The U.S. current account deficit rose by $3.8 billion to $106.1 billion in the first quarter, or 2.7% of gross domestic product on an annualized basis, the Commerce Department reported Friday
The deficit in the first three months of the year is much lower than the market consensus, due to sharp downward revision to the deficit in 2012
In the fourth quarter, the current account deficit was revised down to $102.3 billion compared with the prior estimate of $110.4 billion
The increase in the deficit in the first quarter was due to a drop in the surplus on income and an increase in outflows of net unilateral transfer
These factors were partially offset by a narrowing in the deficit on goods and services
As a percentage of GDP, the deficit is still down sharply from the peak of 6.4% of GDP in the fourth quarter of 2005
But the U.S. has not had an annual current account surplus since 1991
