US' current account deficit widens 11.5% to $943B last year

ISTANBUL

The US' current account deficit widened by $97.4 billion, or 11.5%, to reach $943.8 billion in 2022, the Bureau of Economic Analysis said Thursday.

The deficit last year was 3.7% of the current-dollar gross domestic product (GDP), which was up from 3.6% in 2021, it added.

The widening figure reflected "expanded deficits on goods and on secondary income that were partly offset by an expanded surplus on primary income," the agency said in a statement.

Exports of goods and services to, including income received from foreign residents, increased $629.4 billion to reach $4.41 trillion in 2022.

Whereas, imports of goods and services from, and income paid to, foreign residents rose $726.8 billion to $5.35 trillion.