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The Commerce Department said on Thursday the
current account gap, which measures the flow of goods, services
and investments into and out of the country, increased to $113.5
billion from a revised $98.9 billion deficit in the third
quarter.
That was the largest shortfall since the second quarter of 2012.
Economists polled by Reuters had forecast the deficit widening
to $103.2 billion from a previously reported $100.3 billion
shortfall in the July-September quarter.
The current account deficit represented 2.6 percent of gross
domestic product, the highest since the fourth quarter of 2012,
from 2.2 percent in the third quarter. For all of 2014, the gap
as a percentage of GDP was unchanged at 2.4 percent.
The current account deficit has declined from a record high of
6.3 percent in the fourth quarter of 2005, helped in part by a
surge in domestic energy production that has reduced the U.S.
import bill.
In the fourth quarter, goods and services exports and income
receipts fell 1.3 percent to $820.9 billion, reflecting softer
demand in Europe and Asia. The U.S. dollar, which appreciated
6.2 percent on a trade-weighted basis during the quarter, also
hurt exports.
Robust consumer spending lifted imports 0.3 percent to $717.5
billion.
The surplus on primary income fell to $50.6 billion in the
fourth quarter from $59.8 billion in the prior quarter.
The deficit on secondary income increased to $37 billion from
$34.8 billion in the third quarter. Secondary income receipts
slipped to $27.3 billion in the fourth quarter from $28 billion
in the third quarter.
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