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- Current Account
In the fourth quarter of 2012, the U.S. current account deficit contracted to −$110.4 billion, a $2.0 billion decrease from the third quarter’s revised −$112.4 billion deficit (−$107.5 billion, previously). The fourth quarter’s narrowing marks the third consecutive quarter of contractions in the current account deficit. As a percent of GDP, the current account remained unchanged at 2.8 percent—the smallest ratio since the fourth quarter of 2009. Both imports and exports of goods, services and income increase with the former climbing more than the latter to drive the contraction in the overall deficit. Imports of goods, services, and income expanded $4.8 billion to a level of —$816.4 billion, while exports climbed $7.1 billion to a level of $740.3 billion.