U.S. Current-Account Deficit Hits Record $311 Billion in Q3 2024, but Share of GDP Remains Modest

The U.S. current-account deficit, which reflects the combined balances of trade in goods and services and income flows between U.S. residents and the rest of the world, reached a record $311 billion in the third quarter of 2024. However, its share of GDP was 1.1%, notably lower than the peaks seen during 2003–2008 and in Q1 2022, highlighting a more contained relative economic impact.