U.S. current account gap widens in Q1 to $109 bln

WASHINGTON, June 17 (BestGrowthStock) – The U.S. current account
deficit widened in the first quarter to $109.0 billion, or 3
percent of U.S. gross domestic product, from a sharply smaller
estimate for the fourth quarter of 2009, a Commerce Department
report said on Thursday.

It was the third consecutive quarterly increase from a low
of $84.4 billion in the second quarter of 2009, when world
trade fell sharply because of a global recession.

The Commerce Department lowered its estimate of the fourth
quarter current account deficit to $100.9 billion, or 2.8
percent of GDP, from a previously reported $115.6 billion.

Wall Street analysts had expected the first quarter deficit
to widen to about $120.7 billion.

The Commerce Department said its revisions reflect several
changes in definitions, classifications and presentation as
part of a multi-year effort to align the report with
international statistical standards.

The current account gap totaled 2.7 percent of GDP for all
of 2009, the lowest since 2.4 percent in 1998.

Stock Market Research

(Reporting by Doug Palmer; Editing by Chizu Nomiyama)

U.S. current account gap widens in Q1 to $109 bln