US current account deficit narrows by 42.9% in Q2

By Gokhan Ergocun

ISTANBUL (AA)—The US current account deficit fell by 42.9% to $251.3 billion in the second quarter of this year, compared to the previous quarter, according to data released by the US Department of Commerce on Tuesday.

The market expected the deficit to decline to $259 billion, the lowest level since the fourth quarter of 2023.

The US current account deficit for the first quarter of the year was revised down from $450.2 billion to $439.8 billion.

The country's current account deficit as a percentage of GDP was calculated at 3.3% in the second quarter; this ratio stood at 5.9% in the first quarter of the year.

The decline in the current account deficit was driven by the narrowing of the US foreign trade deficit.