Keeping you up to date on the latest data releases.
- Current Account
In the first quarter of 2011, the U.S. current account deficit increased to $119.3 billion, widening by $7.1 billion from the fourth quarter’s revised $112.2 billion (previously $113.3 billion). As a percentage of GDP, current account grew to 3.2 percent in the first quarter, up from 3.0 percent in the fourth quarter. The first quarter expansion of the current account deficit was caused by an increase in the deficit on goods and services, which advanced $22.1 billion from $118.7 billion to total $140.8 billion. Driving the deterioration of the deficit of goods and services—or trade gap—was a $23.3 billion jump in the goods deficit from $159.2 billion to $182.5 billion. The combination of an increase in surplus on income to $54.8 billion from $39.9 billion, an advance of surplus on services to $41.7 billion from $40.5 billion, and a decrease in net unilateral transfers to $33.2 billion from $33.4 billion partially offset the expansion of the trade gap and prevented a larger deterioration of the current account deficit.