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In the second quarter of 2011, the current account deficit narrowed by $1.6 billion to end at −$118 billion, down from the first quarter’s revised −$119.6 billion (−$119.3 billion, previously). As a percentage of GDP, the current account deficit fell from 3.2 percent in the first quarter to 3.1 percent in the second quarter, roughly half of its 2005 peak of 6.5 percent. The trade deficit widened $5 billion to −$145 billion, with high oil prices causing imports to expand faster than exports. Although the surplus of services increased by $3 billion to end at $45.3 billion ($42.3 billion, previously), the expansion of the goods deficit to −$190.4 billion from −$182.2 billion drove the overall widening of the trade deficit. Offsetting the widening trade deficit, the surplus on income hit a record high of $61.1 billion ($52.7 billion, previously) and contributed to the narrowing of the overall current account deficit.