U.S. 1Q current account deficit shrinks

WASHINGTON, June 16 (UPI) -- The U.S. current account deficit in the first quarter narrowed to $208.7 billion.

The U.S. Commerce Department said Friday that the figure, which is the combined balances on trade in goods and services, income and net unilateral current transfers, decreased during January through March to $208.7 billion from $223.1 billion in the previous three months.

Economists had expected the deficit to come in at $224 billion.

The deficit totaled 6.4 percent of gross domestic product, down from 7 percent in the fourth quarter, MarketWatch said.