Country's Current Account Deficit has sharply narrowed to 0.2 percent of the GDP in the last quarter of the financial year 2013-14. Showing a declining trend, it came down from 1.7 per cent of GDP in the financial year 2013-14 as a whole from 4.7 per cent in the previous financial year. The Reserve Bank of India said, contraction in the trade deficit, coupled with a rise in net receipts, resulted in a reduction of the current account deficit to 32.4 billion US dollar from 87.8 billion US dollar. For the fourth quarter ended March 2014, Current Account Deficit, a measure of the inflow and outflow of foreign currency, stood at 1.2 billion dollar as against 18.1 billion dollar in the same period previous fiscal.On trade deficit front, RBI said the recovery in exports and the import moderation led to a sharp recovery in the gap to 147.6 billion US dollar in this financial year as against the USD 195.7 billion in the last year.