AlQa'dah 13, 1434, Sep 19, 2013, SPA -- The U.S. current-account deficit narrowed in the April-June quarter to the lowest level in almost three years, the government reported Thursday. The current account is the broadest measure of trade, tracking not only the sales of goods and services but also investment flows and foreign aid. The Commerce Department said the deficit fell to $98.9 billion in the second quarter, a drop of 5.7 percent from the January-March deficit of $104.9 billion. The spring deficit was the lowest since a $93.8 billion imbalance in the third quarter of 2009, a period when the Great Recession had reduced demand for foreign goods. The improvement in the second quarter represented a decline in the deficit for goods and increases in the surpluses in services and investment income. The smaller goods deficit reflected gains in exports of U.S.-made airplanes and other capital goods. Imports also rose, with the biggest gain in shipments of foreign-made autos and auto parts. However, oil imports fell. The sharp narrowing in the deficit in the second quarter was a major factor helping the broader economy during the period. The economy grew at an annual rate of 2.5 percent in the second quarter, up from a 1.1 percent growth rate in the first quarter. The second-quarter deficit was the equivalent of 2.4 percent of the total economy, down from 2.5 percent in the first quarter.
