The September quarter balance of payments figures are out and nobody will be surprise to see a blowout in the current account to -14.9 billion from a revised higher deficit of -12.3 billion in June:
On the back of an envelope, the CAD is now running around 5% of GDP if annualised. that might sustainable but you would not want to see it get much worse in the post-GFC environment of jumpy ratings agencies. Here are the internals:
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For the purposes of GDP, net exports were up very slightly at 0.1% slightly better than the expected zilch. Dollar dropped 10 pips.
