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The
Commerce Department said on Thursday the current account
deficit, which measures the flow of goods, services and
investments into and out of the country, increased 9.9 percent
to $124.67 billion, the largest since the fourth quarter of
2008. The fourth-quarter deficit was revised to $113.4 billion
from the previously reported $125.3 billion.
Economists polled by Reuters had forecast the current account
deficit little changed at $125.0 billion.
The first-quarter current account deficit represented 2.7
percent of gross domestic product, up from 2.5 percent in the
final three months of 2015.
The current account deficit has declined from a record high of
6.3 percent of GDP in the fourth quarter of 2005, as rising
domestic oil production and lower international oil prices keep
the import bill in check.
In the first quarter, the surplus on primary income - which
includes dividends - fell $9.6 billion to $37.5 billion. The
deficit on secondary income, worker remittances and grants, rose
$4.0 billion to $40.3 billion.
Goods exports fell $11.23 billion to $354.0 billion.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci) ((Lucia.Mutikani@thomsonreuters.com;
1 202 898 8315; Reuters Messaging:
lucia.mutikani.thomsonreuters.com@reuters.net)
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