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(CEP News) Ottawa - Canada's net international investment position deteriorated in the second quarter as the Canadian dollar recovered slightly against other currencies, Statistics Canada reported Friday. Net foreign debt grew by $4.2 billion in the second quarter to toal $86.6 billion.
The international investment position, calculated by subtracting international liabilities from international assets, deteriorated in part due to the dollar's appreciation constraining the growth of Canadian assets. At the same time the foreign assets edged down somewhat and liabilities advanced, Statistics Canada said. Canada's international assets decreased marginally in value to $1.3 trillion, in contrast to advances in the past two quarters, while international liabilities grew in value for a third straight quarter to $1.4 trillion Statistics Canada said the growth in international liabilities "largely reflected substantial net new issues in Canadian bonds in international markets, moderated by a decrease in deposit liabilities." The net foreign debt in the second quarter amounted to 5.4% of Canada's gross domestic product, up 5.2% from the previous quarter. Statistics Canada said that since the beginning of 2008, the value of total assets has increased by $45.3 billion ad total liabilities have increased by $16.1 billion due to currency fluctuations. By Sean McKibbon,
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