The United States’ current-account deficit widened in the third quarter of the year, following a drop in the services surplus and higher secondary income deficits.
Source: Bureau of Economic Analysis
The current-account deficit grew by 8.3% or $16.5 billion to $214.8 billion, following the revised $198.3 billion in the second quarter. This is 3.7% of the current-dollar gross domestic product, higher than 3.5% in the previous quarter.
The wider deficit indicated the lower surplus on services and the expanded deficits on secondary income and on goods, which were partially offset by the higher surplus recorded on primary income.
Almost all major transaction categories reported growth in the quarter, marking the fifth straight quarter of broad-based growth after declines were seen in the second quarter of 2020 due to the COVID-19 pandemic.
The new allocation of special drawing rights of the International Monetary Fund drove the net acquisition of assets and the net incurrence of liabilities.