Indonesia registered a current account deficit of US$2.16 billion in the first quarter (Q1) of 2024, pointing to the fourth straight quarter of shortfall while representing 0.6% of the country’s GDP. The latest result was a reversal from a surplus of US$2.78 billion in the same period of the previous year, with the amount being the largest deficit since Q2 of 2023, as the trade surplus narrowed sharply to US$9.82 billion from US$14.72 billion in the corresponding period a year earlier due to weakening global demand. Simultaneously, the primary income gap was at US$8.94 billion, compared with the deficit of US$8.85 billion the year before. Meanwhile, the secondary income surplus declined slightly to US$1.38 billion from the prior US$1.45 billion. Meantime, the services account deficit decreased to US$4.42 billion from US$5.54 billion. In 2023, the current account logged a deficit of US$1.88 billion, shifting sharply from a surplus of US$13.21 billion in the prior year.
