The US current account deficit rises to a 14-year high in the second quarter

7

The US current account deficit rose to a 14-year high in the second quarter of this year as companies ramped up imports to fill inventory shortfalls amid strong consumer demand.

The US Commerce Department said on Tuesday that the current account deficit, which measures the flow of goods, services and investment into and out of the country, rose 0.5% to 190.3 billion. dollar In the three months from April to the end of June.

The ministry revised the first-quarter data to show a deficit of $189.4 billion, instead of the previous reading of $195.7 billion.

The current account deficit represented 3.3 percent of GDP in the second quarter, down from 3.4 percent in the first quarter.

But the deficit remains below its peak of 6.3 percent of GDP recorded in the fourth quarter of 2005, as the United States is now a net exporter of crude oil fuel.

Source: Reuters

 

The article US current account deficit rises to 14-year high in the second quarter was written in Al Borsa newspaper.