U.S. Current Account Deficit Hits Record $856 Billion in 2006

The U.S. Bureau of Economic Analysis reported yesterday that the nation's current account deficit reached a new level of $856 billion, which is 6.5% of GDP. The 2006 deficit is 8% higher than the 2005 record of $791 billion. The increase was primarily due to higher oil prices during the spring and summer of 2006.

See also:

• U.S. Current Account Deficit -- Threat or Way of Life?
• BEA Report on 2006 Current Account Deficit
• What Is the U.S. Trade Deficit?