The U.S. current account deficit narrowed more than expected in the third quarter as a broad gain in exports outstripped the rise in imports. The Commerce Department reported today that the U.S. current account deficit decreased to $174.1 billion during the July through September period, from $180.9 billion in the second quarter. The third-quarter deficit amounted to 4.8 percent of U.S. GDP, which was last reported at $14.421 trillion in current dollars for the three months ended Sept. 30. The second-quarter current account gap represented 5.1 percent of a GDP of $14.295 trillion. The deficit was narrower than economists' expectations for a gap of $179.0 billion for the third quarter. Meanwhile, exports of goods rose to $346.5 billion from $337.3 billion, with more than half of the increase coming from industrial supplies and materials, including energy products. Exports of automotive vehicles and parts, capital goods and consumer goods also posted gains.
