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US current account deficit hits record high in first quarter As firms restocked inventory to satisfy robust domestic demand, the US current account deficit increased to a record high in the first quarter. The current account deficit, which gauges the movement of goods, services, and investments into and out of the country, surged 29.6% to an all-time high of US$291.4 billion last quarter, according to data released by the Commerce Department on Thursday (Jun 23). A deficit of US$273.5 billion was predicted by economists surveyed by Reuters. Source 4.8% of the country's GDP was lost to the current account deficit (GDP). This share, which increased from 3.7% in the October-December quarter, was the highest since the third quarter of 2008. In the fourth quarter of 2005, the deficit reached its highest point at 6.3% of GDP. America is currently a net exporter of fuel and crude oil. The United States is not concerned about the enormous gap because the dollar serves as the world's re

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