The U.S. current-account deficit narrowed significantly in the fourth quarter as Americans earned more on their foreign investments than foreigners earned on their U.S. holdings, reversing a trend from the prior quarter.
The overall current-account deficit shrank to a seasonally adjusted $190.7 billion in the fourth quarter from a revised $239.1 billion in the third quarter, a decline of $48.4 billion or 20.2 percent, the Commerce Department said Wednesday. The deficit fell to 2.4 percent of current-dollar gross domestic product, down from 3.1 percent in the third quarter.
The current account tracks movements of goods and services across…
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