![]() ![]() Current account Lower trade in goods and services deficit Meanwhile, foreign direct investment in Canada surpassed direct investment abroad for the first time in nearly two years.įor the year, the strength in commodity prices, the substantial raise in interest rates, the decline in global stock markets as well as the loosening travel restrictions all had significant impact on balance of payments flows in 2022. Transactions in securities resulted in a $31.9 billion inflow of funds in the Canadian economy in the fourth quarter. In the financial account (unadjusted for seasonal variation), inflows of funds from abroad to finance the current account deficit mainly came from transactions in securities and, to a lesser extent, foreign direct investment. The higher deficit mainly reflected a deterioration of the investment income balance, while the goods and services deficit narrowed slightly. Canada's current account balance (on a seasonally adjusted basis) recorded a $10.6 billion deficit in the fourth quarter, up $2.2 billion from the previous quarter.
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