- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
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La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller March 18, 2016
The U.S. Current Account Deficit deepened to $484.1 billion during 2015 from $389.5 billion in 2014. It was the largest deficit since 2008 and amounted to 2.8% of GDP. For the fourth quarter alone, the deficit eased to $125.3 billion versus $129.9 billion in Q3. A $116.3 billion deficit had been expected in the Action Economics Forecast Survey.
The deficit on merchandise trade deepened to $759.3 billion last year from $741.5 billion in 2014. It was the largest shortfall also since 2008, and reflected a 7.3% decline in exports versus a 4.3% drop in imports. During the fourth quarter, the deficit eased to $187.3 billion from $190.5 in Q3, though the 3.4% decline in exports, which totaled $366.7 billion, outpaced the 2.8% drop in imports, which totaled $554.0 billion.
The services trade surplus eased to $219.6 billion last year from $233.1 billion in 2014, as exports (which totaled $710.2 billion) remained little-changed. Imports, which totaled $490.6 billion, were off 2.8%. During the fourth quarter, the surplus on services trade grew to $53.5 billion from $51.9 billion. A 1.0% increase in exports outpaced the 0.2% improvement in imports.
The surplus on primary income declined to $191.3 billion, its smallest surplus in five years. The deficit on secondary income deteriorated to a record $135.6 billion. During Q4, the surplus on primary income continued on its downward trend to $42.8 billion, while the deficit on secondary income eased to $34.3 billion.
Balance of Payments data are in Haver's USINT database, with summaries available in USECON. The expectations figure is in the AS1REPNA database.
|US Balance of Payments SA||Q4'15||Q3'15||Q2'15||Y/Y||2015||2014||2013|
|Current Account Balance ($ Billion)||-125.3||-129.9||-110.8||-103.1||-484.1||-389.5||-376.8|
|Deficit % of GDP||2.8||2.9||2.5||2.3||2.6||2.2||2.2|
|Balance on Goods ($ Billion)||-187.3||-190.5||-189.3||-186.0||-759.3||-741.5||-702.6|
|Balance on Services ($ Billion)||53.5||51.9||56.2||57.6||219.6||233.1||224.2|
|Balance on Primary Income ($ Billion)||42.8||45.4||53.1||60.0||191.3||238.0||224.5|
|Balance on Secondary Income ($ Billion)||-34.3||-36.7||-30.8||-34.8||-135.6||-119.2||-122.9|