Current account deficit
March 17, 2005
The Commerce Department released figures showing that the country’s current account deficit was reaching new records, reaching $665.9bn (£345.4bn) in 2004.
The deficit increased substantially in the fourth quarter, increasing by 13% to $187.9 billion, particularly due to rising oil costs.
The US current account deficit reached a record - driven by rising oil imports and consumers’ appetite for foreign goods.
As a percentage of the total economy the current account budget also set a record, rising to 5.7% from 4.8% in 2003.