WASHINGTON, June 19 — The US current account deficit dipped to a near two-year low in the first quarter as the Covid-19 pandemic restricted the flow of goods and services. The Commerce Department said today the current account deficit, which measures the flow of goods, services and investments...
A medical worker walks out of a coronavirus, Covid-19, testing tent at Brooklyn Hospital Center in New York City. ― AFP pic
Data for the fourth quarter was revised to show the gap narrowing to US$104.3 billion, instead of US$109.8 billion as previously reported. Economists polled by Reuters had forecast the current account gap shrinking to US$103 billion in the January-March quarter. The current account gap represented 1.9 per cent of gross domestic product in the first quarter, the smallest share since the third quarter of 2017.
The capital account deficit widened US$943 million to US$2.962 billion, the largest since the first quarter of 2015.
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