Current account deficit hits 9-year high at 4.4% of GDP: RBI

30 Dec 2022 , 10:31 AM

India’s current account deficit (CAD) zoomed to an all-time high of $36.4 billion in July-September quarter, data released on December 29, 2022 by the Reserve Bank of India (RBI) reported.

The latest CAD figure is approx double the $18.2 billion posted in April-June quarter and nearly four times of as compared to in the second quarter of FY22.

The previous record for the highest CAD was $31.77 billion, posted in the third quarter of 2012-13.

For 2021-22 as a whole, the CAD was $38.77 billion.

‘Underlying the current account deficit in Q2:2022-23 was the widening of the merchandise trade deficit to $83.5 billion from $63.0 billion in Q1:2022-23 and an increase in net outgo under investment income,’ the Reserve Bank of India (RBI) said in a statement.

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