The Central Bank of Indonesia (BI) has announced the country’s current account deficit narrowed to 3.8 billion USD, or 1.8 percent of the nation’s gross domestic product (GDP) in the first quarter of 2015.

The result is slightly higher than the BI’s estimation of 1.6 percent of the national GDP but lower than the account deficits in last quarter of 2014 (2.6 GDP).

The positive performance was brought about by reducing imports of fuel oil and domestic oil consumption due to Indonesian fuel and gasoline subsidy reforms.

The bank also stated that the account improved due to the declining services trade deficit.

Indonesia’s overall balance of payments in the first quarter of 2015 posted a surplus of 1.3 billion USD.

In the first three months of this year, the country imported only 83 million petroleum barrels, compared to 96 million barrels in the previous quarter.-VNA