Colombia Jan-March current account deficit jumps to 7 pct of GDP
BOGOTA, June 30 (Reuters) - Colombia's current account deficit rose to 7 percent of gross domestic product in the first quarter of 2015 from 4.6 percent in the same period of 2014, central bank data showed on Tuesday, as income from oil and mineral exports fell due to lower prices.
The deficit in the current account, which records payments for imports, export receipts and certain other financial flows, increased to $5.14 billion in the January-to-March quarter from $4.03 billion in the year-before period.
The bigger deficit came as no surprise as prices for crude oil, Colombia's top export, have made only a mild recovery since halving last year. Lower oil prices caused the trade deficit to swell to $4.05 billion in the first quarter from $590 million in the same quarter of 2014, the national statistics office said.
Foreign direct investment in Colombia, much of which has been destined for the mining and energy sectors in recent years, fell 26 percent to $2.85 billion from the year-earlier quarter. Mining and energy received 38 percent of that.
Foreign investment in Colombian financial assets slipped 4 percent to $4.06 billion. Remittances rose slightly, to $1.03 billion from $1.02 billion in the first three months of last year. (Reporting by Nelson Bocanegra; Writing by Peter Murphy; Editing by Peter Galloway)
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