The current account deficit in the United States rose to its highest level since 2008 during the second quarter of 2017 amid a decline in primary and secondary income. The current account measures the flow of goods, services and investments entering and leaving the country.
The current account deficit rose to 123$ billion in the second quarter, after reviewing the first-quarter reading, reducing the deficit to 113.5$ billion. The current reading is the highest since the fourth quarter of 2008 and the forecast was expected to reach 115.1$ billion.
The deficit during the second quarter represents 2.6% of GDP, the largest since the first quarter of 2016, up from 2.4% in the first quarter of this year. The current account deficit fell from a historic high of 6.3% of GDP in the fourth quarter of 2005 amid rising domestic oil production and lower global oil prices, reducing import bills.
