Australia's current account deficit decreased in the first quarter of 2010 ended March 31, according to the Australian Bureau of Statistics. ABS said that the account deficit decreased in the March quarter as rising commodity prices start to filter through the economy. ABS also forecasted that the deficit will narrow further in the year 2010.

The Australian Bureau of Statistics said today that the current account deficit of the nation was reported of $A16.551 billion in the quarter ended March, while it was reported of $A18.468 billion in the previous quarter ended December last year.

However, the deficit in the March quarter came just up from the expectations of the economists as they were expecting a deficit of $A16.2 billion in the period. ABS said that the goods and services deficit was reported of $A4.62 billion in the March quarter, while it was reported of $A5.61 billion in the previous December quarter.

ABS also said that Australia's net foreign debt grew by 1% in the quarter to $A654.26 billion comparing to the December quarter. On the other hand, a separate report by ABS showed that the gross operating profits of the Australian companies grew by 3.9% to $A57.24 billion in the first quarter of 2010 from the previous quarter.