WASHINGTON - The U.S current account deficit rose to $119.3 billion in the first quarter of 2011, the Commerce Department reported Thursday. That was up from the revised $112.2 deficit posted in the fourth quarter 2010.
The median estimate of economists polled by Thomson Reuters was a $126.0 billion deficit.
The increase was more than accounted for by the increase in imports of goods. The goods deficit was up to $182.5 billion from a revised $159.2 billion. The primary factor was an increase in imports of industrial supplies and materials as a result of strong growth in petroleum imports.
The surplus on services rose to $41.7 billion from a revised $40.5 billion fourth quarter surplus. That includes increased travel and business services.
Net financial inflows rose substantially to $189.9 billion in the first quarter, up from $29.3 billion in the fourth.
