February 27, 2014 / 1:40 PM / in 4 years

CORRECTED-UPDATE 1-Canada Q4 current account gap widens to fourth largest

(Corrects increase in imports in last paragraph to C$509 million from C$509 billion)

* Q4 deficit C$16.01 bln, forecast C$17.00 bln

* Q3 deficit revised to C$14.80 bln from C$15.47 bln

* Deficit in 2013 was second highest on record

* Lower crude prices main reason for higher Q4 deficit

OTTAWA, Feb 27 (Reuters) - Lower prices for crude oil helped to widen Canada’s current account deficit to its fourth-largest level ever in the fourth quarter of 2013, but the gap was still smaller than expected and previous deficits were revised lower than originally reported.

Statistics Canada reported a fourth-quarter gap of C$16.01 billion ($14.42 billion) on Thursday. It revised the third-quarter deficit to C$14.80 billion from C$15.47 billion, and the second-quarter gap to C$15.21 billion from C$15.92 billion.

The median forecast in a Reuters survey of analysts was for a C$17.00 billion deficit.

The fourth-quarter deficit was the largest since the third quarter of 2012 and the fourth biggest on record. The figures are seasonally adjusted.

The year 2013 saw the second-biggest deficit ever, of C$60.70 billion, down a touch from C$62.22 billion in 2012.

Statscan said the increase in the fourth-quarter deficit was mostly because of the trade in goods, with exports down C$876 million and imports up C$509 million. The biggest factor was a C$2.20 billion decline in crude oil exports, mainly because of lower prices.

$1=$1.11 Canadian Reporting by Randall Palmer; Editing by Bernadette Baum

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