Keeping you up to date on the latest data releases.
- Current Account
The US current account deficit narrowed to −$81.1 billion in the fourth quarter of 2013, a $15.2 billion contraction from the third quarter’s revised −$96.4 billion deficit (−$94.8 billion, previously). As of the fourth quarter of 2013, the current account deficit was the smallest since the third quarter of 1999. The current account deficit has now contracted in six of the past seven quarters. The contraction was driven by a $12.9 billion decrease in the balance of trade in goods, services, and income. Both imports and exports of goods, services, and income increased in the fourth quarter; however, exports surged by 2.5 percent, which overshadowed an increase of 0.4 percent in imports. As a percent of GDP, the current account deficit declined to 1.9 percent from 2.3 percent in the third quarter, which is the smallest recorded percentage since the third quarter of 1997.