CEIC calculates Current Account Balance as % of Nominal GDP from quarterly Current Account Balance and quarterly Nominal GDP. Flexible monthly access to CEIC data
July 13, 2020.
The fiscal balance (FB) approximates the contribution of the Australian general government sector to the current account balance in the balance of payments. Australia's net IIP liability position was $808.1 billion at 31 March 2020, a decrease of $101.4 billion on the revised 31 December 2019 position of $909.5 billion. International trade will add 0.3 percentage points to Australian economic growth in the March quarter, below the 0.5ppts increase expected. "We will get through this and we will get through this together," the Treasurer added.The government has delayed announcing the Federal Budget for 2020/21 until October on account of the pandemic.According to Treasury projections, Australia's unemployment rate will be above 9 per cent by the end of calendar year 2020, up from 7.4 per cent in June, while the GDP will fall 3.75 per cent in 2020. On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes.
1959 - 2020 | Quarterly | % | CEIC Data Australia's Current Account Balance: % of Nominal GDP data is updated quarterly, available from Sep 1959 to Mar 2020, with an average value of -3.2 %. Turkey’s current account deficit swung from a USD 1.1 billion surplus in May 2019 to a USD 3.8 billion deficit in May 2020 (April: USD -5.1 billion). The current account includes all the transactions (other than those in financial items) that involve economic values and occur between resident and non-resident entities. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. In 2018-19 the FB is in deficit by 0.1 per cent of GDP growing to a surplus in 0.9 per cent of GDP in 2021-22. The data reached an all-time high of 2.3 % in Dec 1972 and a record low of -7.3 % in Dec 2004. "These harsh numbers reflect the harsh reality we face," Frydenberg said. Current estimates by Treasury put Australia’s net debt at $488.2 billion (24.6 percent of GDP) by June 30, 2020, and it is expected to grow to $677.1 billion (35.7 percent of GDP… In 2019, current account balance as a share of GDP for Australia was 0.5 %.
Includes Current Account Balance: % of GDP for The most complete set of 5.5 million time series covering more than 200 economies, compiled from 1500 sources worldwide …we don’t hear enough about the fact under the current government we have had net debt double. Net debt Includes Current Account Balance: % of GDP for Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. Australia's Current Account surplus accounted for 1.7 % of the country's Nominal GDP in Mar 2020, compared with a 0.3 % surplus in the previous quarter. The primary income deficit fell $822m to $10,612m. Though Australia current account balance as a share of GDP fluctuated substantially in recent years, it tended to increase through 2000 - 2019 period ending at 0.5 % in 2019.
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