US Current Account Deficit Increases by 53%

Current account deficit in the United States increased during the second quarter (Q2) of 2020, data by the US Department of Commerce showed on Friday.

The current account deficit surged by 52.9% to $170.5 billion in Q2 of 2020, its highest level in about 12 years, since Q3 of 2008.

Meanwhile, Q1 of the year witnessed $111.5 billion in current account deficit, revised from an initial reading of $104.2 billion.