Current Account Deficit Shrinks More Than Expected

The nation's current account deficit narrowed sharply to a lower-than-expected $101.5 billion in the second quarter vs a revised $121.7 billion in the first quarter. The improvement reflects sharp improvement in the trade deficit for goods, at $203.2 billion vs $220.8 in the first quarter. As a percent of GDP, the current account deficit fell to a very low and very favorable 2.0 percent vs 2.4 percent in the prior quarter.