Bureau of Economic Analysis

The U.S. current-account deficit widened by $3.1 billion, or 1.5 percent, to $219.3 billion in the first quarter of 2023, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised fourth-quarter deficit was $216.2 billion. The first-quarter deficit was 3.3 percent of current-dollar gross domestic product, up less than 0.1 percent from the fourth quarter.

The Marine Economy Satellite Account statistics released today by the U.S. Bureau of Economic Analysis show the marine economy accounted for 1.9 percent, or $432.4 billion, of current-dollar U.S. gross domestic product in 2021, an increase from 1.7 percent, or $363.2 billion, in 2020. The marine economy accounted for 1.8 percent, or $730.0 billion, of current-dollar gross output.

The Marine Economy Satellite Account (MESA) statistics released today by the U.S. Bureau of Economic Analysis (BEA) show the marine economy accounted for 1.9 percent, or $432.4 billion, of current-dollar U.S. gross domestic product (GDP) in 2021, an increase from 1.7 percent, or $363.2 billion, in 2020. The marine economy accounted for 1.8 percent, or $730.0 billion, of current-dollar gross output.

The U.S. monthly international trade deficit increased in April 2023 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $60.6 billion in March (revised) to $74.6 billion in April as exports decreased and imports increased. The goods deficit increased $14.5 billion in April to $96.1 billion. The services surplus increased $0.6 billion in April to $21.6 billion.

The U.S. monthly international trade deficit increased in April 2023 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $60.6 billion in March (revised) to $74.6 billion in April as exports decreased and imports increased. The goods deficit increased $14.5 billion in April to $96.1 billion. The services surplus increased $0.6 billion in April to $21.6 billion.

The U.S. goods and services trade deficit increased from $60.6 billion in March (revised) to $74.6 billion in April, as exports decreased and imports increased. The goods deficit increased $14.5 billion to $96.1 billion, and the services surplus increased $0.6 billion to $21.6 billion.

BEA Chief Economist Dennis Fixler was selected to receive the 2023 Julius Shiskin Memorial Award for Economic Statistics, which recognizes original and important contributions to statistics used to understand the economy.

Personal income increased $80.1 billion (0.4 percent at a monthly rate) in April. Disposable personal income (DPI) increased $79.4 billion (0.4 percent). Personal outlays increased $156.0 billion (0.8 percent) and consumer spending increased $151.7 billion (0.8 percent). Personal saving was $802.1 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.1 percent in April.

Personal income increased $80.1 billion (0.4 percent at a monthly rate) in April. Disposable personal income (DPI) increased $79.4 billion (0.4 percent). Personal outlays increased $156.0 billion (0.8 percent) and consumer spending increased $151.7 billion (0.8 percent). Personal saving was $802.1 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.1 percent in April.

Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2023, according to the "second" estimate. In the fourth quarter of 2022, real GDP increased 2.6 percent. The GDP estimate for the first quarter was revised up 0.2 percentage point from the "advance" estimate, primarily reflecting an upward revision to inventory investment.