US current account gap widened by $7.6 billion to $188.5 billion in Q4 2020, which is equivalent to 3.5% of the GDP. It is the biggest current account gap since Q2 2007 as the goods deficit widened and the services surplus declined. The goods deficit increased to $253 billion from $248 billion in Q3 led by imports of industrial supplies and materials; automotive vehicles, parts, and engines; and consumer goods. Meanwhile, the services surplus shrank to $53 billion from $56 billion in Q3 as purchases of personal travel and sea freight transport grew. In contrast, the secondary income deficit narrowed ($-36 billion vs $-38 billion), reflecting a decrease in private transfers, mostly fines and penalties, that was partly offset by an increase in general government transfers, primary taxes on income and wealth. Considering full 2020, the current account deficit increased sharply to $647 billion from $480 billion, the highest since 2008 and equivalent to 3.1% of the GDP. source: U.S. Bureau of Economic Analysis
Current Account in the United States averaged -51255.16 USD Million from 1960 until 2020, reaching an all time high of 9957 USD Million in the first quarter of 1991 and a record low of -218442 USD Million in the third quarter of 2006. This page provides the latest reported value for - United States Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Current Account - data, historical chart, forecasts and calendar of releases - was last updated on June of 2021.
Current Account in the United States is expected to be -142000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in the United States to stand at -117000.00 in 12 months time. In the long-term, the United States Current Account is projected to trend around -117000.00 USD Million in 2022 and -137000.00 USD Million in 2023, according to our econometric models.