United States Current Account to GDP Ratio

The United States current account to GDP deficit widened to 3.9% in 2024, a decline from 3.3% in 2023. This deficit is the lowest since 2006. The primary driver of this widening deficit was an expanded goods deficit which increased by $148.5 billion to $1.2 trillion in 2024 even as goods exports rose by $38.6 billion. A shift from a primary income surplus in 2023 to a deficit in 2024 also contributed. Primary income receipts fell by $15.5 billion to $345.7 billion in the third quarter of 2024 while payments decreased by $3.8 billion to $361.2 billion with reduced earnings from direct investment playing a role. The secondary income deficit increased by a record $15.9 billion to $61.9 billion in the third quarter of 2024 mainly due to higher general government transfers. In contrast, the services surplus increased to $73.7 billion in the third quarter of 2024, supported by increased exports of government and computer services. The United States' record low current account to GDP was -6% in 2006 and the record high was 0.2% in 1981.