The U.S.'s current account deficit decreased to $178.5 billion in Q3 2007, down from a revised $188.9 billion in Q2 2007, the U.S. Commerce Department announced Monday, as exports of capital goods and motor vehicles increased.
Economists had expected [subscription required] a Q3 2007 account deficit of about $184 billion. The Q3 2007 current account stat represents the smallest account deficit as a percent of the U.S. economy since Q1 2004.
The Q3 2007 account deficit was roughly 5.1% of U.S. GDP using a closing Sept. 2007 GDP of $13.967 trillion. That's down from 5.5% of GDP using a closing June 2007 GDP of $13.769 trillion.
Small victory
In Q3 2007, imports of goods rose to $497.6 billion from $483.6 billion in Q2 2007, but exports of goods rose even more, to $297.9 billion from $279.3 million. Meanwhile, the trade of services rose to a surplus of $26.5 billion from $25.8 billion.
Economists had expected [subscription required] a Q3 2007 account deficit of about $184 billion. The Q3 2007 current account stat represents the smallest account deficit as a percent of the U.S. economy since Q1 2004.
The Q3 2007 account deficit was roughly 5.1% of U.S. GDP using a closing Sept. 2007 GDP of $13.967 trillion. That's down from 5.5% of GDP using a closing June 2007 GDP of $13.769 trillion.
Small victory
In Q3 2007, imports of goods rose to $497.6 billion from $483.6 billion in Q2 2007, but exports of goods rose even more, to $297.9 billion from $279.3 million. Meanwhile, the trade of services rose to a surplus of $26.5 billion from $25.8 billion.
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