India posts current account deficit of 0.1 pct of GDP in April-June

MUMBAI (Reuters) - India posted a current account deficit of $300 million, or 0.1 percent of gross domestic product, in the April-June quarter, contrasting with expectations for a surplus of nearly $4 billion.

The deficit was much narrower than a deficit of $6.1 billion, or 1.2 percent of GDP, in the same quarter a year ago, according to the data released by the Reserve Bank of India on Wednesday.

Meanwhile, the balance of payments posted a surplus of $7.0 billion for the April-June quarter, down from an $11.4 billion surplus a year ago, the RBI data showed.

It was India's third consecutive balance of payment surplus.

 

(Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)