WASHINGTON — The U.S. current account deficit declined to $118.0 billion in the second quarter, the Commerce Department reported Thursday. The first-quarter deficit was revised up to $119.6 billion from $119.3 billion reported earlier.
Economists expected the current account deficit would increase to $122.5 billion, according to the median estimate from Thomson Reuters.
As a percentage of gross domestic product, the current account deficit slipped to 3.1% in the second quarter from 3.2% in the first quarter. The percentage reached a recent low of 2.4% in the second quarter of 2009.
The deficit on goods increased to $190.4 billion in the second quarter. The surplus on services rose to $45.4 billion.
U.S. direct investment abroad increased to $134.1 billion in the second quarter. Foreign direct investment in the United States rose to $47.7 billion.
