLR at 20%Defining the News
Read more »
Poe: Is Bangko Sentral at fault for allegedly subcontracting national ID production?The Bangko Sentral denies that it subcontracted the production of the delayed national IDs, saying that it handled operations while AllCard 'provided equipment, raw materials, and technical support'
Read more »
BSP, DTI, BDOF launch fin ed videos for micro bizTHE Bangko Sentral ng Pilipinas (BSP), Department of Trade and Industry (DTI), and BDO Foundation (BDOF) recently launched educational videos targeting current and aspiring micro-entrepreneurs in the Philippines.
Read more »