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Current-account deficit narrows in second quarter

Current-account deficit narrows in second quarter (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The U.S. current-account deficit fell to $118 billion in the second quarter, or 3.1% of GDP, from first-quarter levels of $119.6 billion, or 3.2% of GDP, the Commerce Department said Thursday. The deficit narrowed due to an increase in income from U.S.-owned foreign assets as well as a increase in the surplus in services, which offset a widening goods deficit and increased U.S. government grants. The first-quarter current-account deficit was revised up to $119.6 billion from $119.3 billion.