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- U.S. current account deficit narrows less than forecast in Q1
U.S. current account deficit narrows less than forecast in Q1
The Department
of Commerce reported on Thursday that current account (C/A) gap in the U.S. narrowed
to $134.4 billion in the first quarter of 2019 from an upwardly revised $143.9
billion gap in the previous quarter (originally -$134.4 billion). The deficit
was 2.5 percent of current-dollar GDP in the first quarter of 2019, down from
2.8 percent in the fourth quarter of 2018.
Economists had
forecast a deficit of $124.6 billion.
According to
the report, the $13.5-billion decrease in the C/A deficit mostly reflected a reduction
in the deficit on goods that was partly offset by an advance in the deficit on
secondary income.
Goods exports rose
$2.4 billion to $419.3 billion, primarily reflecting increases in automotive
vehicles, parts, and engines, mostly passenger cars, and in foods, feeds, and
beverages, mainly soybeans, which, however, were partly offset by a decline in
industrial supplies and materials. Meanwhile, goods imports fell $13.4 billion
to $635.9 billion, primarily reflecting a decrease in industrial supplies and
materials, mainly petroleum and products.
Secondary
income receipts dropped $2.8 billion to $35.6 billion, reflecting declines in
both private and U.S. government transfers.
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