The US current account deficit narrowed to USD 101.5 billion or 2.0 percent of the GDP in the second quarter of 2018 from a downwardly revised USD 121.7 billion gap or 2.4 percent of the GDP in the first three months of the year and compared to market expectations of a USD 103.5 billion shortfall. It is the smallest current account gap since the last quarter of 2015. The goods deficit decreased to USD 203.2 billion from USD 220.8 billion in the first quarter of 2018, as exports rose faster than imports and the services surplus increased to USD 69.3 billion from USD 66.8 billion. Meantime, the primary income surplus fell to USD 60.8 billion from USD 61.2 billion while the secondary income gap declined to USD 28.5 billion from USD 28.9 billion. Current Account in the United States averaged -47886.67 USD Million from 1960 until 2018, reaching an all time high of 9957 USD Million in the first quarter of 1991 and a record low of -215769 USD Million in the third quarter of 2006.
Current Account in the United States is expected to be -105000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in the United States to stand at -103000.00 in 12 months time. In the long-term, the United States Current Account is projected to trend around -125000.00 USD Million in 2020, according to our econometric models.