US current account deficit increased by 15.7 percent in the second quarter of the year
In the April-June period, the US current account deficit stayed below expectations, rising to 246 billion dollars, and its ratio to GDP became 3 percent.
According to data released by the US Department of Commerce, the country's current account deficit increased by 15.7 percent in the second quarter of the year compared to the previous period.
Second Quarter Data
The US Department of Commerce shared the current account balance data for the April-June period with the public. According to the announced figures, the country's current account deficit increased by 15.7 percent in the second quarter of the year compared to the previous quarter, reaching 246 billion dollars.
Market Expectations and Revisions
Markets had expected the current account deficit to be 258 billion dollars during this period. Meanwhile, the US current account deficit data for the first quarter was revised downward from 226.8 billion dollars to 212.6 billion dollars.
GDP Ratio and Balancing Factors
The ratio of the current account deficit to Gross Domestic Product was calculated as 3 percent in the second quarter of the year. This ratio was at the level of 2.7 percent in the first quarter of the year. While the expansion of the trade deficit in goods played a role in this increase in the current account deficit, this situation was partially offset by the contraction in primary and secondary income deficits.