U.S. Current Account Deficit Climbs To $113.3 Billion In First Quarter

The U.S. current account deficit widened to a preliminary $113.3 billion in the first quarter, or 2.6% of gross domestic product, from a revised $103.1 billion, or 2.3%, in the fourth quarter, government data show. The bigger deficit resulted from a smaller surplus on primary income, the Commerce Department said Thursday. The current-account deficit peaked at 6.5% of GDP at the end of 2005 and has been sharply lower since the end of the Great Recession. The current-account gap in the fourth quarter was revised down from a previous $113.5 billion.