Second quarter deficit amounts to 3.3% of current GDP, says Commerce Department
The US’ current account deficit widened by $0.9 billion, or 0.5%, to $190.3 billion in the second quarter of 2021, the Commerce Department announced Tuesday.
It beat market expectations for the figure which reflects the combined balances on trade in goods and services and income flows between US residents and residents of other countries that it would come in at $191 billion.
The first quarter figure was also revised downward to $189.4 billion, from $195.7 billion.
“The $0.9 billion widening of the current account deficit in the second quarter mainly reflected reduced surpluses on services and on primary income that were mostly offset by a reduced deficit on secondary income,” the department’s Bureau of Economic Analysis said in a statement.
It noted that the second quarter deficit was 3.3% of current dollar gross domestic product (GDP), down from 3.4% in the first quarter.