U.S. DEFICIT UP 13.1%
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $47.1 billion in February, up $1.2 billion from $45.9 billion in January, revised. February exports were $178.1 billion, $1.8 billion more than January exports. February imports were $225.1 billion, $3.0 billion more than January imports.
The February increase in the goods and services deficit reflected an increase in the goods deficit of $0.9 billion to $64.7 billion and a decrease in the services surplus of $0.3 billion to $17.7 billion.
Year-to-date, the goods and services deficit increased $10.8 billion, or 13.1 percent, from the same period in 2015. Exports decreased $20.5 billion or 5.5 percent. Imports decreased $9.7 billion or 2.1 percent.
The average goods and services deficit increased $1.2 billion to $45.9 billion for the three months ending in February.
- Average exports of goods and services decreased $0.9 billion to $178.2 billion in February.
- Average imports of goods and services increased $0.2 billion to $224.1 billion in February.
Year-over-year, the average goods and services deficit increased $3.3 billion from the three months ending in February 2015.
- Average exports of goods and services decreased $11.7 billion from February 2015.
- Average imports of goods and services decreased $8.4 billion from February 2015.
Exports of goods increased $1.8 billion to $118.6 billion in February.
Exports of goods on a Census basis increased $1.9 billion.
- Consumer goods increased $1.1 billion.
- Gem diamonds increased $0.6 billion.
- Pharmaceutical preparations increased $0.3 billion.
- Other goods increased $0.6 billion.
Net balance of payments adjustments decreased $0.1 billion.
Exports of services decreased less than $0.1 billion to $59.5 billion in February.
- Transport, which includes freight and port services and passenger fares, decreased $0.2 billion.
- Financial services decreased $0.1 billion.
- Travel (for all purposes including education) increased $0.2 billion.
Imports of goods increased $2.7 billion to $183.3 billion in February.
Imports of goods on a Census basis increased $2.7 billion.
- Consumer goods increased $3.6 billion.
- Pharmaceutical preparations increased $1.3 billion.
- Toys, games, and sporting goods increased $0.6 billion.
- Automotive vehicles, parts, and engines decreased $1.5 billion.
- Passenger cars decreased $1.3 billion.
Net balance of payments adjustments decreased less than $0.1 billion.
Imports of services increased $0.3 billion to $41.8 billion in February.
- Travel (for all purposes including education) increased $0.1 billion.
- Other business services, which includes research and development services; professional and management services; and technical, trade-related, and other services, increased $0.1 billion.
- Transport increased $0.1 billion.
The real goods deficit increased $1.6 billion to $63.3 billion in February.
- Real exports of goods increased $2.6 billion to $118.5 billion.
- Real imports of goods increased $4.1 billion to $181.9 billion.
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IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.
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IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.