US current account deficit widens in 2022: BEA

26 Mar '23

1 min read

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The US current account deficit widened by $97.4 billion, or 11.5 per cent, to $943.8 billion last year, according to the Bureau of Economic Analysis (BEA), which recently said the widening primarily reflects expanded deficits on goods and on secondary income that were partly offset by an expanded surplus on primary income.

The 2022 deficit was 3.7 per cent of current-dollar gross domestic product, up from 3.6 per cent in 2021.

The deficit figure narrowed by $12.2 billion, or 5.6 per cent, to $206.8 billion in the fourth quarter of 2022. The revised third-quarter deficit was $219.0 billion.

The fourth-quarter deficit was 3.2 per cent of current-dollar gross domestic product (GDP), down from 3.4 per cent in the third.

The current account deficit reflects the combined balances on trade in goods and services and income flows between US residents and residents of other countries.

US exports of goods increased by $324.5 billion to $2.09 trillion, while goods imports rose by $425.2 billion to $3.28 trillion.

ALCHEMPro News Desk (DS)

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