US current account gap shrinks for first time in 6 years

0 Comments | AFP, March, 2008

WASHINGTON (AFP) — The US current account deficit fell sharply in the fourth quarter, leaving the full-year shortfall lower for the first time in six years, the Commerce Department said Monday.

The current account deficit is viewed as the broadest measure of US trade and income flows. The government survey showed that the enormous debt the United States owes the rest of the world eased between October and December.

The fourth-quarter deficit fell to 172.9 billion dollars from 177.4 billion in the third quarter. The decline was narrower analysts' consensus forecast of a rise to 190 billion dollars.

The third-quarter was revised slightly lower than the 178.5 previously estimated.

The current account deficit fell in the calendar year for the first time...