WASHINGTON — The U.S. current account deficit fell to $110.4 billion in the fourth quarter of 2012 from a revised $112.4 billion deficit in the third quarter, originally reported as $107.5 billion, the Commerce Department reported Thursday.
The deficit was below the median $112.6 billion estimate of economists polled by Thomson Reuters and remained at 2.8% of gross domestic product in the fourth quarter.
The decrease in the deficit was accounted for by increases in the surpluses on income and services. These increases were partly offset by an increase in the deficit on goods and an increase in outflows of net unilateral current transfers, the Commerce Department said.
The deficit on goods and services rose to $128.4 billion in the fourth quarter from $124.8 billion in the third.