U.S. Account Deficit Up Less-than-Expected
U.S. Account Deficit Up Less-than-Expected
The U.S. Commerce Department reported on Thursday that the nation's account deficit grew to $119.3 billion in the first quarter thanks to strong imports. The figure, which measures the flow of goods, services and investments in and out of the country, represented 3.2 percent of the gross domestic product (GDP), up from a 3.0 percent share in the previous quarter.
The account deficit was just $112.2 billion in the last three months of 2010, and economists had projected the figure would rise to $126 billion. The government also revised fourth quarter account data to reflect changes in definitions and classifications. The report showed that the deficit on goods and services climbed from $118.7 billion in the final three months of last year to $140.8 billion in 2011's first three months, while financial inflows jumped from $29.3 billion to $181.9 billion.
The U.S. Commerce Department reported on Thursday that the nation's account deficit grew to $119.3 billion in the first quarter thanks to strong imports. The figure, which measures the flow of goods, services and investments in and out of the country, represented 3.2 percent of the gross domestic product (GDP), up from a 3.0 percent share in the previous quarter.
The account deficit was just $112.2 billion in the last three months of 2010, and economists had projected the figure would rise to $126 billion. The government also revised fourth quarter account data to reflect changes in definitions and classifications. The report showed that the deficit on goods and services climbed from $118.7 billion in the final three months of last year to $140.8 billion in 2011's first three months, while financial inflows jumped from $29.3 billion to $181.9 billion.
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